The Prosper is providing personal, unsecured loans that a borrower can use for literally any purpose, such as home improvements and debt consolidation. To qualify the applicants, they are using a proprietary risk rating program that considers many several data points, such as credit history. The ratings of the Prosper are considered by the investors for deciding if or not they should fund the loan for an applicant. If the loan request of the borrower is not funded, then the application will expire. Prosper is known for connecting the investors to the borrowers who have a good credit history. In this guide, you’ll get to know how to apply for a personal loan by Prosper. But before that, let’s cover different aspects of their loan offers.
Who Should Apply For Prosper Personal Loan?
Prosper is a pioneer when it comes to peer-to-peer or marketplace lending. Here is the list of the borrowers who can get benefit from their personal loans:
- If your credit score is good – excellent. This minimum credit score is 64 and the average is 710.
- If you have a considerable annual income. There isn’t any minimum requirement. However, the Prosper borrowers’ average is approximately $89,000.
- If you are looking for a highly experienced lender online for the personal loan. This company was established in the year 2005 and they have served $12+ billion in the loans.
So, if your concerns meet the above-mentioned facts, then you can opt for the Prosper’s personal loan services.
Prosper Loan Fees
They charge a 2.4% – 5% origination fee of the amount of the loan. This fee is charged from loan proceeds. There is also a late fee of $15. You will have to pay $15 if there is not enough money in the account for the payment.
Payment Options
There are a few lenders in the market who permits you to adjust the payment schedule as per your wish. However, the Prosper loan service lacks this convenience. They will also not directly pay the creditors in case if you are consolidating the debt.
Loan Example
If you have an excellent credit history, then you can apply for $10000 personal loan. It will have a 3-year repayment term at 13.9% annual percentage rate. The monthly payments would be $341. For more concrete information on loans, you can also use the loan calculator on their website.
Instructions To Apply For Prosper Personal Loan
If you are pre-approved for the personal loan, then you can apply for it by performing the steps that are as below:
- Access the Prosper Personal Loan confirmation page by following the link www.savewithprosper.com
- Now, enter your 8-digit confirmation number in the matching field and click the “Continue” button Follow the rest of the prompts to submit your application.
If you do not have the confirmation number, then you can click the link below the “Continue” button to continue without the confirmation number.
