{"id":21308,"date":"2022-11-09T00:12:11","date_gmt":"2022-11-08T23:12:11","guid":{"rendered":"https:\/\/ecreditdaily.com\/?p=9768"},"modified":"2022-11-09T00:12:11","modified_gmt":"2022-11-08T23:12:11","slug":"is-prosper-loans-legitimate","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/","title":{"rendered":"is prosper loans legitimate"},"content":{"rendered":"<div readability=\"108.07660102341\">\n<p>Prosper is not a credit union or bank. It is a peer-to-peer lending platform that allows individuals and institutions to earn interest by investing in loans to borrowers.<\/p>\n<h3>Pros<\/h3>\n<ul>\n<li aria-level=\"1\">Starter loans starting at $2,000<\/li>\n<li aria-level=\"1\">No minimum income requirement<\/li>\n<li aria-level=\"1\">No prepayment penalty<\/li>\n<\/ul>\n<h3>Cons<\/h3>\n<ul>\n<li aria-level=\"1\">Potentially high-interest rates<\/li>\n<li aria-level=\"1\">Late payments, loan origination, and check processing fees<\/li>\n<li aria-level=\"1\">Repayment terms for loans are limited<\/li>\n<\/ul>\n<h2>Prosper personal loans: A closer look<\/h2>\n<p>Prosper assigns each loan a letter grade using its proprietary rating system. This helps people decide whether or not to invest in the loan.<\/p>\n<p>Its unsecured personal loan can be used for debt consolidation, home improvement projects, and large-scale purchases.<\/p>\n<h3>Minimum loan amounts are low<\/h3>\n<p>Prosper offers loan amounts ranging from $2,000 to $40,000. This may be a good option if you only need a few thousand dollars to cover an urgent loan for car repairs or medical bills. If you need a larger loan amount, however, you will need to partner with another lender.<\/p>\n<h3>No minimum income requirement<\/h3>\n<p>Prosper loans are available to anyone with a sufficient income. However, if you apply for a loan from Prosper, you need to ensure that you can repay the loan on time. Missed or late payments could negatively impact your credit score.<\/p>\n<p>To be eligible for a Prosper loan, you will need to have a credit history. To qualify for a Prosper loan, you must have at least three open credit lines on your credit reports.<\/p>\n<p>You also need a debt-to-income ratio below halfway. There should not have been any bankruptcy filings within the past 12 months.<\/p>\n<h3>Potentially high-interest rates<\/h3>\n<p>The interest rates on Prosper loans range from very competitive to extremely high. Prosper will give you better rates if you have \u201cexcellent\u201d credit. You\u2019ll be less likely to qualify for the lower rates if your credit score isn\u2019t as strong.<\/p>\n<p>Prosper\u2019s interest rates for borrowers with poor credit are much lower than those charged by other personal loan lenders. Prosper has the highest interest rates.<\/p>\n<p>If you are not eligible, it may be worth considering whether you should get the loan. A credit-builder loan may be more appealing.<\/p>\n<h3>Check fees, late and origination fees<\/h3>\n<p>Prosper loans may have a variety of fees. These fees can quickly add up, even before you receive your funds.<\/p>\n<ul>\n<li aria-level=\"1\">Origination fee: A 2.4% to 5% origination fee, based on creditworthiness, is applied to each loan. It\u2019s deducted from the loan amount before it is funded. This means that if you are approved for a $10,000 loan with a 5% origination charge, you will receive $9,500.<\/li>\n<li aria-level=\"1\">Late fee: $15 per month or 5% of the monthly amount will be charged if you don\u2019t make your payment by the due date.<\/li>\n<li aria-level=\"1\">Check processing fee: You will be charged a fee of either or 5% of the monthly payment if you choose to pay by check. To avoid paying this extra expense, you can sign up for autopay.<\/li>\n<\/ul>\n<h3>Repayment terms are limited<\/h3>\n<p>Prosper only offers two repayment terms: three-year or five-year. You may be better off looking elsewhere if you need more flexibility in repaying your loan. Prosper allows you to pay your loan off early, even if the term is shorter.<\/p>\n<h2>Who is Prosper Loan good for?<\/h2>\n<p>If you need to consolidate your credit card debt or finance an immediate expense, a Prosper loan might be the right option. Prosper loans cannot be used to pay for postsecondary education.<\/p>\n<p>Prosper also has a subsidiary, Prosper Healthcare Lending, that specializes in medical loans.<\/p>\n<p>Prosper loans are for people with good credit and who only need small amounts. If you are looking for a term of three to five years, Prosper may be the right choice.<\/p>\n<p>Prosper is not the best option if you are still building your credit and need a loan greater than $40,000 or if you want to borrow funds quickly.<\/p>\n<h2>Prosper: How to Apply<\/h2>\n<p>With a bank account and a Social Security number, Prosper loans are available for U.S residents over 18 years old. Applying should not be difficult if you meet these requirements.<\/p>\n<p>To check your interest rate, you can start online by entering some information about yourself. Register as a borrower to create a listing to submit your loan request to investors. Investors will then review it and decide whether or not to fund you.<\/p>\n<p>You may be asked for documentation to support the information in your application.<\/p>\n<p>You might need to wait a while to get your money. Investors have up to 14 days to fund your loan after it is listed. There\u2019s no guarantee it will be funded. If your loan is approved, the money will be transferred to your account within one to three days.<\/p>\n<h2>Are you unsure if a Prosper loan is right for you? These are some alternatives<\/h2>\n<p>Here are some other personal loan lenders you might consider.<\/p>\n<ul>\n<li aria-level=\"1\">Wells Fargo \u2013 A Wells Fargo personal loan may be an option if you need a higher loan amount or faster funding than Prosper.<\/li>\n<li aria-level=\"1\">SoFi \u2013 If you are looking for lower interest rates, fewer fees, and more repayment options, a SoFi personal loan could be the right choice.<\/li>\n<\/ul>\n<h2>Compare your options<\/h2>\n<p>An online calculator such as BFN\u2019s easy loan calculator can help you better understand the cost of personal loans. A loan calculator will help you calculate your monthly payment and the amount you would pay in interest over the loan term.<\/p>\n<p>\u00a0<\/p>\n<h4>Tags<\/h4>\n<div data-ui-name=\"Tooltip.Trigger\" aria-describedby=\"ui-kit-126\" readability=\"7\">\n<p>charged an origination fee<\/p>\n<\/div>\n<p>\u00a0<\/p>\n<div class=\"abh_box abh_box_down abh_box_business\">\n<div class=\"abh_tab_content\">\n<section class=\"vcard author abh_about_tab abh_tab\" itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\" readability=\"4.1447368421053\">\n<div class=\"abh_image\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"> <noscript><\/noscript> <\/div>\n<div class=\"abh_text\" readability=\"35.921052631579\">\n<p>Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth\u00a0knowledge of all things financial, he is a great asset to Greendayonline.<\/p>\n<\/div>\n<\/section>\n<section class=\"abh_posts_tab abh_tab\">\n<div class=\"abh_image\"><noscript><\/noscript><\/div>\n<div class=\"abh_text\" readability=\"11.935\">\n<div class=\"abh_name\" readability=\"5.7435897435897\">Latest posts by Jason Rathman <span class=\"abh_allposts\">(see all)<\/span><\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prosper is not a credit union or bank. It is a peer-to-peer lending platform that allows individuals and institutions to earn interest by investing in loans to borrowers. Pros Starter loans starting at $2,000 No minimum income requirement No prepayment penalty Cons Potentially high-interest rates Late payments, loan origination, and check processing fees Repayment terms<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>is prosper loans legitimate - Business Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"is prosper loans legitimate - Business Finance\" \/>\n<meta property=\"og:description\" content=\"Prosper is not a credit union or bank. It is a peer-to-peer lending platform that allows individuals and institutions to earn interest by investing in loans to borrowers. Pros Starter loans starting at $2,000 No minimum income requirement No prepayment penalty Cons Potentially high-interest rates Late payments, loan origination, and check processing fees Repayment terms\" \/>\n<meta property=\"og:url\" content=\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/\" \/>\n<meta property=\"og:site_name\" content=\"Business Finance\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-08T23:12:11+00:00\" \/>\n<meta name=\"author\" content=\"D Laidler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"D Laidler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/\"},\"author\":{\"name\":\"D Laidler\",\"@id\":\"https:\/\/businessfinancenews.com\/#\/schema\/person\/3a086a2d2714be69553855d7b95f8c8f\"},\"headline\":\"is prosper loans legitimate\",\"datePublished\":\"2022-11-08T23:12:11+00:00\",\"dateModified\":\"2022-11-08T23:12:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/\"},\"wordCount\":953,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/businessfinancenews.com\/#organization\"},\"articleSection\":[\"Personal Loans\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/\",\"url\":\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/\",\"name\":\"is prosper loans legitimate - Business Finance\",\"isPartOf\":{\"@id\":\"https:\/\/businessfinancenews.com\/#website\"},\"datePublished\":\"2022-11-08T23:12:11+00:00\",\"dateModified\":\"2022-11-08T23:12:11+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/businessfinancenews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Personal Loans\",\"item\":\"https:\/\/businessfinancenews.com\/category\/loans\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"is prosper loans legitimate\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/businessfinancenews.com\/#website\",\"url\":\"https:\/\/businessfinancenews.com\/\",\"name\":\"Business Finance\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/businessfinancenews.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/businessfinancenews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/businessfinancenews.com\/#organization\",\"name\":\"Business Finance\",\"url\":\"https:\/\/businessfinancenews.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/businessfinancenews.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/businessfinancenews.com\/wp-content\/uploads\/2022\/09\/2022-09-22_03-50-50.webp\",\"contentUrl\":\"https:\/\/businessfinancenews.com\/wp-content\/uploads\/2022\/09\/2022-09-22_03-50-50.webp\",\"width\":451,\"height\":59,\"caption\":\"Business Finance\"},\"image\":{\"@id\":\"https:\/\/businessfinancenews.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/businessfinancenews.com\/#\/schema\/person\/3a086a2d2714be69553855d7b95f8c8f\",\"name\":\"D Laidler\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/businessfinancenews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/234034b128a4aaaba0ab0f466899423a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/234034b128a4aaaba0ab0f466899423a?s=96&d=mm&r=g\",\"caption\":\"D Laidler\"},\"description\":\"I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go.\u00a0 I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.\",\"sameAs\":[\"https:\/\/businessfinancenews.com\"],\"url\":\"https:\/\/businessfinancenews.com\/author\/laidler\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"is prosper loans legitimate - Business Finance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/","og_locale":"en_US","og_type":"article","og_title":"is prosper loans legitimate - Business Finance","og_description":"Prosper is not a credit union or bank. It is a peer-to-peer lending platform that allows individuals and institutions to earn interest by investing in loans to borrowers. Pros Starter loans starting at $2,000 No minimum income requirement No prepayment penalty Cons Potentially high-interest rates Late payments, loan origination, and check processing fees Repayment terms","og_url":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/","og_site_name":"Business Finance","article_published_time":"2022-11-08T23:12:11+00:00","author":"D Laidler","twitter_card":"summary_large_image","twitter_misc":{"Written by":"D Laidler","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#article","isPartOf":{"@id":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/"},"author":{"name":"D Laidler","@id":"https:\/\/businessfinancenews.com\/#\/schema\/person\/3a086a2d2714be69553855d7b95f8c8f"},"headline":"is prosper loans legitimate","datePublished":"2022-11-08T23:12:11+00:00","dateModified":"2022-11-08T23:12:11+00:00","mainEntityOfPage":{"@id":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/"},"wordCount":953,"commentCount":0,"publisher":{"@id":"https:\/\/businessfinancenews.com\/#organization"},"articleSection":["Personal Loans"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/","url":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/","name":"is prosper loans legitimate - Business Finance","isPartOf":{"@id":"https:\/\/businessfinancenews.com\/#website"},"datePublished":"2022-11-08T23:12:11+00:00","dateModified":"2022-11-08T23:12:11+00:00","breadcrumb":{"@id":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/businessfinancenews.com\/loans\/is-prosper-loans-legitimate\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/businessfinancenews.com\/"},{"@type":"ListItem","position":2,"name":"Personal Loans","item":"https:\/\/businessfinancenews.com\/category\/loans\/"},{"@type":"ListItem","position":3,"name":"is prosper loans legitimate"}]},{"@type":"WebSite","@id":"https:\/\/businessfinancenews.com\/#website","url":"https:\/\/businessfinancenews.com\/","name":"Business Finance","description":"","publisher":{"@id":"https:\/\/businessfinancenews.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/businessfinancenews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/businessfinancenews.com\/#organization","name":"Business Finance","url":"https:\/\/businessfinancenews.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/businessfinancenews.com\/#\/schema\/logo\/image\/","url":"https:\/\/businessfinancenews.com\/wp-content\/uploads\/2022\/09\/2022-09-22_03-50-50.webp","contentUrl":"https:\/\/businessfinancenews.com\/wp-content\/uploads\/2022\/09\/2022-09-22_03-50-50.webp","width":451,"height":59,"caption":"Business Finance"},"image":{"@id":"https:\/\/businessfinancenews.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/businessfinancenews.com\/#\/schema\/person\/3a086a2d2714be69553855d7b95f8c8f","name":"D Laidler","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/businessfinancenews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/234034b128a4aaaba0ab0f466899423a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/234034b128a4aaaba0ab0f466899423a?s=96&d=mm&r=g","caption":"D Laidler"},"description":"I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go.\u00a0 I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.","sameAs":["https:\/\/businessfinancenews.com"],"url":"https:\/\/businessfinancenews.com\/author\/laidler\/"}]}},"taxonomy_info":{"category":[{"value":4,"label":"Personal Loans"}]},"featured_image_src_large":false,"author_info":{"display_name":"D Laidler","author_link":"https:\/\/businessfinancenews.com\/author\/laidler\/"},"comment_info":0,"category_info":[{"term_id":4,"name":"Personal Loans","slug":"loans","term_group":0,"term_taxonomy_id":4,"taxonomy":"category","description":"","parent":0,"count":508,"filter":"raw","cat_ID":4,"category_count":508,"category_description":"","cat_name":"Personal Loans","category_nicename":"loans","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts\/21308"}],"collection":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/comments?post=21308"}],"version-history":[{"count":0,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts\/21308\/revisions"}],"wp:attachment":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/media?parent=21308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/categories?post=21308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/tags?post=21308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}