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Can Prosper Quick Loan Make You Prosper? Check It Out!

 Prosper operates a peer-to-peer, online quick loan marketplace where you can borrow money that’s provided by investors who pick and choose the loans they would like to fund.

If you meet Prosper’s minimum qualifications, your quick loan request will be evaluated and assigned a Prosper rating — a letter grade indicating how likely Prosper thinks it is that you’ll pay the loan back. The safer Prosper thinks the loan is, the lower the interest rate you’ll be offered.

Prosper offers quick loan from $2,000 to $40,000 with three- or five-year terms.

Keep in mind that because Prosper is a peer-to-peer lender, loan funding can take longer compared to other lenders — however, you might also get your funds in as little as one business day.

FEATURES

FAST

Get your funds as soon as 1 business day after completing requirements.

FLEXIBLE

Choose 3 or 5 year loan terms.

WORRY-FREE

Keep money in your pocket with no pre-payment penalties.

Pros

  • No minimum income requirement
  • No prepayment penalty
  • Can borrow up to $40,000

Cons

  • Origination fees from 2.4% to 5%
  • Charges late fees
  • Not available in Iowa or West Virginia

Best for:

  • Debt consolidation
  • Home improvement

Prosper is one of the biggest names in quick loans, making about 4,000 loans a week through a peer-to-peer lending platform that matches borrowers with investors. That’s close to 1 million loans to date, with more than $15 billion in loans funded.

Prosper interest rates and loan details

Summary

Loan amount  

$2,000 to $40,000

Loan terms

3 or 5 years

Min. credit score

640

Time to get funds

As soon as one business day

Residency

  • U.S. resident
  • Not available in Iowa or West Virginia

Fees

  • Origination fees of 2.4% to 5%
  • No prepayment penalty
  • Late fee is the greater of $15 or 5% of the unpaid monthly payment

Loan use

Debt consolidation, home improvement, bridge loans, car purchase, small business, baby and adoption, engagement ring, special occasions, solar and other “green” projects

Key benefits

  • Fixed interest rate
  • No prepayment penalty

Best for:

  • Debt consolidation
  • Home improvement

Loan process

After your loan request has been verified, it will be listed until enough investors commit to funding it. If your loan is not funded after being listed for 14 days, no loan will be made. But you can create a new listing. On average, however, the process takes three to five business days from start to origination, according to Prosper.

Prosper says you can’t use one of its loans to pay for college expenses, because of rules governing student loans that aren’t compatible with its platform. With student loans, you have at least 30 days to accept or reject an offer after you’ve been approved. Prosper’s platform requires you to commit to obtaining and paying a loan if it’s funded by the end of the 14-day listing period.

How to qualify

To be approved for a quick loan through Prosper’s online marketplace, you’ll need:

  • A credit score of at least 640
  • Less than five credit bureau inquiries in the last 6 months
  • Some form of annual income
  • A debt-to-income ratio that does not exceed 50%
  • At least three open trade lines on your credit report
  • No bankruptcy filings in the last 12 months

You’ll also need to be a U.S. resident, but can’t live in Iowa or West Virginia.

Repayment

Prosper only offers two repayment terms — either three or five years. If you’re taking out a five-figure loan, your monthly payments may be easier to handle if you take five years instead of three to repay your debt. Just keep in mind that you’ll pay more in total interest if your term is longer.

Most borrowers authorize automatic monthly payments from a bank account, but you can also make payments online or over the phone. If you want to make payments by mailing a check, you’ll be assessed a fee of $5 or 5% of your payment, whichever is less.

How to get quick loan from Prosper

If you don’t need the loan immediately, Prosper may be a good fit for you. Keep in mind that every lender uses its own methods to evaluate borrowers, so comparing rates from several lenders is a good way to find a loan that’s right for you.

You can apply for a Prosper Quick Loan from HERE

To learn more about Prosper, CLICK HERE 

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