Prosper is a personal loan service that offers a unique alternative to traditional loans and investing options. Prosper connects people searching for personal loans with those who have money to invest. Lenders are asked to create a lending profile that contains basic information such as loan amount, financial rating and purpose of loan to name a few. The likelihood of getting their loan approved is based on how peers consider the attractiveness of their loan application.
*** All personal loans are made by WebBank, a Utah-chartered Industrial Bank, member FDIC. All Proper personal loans are unsecured, fully amortized personal loans.
Unsecured personal loans
Minimum loan amount
Maximum loan amount
Minimum loan period
Maximum loan period
Starts at 5.99% APR for best borrowers
Online application time
Response times to your personal loan request are based on the attractiveness of your loan profile
Loan rates are set by proper and based on factors including:
- Prosper rating, which is an indicator of loss rates
- Loan term
- Economic environment
- Competitive environment
History of delinquencies
Revolving credit balance
Debt/ income ratio
Length of employment
Good credit scores and financial history are the key to getting your personal loans approved by peers. This is because lenders aka lenders are individuals who would wish to safeguard their investment (loan) by choosing only those individuals labeled as low risk. A good option for those with good or excellent credit ratings searching for an alternative to traditional loans.