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.
Category
Peer-to-peer lending
*** All personal loans are made by WebBank, a Utah-chartered Industrial Bank, member FDIC. All Proper personal loans are unsecured, fully amortized personal loans.
Loan Details
Unsecured personal loans
Yes
Minimum loan amount
$2,000
Maximum loan amount
$35,000
Minimum loan period
3 years
Maximum loan period
5 years
Loan rates
Starts at 5.99% APR for best borrowers
Direct deposit
Yes
Application
Online application time
Few minutes
Response times
Response times to your personal loan request are based on the attractiveness of your loan profile
Qualifications
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
Information Used
Credit Score
Prosper Rating
History of delinquencies
Homeownership
Revolving credit balance
Debt/ income ratio
Length of employment
Prosper Summary
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.
