Prosper Review

Overview

Prosper makes it easier than ever to borrow money online. Whether you’re looking for a small loan of $2,000 or need up to $50,000, they offer competitive fixed-term and fixed-rate options with a straightforward application process. The company, established in 2005, has already processed more than $23 billion in loans up to now. Unfortunately, their services are not available to those whose credit scores fall below the 600 threshold.

Are you eligible for Prosper’s requirements?

In order to be considered for a personal loan, you need to satisfy the requirements listed below:

• Be at least 18 years of age or older and have US citizen or permanent resident
• You must have a minimum credit score of 640.
• Have at least two years of credit history for a better credit score.
• Ensure that no bankruptcies have been declared or experienced within the last year.
• The debt-to-income ratio should not exceed 50% to secure a loan.

They requires applicants to have some source of income and will not provide loans to people who have recently filed for bankruptcy in the past 12 months. You can check your loan eligibility rate by performing a soft credit check, which won’t affect your credit score. 

Prosper Application process. How to apply?

Securing a loan through Prosper is simple and you can do it right from the comfort of your home. Just provide important details such as the amount you need, why you need it, your full name, address, date of birth and social security number. Here are the steps to follow:

1. Fill out the application form: To start, head to Prosper’s homepage and select the “Check Your Rate” button. From there, you’ll be asked to input information about your income, expenses and employment details in an application form. It’s a straightforward process that will help you determine if you’re eligible for a loan.
2. Get prequalified loan offers: The company offers a speedy prequalification process with a soft credit check, so that you can receive your loan offers within minutes. This will let you easily compare the available options and find the one that best meets your requirements.
3. Submit supporting documentation: To ensure all Prosper customers are safe and secure, we may ask you to provide some documents to verify your identity. This process might take around five business days, including documents such as bank statements or pay stubs.
4. Get approved and sign loan documents: After finding a lender and getting approved for the loan, simply sign the paperwork to finalize the process. You’ll have the funds deposited in your bank account within a few days.

It’s important to bear in mind that lenders may not offer funding even if they grant you favorable terms. If this happens, you can always reapply by going through the process again. If you’ve been tardy on a current or prior personal loan from Prosper, you might not be eligible for another.

Compare Prosper with Checkngo

While Provser and ChecknGo are both financial services, their loan products vary greatly. Prosper is a peer-to-peer lending platform, providing fixed-rate, fixed-term loans up to $40,000 with repayment terms of three or five years. On the other hand, ChecknGo offers short-term consumer loans. ChecknGo offers short-term loans with a maximum sum of $865 and repayment terms up to 12 months. The APR range is 456.25% to 1520.83%, which is much higher than the 7.95%-35.99% range required for minimal credit scores of 640 by other lenders. ChecknGo is a convenient option for customers with bad or no credit since the minimum credit score requirement is only 300.

However, it’s important to note that borrowing from this lender may mean higher APRs and limited loan amounts. If you’re looking for quick access to funds, ChecknGo might be worth considering but it’s wise to do some research first. Prosper provides a loan experience that is more affordable and customizable, such as offering flexible payment dates, fixed rates, and joint loan options with no prepayment penalties. This makes Prosper the ideal choice for borrowers seeking a better deal.

Summary

Prosper is a renowned peer-to-peer lending company that extends loans with fixed interest rates and fixed terms varying from 3 to 5 years. The loan amounts range from $2,000 to $40,000.Prosper has competitive APRs ranging from 7.95% to 35.99%, and its minimum credit score requirement for loan approval is 640. Additionally, its simple user-interface and fast application procedure make obtaining a loan without putting up any collateral an effortless experience.

On top of that, the platform makes loan payments more flexible – by providing joint loan options, fixed interest rates and other features. This way, it allows borrowers to craft customized loan terms according to their needs.Prosper’s loan products are an excellent choice for those who need accessible and affordable financing. Although there may be some additional expenses, like a $15 or 5% late payment fee, these loans still remain reliable.