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Prosper Reviews

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Overall Rating

2 Reviews

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About Prosper

Prosper.com is a peer-to-peer lending platform that allows individuals to borrow money or invest in personal loans. Here are the key points:

Business Model: Prosper.com operates as a marketplace where borrowers request loans and investors (individuals or institutions) fund these loans based on the borrower's credit score, rating, and history.
Services: Borrowers can request personal loans ranging from $2,000 to $50,000, and investors can choose to fund these loans. The platform handles loan servicing, collects payments, and distributes interest to investors.
Security Measures: Prosper.com uses 256-bit encryption to protect user information and has implemented various safeguards to ensure the security of personal data.
Regulatory Compliance: The company has faced regulatory actions, including a consent order from the Minnesota Department of Commerce for unlicensed debt collection activities, resulting in a $30,000 civil penalty and the requirement to obtain necessary licenses.
Customer Reviews: Prosper.com has an average customer review rating of 1.04/5 stars on the Better Business Bureau (BBB) and has received over 529 complaints in the last three years.

Prosper Pros & Cons

Prosper.com Pros:

Instant Approval: Prosper offers a fast approval process, allowing borrowers to quickly access funds.
Joint Loan Option: Borrowers can apply with a co-borrower, which can improve their chances of getting a loan or a lower APR.
Hardship Relief Support: Prosper provides a hardship relief program that may reduce monthly payments or extend the loan term.
Mobile App: The mobile app allows borrowers to manage their loans, apply for loans, make payments, and check their credit scores.
Wide Range of Loan Terms: Prosper offers a variety of loan terms and amounts, making it suitable for various expenses.

Prosper.com Cons:

Origination and Late Fees: Prosper charges an origination fee ranging from 1% to 9.99% of the loan amount and late fees of 5% of the monthly payment amount or $15, whichever is greater.
No Rate Discount for Autopay: Unlike some lenders, Prosper does not offer a rate discount for setting up autopay.
No Direct Payment to Creditors: Prosper does not send loan proceeds directly to creditors when consolidating debts, requiring borrowers to manage their own repayments.
Customer Service Issues: Many customers have reported difficulties in reaching customer service and resolving issues, such as incorrect payment processing.

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Prosper Customer Reviews (2)

0/5

Jason Leo

Verified Buyer

Aug 19, 2024

John Liptak

Verified Buyer

Aug 17, 2024

Prosper Customer’s Q&A

No question yet

Prosper Features and Benefits

Key Features and Benefits of Prosper.com:

Peer-to-Peer Lending Platform:
- Borrower and Investor Matching: Prosper connects borrowers with investors, eliminating the need for traditional banking intermediaries.
Loan Process:
- Loan Listing: Borrowers create a loan listing with basic information, which is then reviewed by investors.
- Credit Score and Rating: Borrowers are assigned a credit grade (AA to HR) based on their credit score, which determines the loan rate and terms.
- Loan Origination: Once funded, loans are issued to borrowers, less an origination fee (up to 4.95%).
Investment Opportunities:
- Minimum Investment: Investors can start with as little as $25.
- Diversification: Investors can diversify their portfolio by investing in multiple loans, reducing risk.
- Auto Invest Tool: Prosper offers an automated tool for diversifying investments, ensuring minimal effort and maximizing returns.
Loan Terms:
- Fixed Monthly Payments: Loans are amortized, with borrowers making fixed monthly payments consisting of principal, interest, and fees over 2-5 years.
Security Measures:
- Data Protection: Prosper uses 256-bit encryption and monitors 300+ data points to identify fraud, ensuring the security of personal information.
- FDIC Insurance: The cash balance of investor accounts is FDIC insured by Wells Fargo Bank, N.A..
Financial Tools and Resources:
- Credit Card and Personal Loans: Prosper offers a range of financial solutions, including credit cards and personal loans for various purposes like consolidating debt or financing home improvements.
- Financial Education: The platform provides educational content to help users improve their financial knowledge and well-being.
Historical Returns:
- Average Historical Return: The average historical return for loans originating through Prosper is 5.5% (as of June 30, 2024).
Community and Support:
- Community Reviews: Prosper has an A+ rating from the Better Business Bureau and serves on the Board of Directors for the American Fintech Council.
- Customer Support: The platform offers a Help Center and customer support to address any questions or concerns.

Prosper Pricing

Prosper.com Pricing:

Origination Fees: Vary between 1% and 9.99% of the loan amount.
APR Range: Personal loan APRs through Prosper range from 8.99% to 35.99%, with the lowest rates for the most creditworthy borrowers.
Loan Amounts: Available from $2,000 to $40,000.
Loan Terms: 2 to 5 years.
Funding: Funds can be received as soon as 1 business day after completing requirements.

Additional Fees:

There are no prepayment penalties for paying off the loan early.
Depending on the origination fee, there may be a rebate if the loan is paid off early.

Prosper FAQs

Prosper Alternatives

Top 10 Prosper.com Alternatives:

Upstart: Uses AI for personal loans and credit solutions, offering low rates without hidden fees.
Avant: Provides a digital lending platform with personal loans, credit cards, mobile banking, and auto refinance.
Best Egg: Specializes in personal loans for quick cash and debt consolidation, offering advantageous pre-qualification and direct creditor payments.
LendingClub: Offers various financial services including loans, emphasizing convenience and competitive rates.
SoFi: Provides comprehensive financial solutions including borrowing, saving, investing, and financial security products.
LightStream: Offers fee-free and low-rate lending with tailored rates, rate discounts, and extended repayment terms.
Upgrade: Features rate discounts, direct payments to creditors, and secured/joint loan options, providing flexibility and transparent terms.
Zopa: A financial services company offering peer-to-peer lending, intelligent investments, and fixed-term savings.
Zirtue: Provides relationship-based lending aimed at driving financial inclusion through peer lending and borrowing.
LendingUSA: Specializes in point-of-need financing with swift decisions and flexible payment options, catering to various sectors.