Prosper Reviews
(Rated by 2 users)
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Payment Methods
- Credit/Debit Cards
- PayPal
- Apple Pay
- Google Pay
- Bitcoin
- Venmo
- Zelle
- Square
Payment Methods
- Verified Store VERIFIED
- Free shipping: Orders $50+
- In-store pickup: Ready in 2 hours
- 30-Day Returns
- Gap Good Rewards (4 brands)
Payment Methods
- Tops: $23 - $70
- Bottoms: $27 - $70
- Outerwear: $34 - $70
- Kids: $29 - $75
Today's Best Deals
Overall Rating
5.0
Base on 2 Reviews
Ratings by Feature
Ratings by Feature
- Good Value5.0
- Price & Quality4.5
- Customer Service4.0
- Return Policy4.0
Recent Customer Reviews (2)
Jason Leo
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John Liptak
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Prosper Pricing
Origination Fees
1% - 9.99%
APR Range
8.99% - 35.99%
Loan Amounts
$2,000 - $40,000
Minimum Investment
$25
Late Fees
5% or $15
Payment Methods
Accepted Payment Options:
Prices for items on Prosper.com vary widely depending on the type of clothing and promotions available. Typical price ranges include:
Credit/Debit Cards
PayPal
Apple Pay
Google Pay
Bitcoin
Venmo
Zelle
Square
Payment Process
- Payments can be made online during the checkout process.
- For Prosper credit card payments, options include online payments, mail, or phone calls, but in-store payments are not accepted.
Refund Information
Refunds for returns will be processed back to the original payment method used during the purchase.
Prosper Pros & Cons
Pros
1
Instant Approval: Prosper offers a fast approval process, allowing borrowers to quickly access funds.
2
Joint Loan Option: Borrowers can apply with a co-borrower, which can improve their chances of getting a loan or a lower APR.
3
Hardship Relief Support: Prosper provides a hardship relief program that may reduce monthly payments or extend the loan term.
4
Mobile App: The mobile app allows borrowers to manage their loans, apply for loans, make payments, and check their credit scores.
5
Wide Range of Loan Terms: Prosper offers a variety of loan terms and amounts, making it suitable for various expenses.
CONS
1
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.
2
No Rate Discount for Autopay: Unlike some lenders, Prosper does not offer a rate discount for setting up autopay.
3
No Direct Payment to Creditors: Prosper does not send loan proceeds directly to creditors when consolidating debts, requiring borrowers to manage their own repayments.
4
Customer Service Issues: Many customers have reported difficulties in reaching customer service and resolving issues, such as incorrect payment processing.
Prosper Features and Benefits
Features
Borrower and Investor Matching
Prosper connects borrowers with investors, eliminating the need for traditional banking intermediaries.
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%).
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.
Fixed Monthly Payments
Loans are amortized, with borrowers making fixed monthly payments consisting of principal, interest, and fees over 2-5 years.
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..
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.
Average Historical Return
The average historical return for loans originating through Prosper is 5.5% (as of June 30, 2024).
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.
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.
Funding
Funds can be received as soon as 1 business day after completing requirements.
No Prepayment Penalties
There are no prepayment penalties for paying off the loan early.
Early Payoff Rebate
Depending on the origination fee, there may be a rebate if the loan is paid off early.