Is It Easy To Get a Prosper Loan? Prosper Marketplace, Inc. is a San Francisco, California-based company in the business of the lending industry. Prosper Funding LLC, one of its subsidiaries, operates prosper.com, a website where people can invest in personal loans or request to borrow funds. This loan type, founded in 2005 by Chris Larsen and John Witchel, is headquartered in San Francisco, California, United States.
What is Prosper Loan
Prosper Loan is a peer-to-peer lending platform that offers personal loans to borrowers with fair or good credit. To know eligible lenders, the company uses a proprietary rating system that considers data points like credit history and debt-to-income ratio. It offers transparency, loan flexibility, affordability, and even a great customer experience. At a certain point in time, we need funds to settle some emergencies, and the Prosper marketplace is presenting to us. This is a peer-to-peer loan that makes it easier to borrow.
What Credit Score Is Needed?
If you want to borrow from a Prosper loan, at least when you want to opt for a personal loan, you need to have a credit score of 640 or higher to qualify for a loan. The credit score can enhance your chances of receiving an offer. Plus, it might even lower your rate. If you already have it in mind to borrow from it, then you must strive to score a credit score of more than 640.
Does Prosper Loan Collect Fees From The Borrower?
When we talk about fees, the only fee a Prosper loan collects from borrowers is the origination fee, and the origination fee is between 2.41% and 5% of the amount you borrowed. This depends on creditworthiness and loan term.
Does This Loan Type Hurt Your Credit?
A lot of people often ask if a Prosper loan affects their credit. Well, yes, this loan type affects your credit score. Both when you apply and during the entire time that you are paying back the loan. Technically, it will affect your credit score in a bad way, but the long-term impact can be very good, assuming you pay back the loan on time.
Is a Prosper Loan Secured?
There are a lot of illegal websites claiming that they are lenders. If you are thinking that it is one of them, then let me tell you that the loan is very safe. It offers fixed-rate, fully amortizing loans from $2,000 to $40,000 that are not secured. Loan terms of 3 and 5 years are also available, depending on the Prosper rating and amount. With these attractive rates, these loans are provided with no penalty for paying off your loan early or making half prepayments.
Is It Easy To Get a Prosper Loan?
Getting a personal loan from Prosper Loan is very easy, as your minimum score required is 640, which is right at the beginning of their fair credit range and below the average American credit score. The loan score requirement is 20 points lower than many other major lenders’ requirements.
