Prosper personal loans: 2025 review

Prosper is best for borrowers with fair credit who want to consolidate high-interest debt 

Prosper is among the only peer-to-peer lenders Bankrate has reviewed. The lender's model sets a much lower credit score requirement than many competitors at just 600. If you don't qualify alone, you can add a co-applicant to improve your eligibility or receive a better rate.

Prosper personal loan purposes 

Prosper’s array of loan products, including personal and home equity loans, can be used for the standard personal loan purposes. Borrowers may use the funds for everything from financing home improvement projects to covering unexpected bills. 

The lender’s flexible acceptance criteria and low starting rate make its loans a good fit for consolidating high-interest debt. Consolidating debts can reduce the amount of interest you pay and make it easier to keep up with payments. And if your credit improves while you repay a debt consolidation loan, you may be able to refinance to a still-lower rate with another lender.

Like most personal loans, borrowers may not use Prosper funds for post-secondary education expenses.

Where Prosper personal loans stand out 

• Accessible eligibility criteria: You may qualify for a Prosper personal loan with a credit score as low as 640 and any income above $0.
• Joint applications allowed: Adding a creditworthy co-borrower gives you a better chance of qualifying for a loan and scoring a more competitive interest rate. In this case, both borrowers are liable for the loan balance and are responsible for the monthly payments.
• Hardship options available: If you encounter financial hardship during repayment, Prosper may extend your loan term to reduce your monthly payment. (Keep in mind that this comes at the cost of higher interest charges in the long run.)

Where Prosper personal loans fall short 

• Origination fee: You'll pay an origination fee between 1 and 9.99 percent, depending on your creditworthiness. Like most lenders, Prosper takes the origination fee from the loan funds before you receive them. Keep this in mind when applying, especially if you need a specific loan amount. 
• High maximum interest rate: The interest rate is capped at 35.99 percent, making the personal loans relatively costly for borrowers with lower credit scores. 
• Potentially slow approval: While you may receive a loan decision in a few business days, investors have up to 14 days to invest in your loan. This means that you may be stuck waiting two weeks to learn whether your loan application was approved.

Prosper customer resources

Customer support 

Users can receive assistance through Prosper's online messaging platform, over the phone, through email or by mail. 

If you aren't a current customer, representatives are available Monday through Friday from 6 a.m. to 5 p.m. PT. You can also email support@prosper.com. 

Digital experience 

Prosper's application and preapproval process is completed fully online with the option for assistance over the phone if necessary. Android and Apple users can also apply for a loan through Prosper’s mobile app. The app averages 4.6 out of 5 stars after about 4,700 reviews on the Google Play store.

While Prosper doesn't offer in-person support, the lender's online Help Center has a plethora of resources for new and existing customers, including general and product-specific FAQs.

How this lender compares

Prosper vs. Happy Money 

Like Prosper, Happy Money offers debt consolidation loans — but Happy Money offers to pay your creditors directly using your loan funds, streamlining the consolidation process. Its minimum credit score is 640, significantly higher than Prosper's.

Happy Money’s loans are specifically designed to pay off credit card debt, so if you have other types of unsecured debt you’d like to consolidate, Prosper is the better choice.

Prosper vs. Upstart

Upstart offers personal loan amounts similar to Prosper, but if consolidating debt is your ultimate goal and you have strong credit, an Upstart loan can maximize your savings with its low starting APR. Upstart’s origination fee can be high, capped at 12 percent, which is something to consider when comparing loan offers.

How Bankrate rates Prosper