Prosper landed on our list as one of the best options for personal loans. Prosper offers unsecured personal loans with a fixed rate from $2,000 to $35,000 with loan terms available between 3 to 5 years depending on the borrower qualifications and the loan amount. Along with one of the most attractive market rates (APR from 5.99%), these loans are offered without pre-payment penalty in case you want to pay your loan early or to simply make partial advance payments. Prosper is a peer-to-peer lending platform which completely removes any broker or middle man out of the equation by providing a way to connect directly people who need money with those who have money to invest (not necessarily lenders), so that everyone prospers.
If you are looking for a loan with a low interest rate and your credit score is at least 640, definitely Prosper is your best choice along with UpStart to get a personal loan with low interest rates. For people with at least 640 credit score, those two are our most recommended lenders. How does Prosper work? If you apply for a loan with Prosper, its platform basically creates a listing (after borrower’s requirements are met) with your credit information, the amount you need and why you need it. The platform gives you a score from AA to E base on you information and credit history.
The possibilities of getting a loan approval are higher than with a regular lender since your loan application in Prosper.com is seen by thousands of ordinary people like you and me that invest (from $25 up to thousands) and earn money from the accrued interest. You can receive funds not just from one person, but hundreds of people who may consider that you will repay the loan faultless not only because your rating as a borrower indicates so, but because they may feel related to your cause regarding your loan application. Prosper.com has brought a human face to the industry of online lending.
Prosper Reviews & Loans
Prosper.com is a marketplace that allows people to invest in other people in a way that is economically and socially rewarding for both parties. Through Prosper, borrowers – upon met requirements – list and describe their loan request from $2,000 to $35,000; and individual lenders can invest as little as $25 in each request. In addition to credit scores, income or employment history; investors can consider the borrowers personal stories or loans motives as a decision factor. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors.
- Peer to peer loans
- Loans from $2,000 up to $35,000
- Low APR from 5.99%
- Terms up to 3-5 years
In conclusion, Prosper is very useful if you have a minimum credit score of 640 since you are a viable candidate for a loan through Prosper.com with a lower interest rate than the average lender. What we like the most about Prosper is that it has a very visible human side where people, like you and I, who invest in Prosper, can sympathize with your cause or story and help to fund the loan.
Peer-to-peer loans up to $35,000 with fixed APR from 5.99% and terms up to 5 yrs for qualified borrowers with at least 640 credit score.