Prosper Lending Reviews - What Is It?
WARNING: DO NOT BUY Prosper Lending Until You Read This Review!
Is it a Scam? Does It Really Work?
Prosper is one of the pioneers of lending, which connects investors with good-credit borrowers. Prosper's personal loans are suitable for borrowers who have substantial annual income. The average for Prosper borrowers is about $89,000 even though there is no minimum requirement. Potential borrowers should have good to excellent credit scores. The minimum score is 640, but the average for its customers is 710. Prosper is an experienced online lender. For example, its San Francisco office has facilitated more than $12 billion in loans. It was founded in 2005.
Let us take a look at Prosper loan rates and terms. Loan amounts are from $2,000 to $40,000. Origination fee is 2.4% - 5%. Typical APR is from 6.95% to 35.99%. Repayments take three or five years. Time to funding is from one to three business days after approval. In order to qualify for a loan your Minimum credit score should be 640, but average is 710. The average annual income should be $89,000. Minimum credit history is two years, but average is eleven. Maximum debt-to-income ratio is 50% (excluding mortgage). In general, Prosper Lending is best for borrowers with good credit, debt consolidation.
Customer Reviews - Does Prosper Lending Really Work?
Prosper offers unsecured personal loans that can be used for almost any purpose, including home improvements and debt consolidation. You will need to do fixed monthly repayments over three or five years. The company doesn't fund loans with its own money, which can be seen with some online lenders. They underwrite applicants and match investors with approved borrowers. To qualify applicants, they use a risk-rating system that involves a lot of data requirements, including credit history. Investors use Prosper's ratings to decide whether or not to invest in your loan. The company requires two years of credit history. The origination fee is between 2.4% and 5% of the loan amount. It is deducted from the loan proceeds. For instance, a $20,000 loan with the origination fee of 3% will cost $600, and you will receive $19,400. A borrower with excellent credit can get a $10,000 personal loan and a repayment term of three years at 13.9% APR.in this way, they will need to carry monthly payments of $341.
There is a great number of testimonials from real clients of Prosper Lending. Most of them have a positive character. They say that applying for a Prosper loan is a fast and easy process. You can apply on Prosper's official website. To do this you will need to submit information including your income, employment status, and monthly housing payment. As soon as you are approved, the funds will be transferred to your bank account within up to three business days. One client of the company says that the process is really simple but it is important to remember about the origination fee when applying. The man reports that he took loan for trip to Philippines to visit their family, as well as for Christmas. They paid for the trip, but this took almost all of their money. The man has been out of work since September 17 due to the open heart surgery. The man is pleased with friendly, polite and helpful customer service representatives. He confesses that he has never experienced such quick and easy process in applying for a loan. The whole process was very easy and quick, without any hassles. The man secured a loan for $5,000 ($4,750 without the origination fee) with a Fico 8 score of 648 (CK score 719). It is great rate, the process took place online. However, one needs to carefully read the fine print and the terms. In general, the man started the process on Tuesday afternoon and received the money on Friday morning in his account.
Another borrower reports that his interest rate was as quoted and his funds were already available within 72 hours of approval. It is a nice way to consolidate debt. It also allows to pay it off in a reasonable term with less interest. The complete process was easy too. The staff at Prosper are very helpful. They helped the client to achieve the loan painlessly and without any concerns. He received a competitive rate and is going to use Prosper Lending again whenever he needs. Another woman says that she was able to get pre-approval for her loan in just several minutes. She received a final approval to funding within a couple of days. She is satisfied with the company and the process in general. One young lady shares in her testimonial that she intended to pay off her credit card debt and consolidate down to one payment. She was happy to cooperate with the company since she had to pay much less per month than with any other lenders. The loan officers were patient, kind, and informative! Besides, it is very convenient to receive reminders each month about upcoming ACH-payment. This can be especially helpful for busy people. This woman feels grateful for making her life much easier and she would recommend Prosper Lending to her friends and family members. It is high time to take a look at the actual customer reviews available online.
"Not sure why so many people are giving bad reviews about Prosper Lending. Personally I am completely happy with the work and services of this company. I had gotten pre-approvals many times from them quickly and easily. Of course to get a loan you will need to meet their "minimum requirement". You may receive a denial if you have less than 640. I waited until I was in the 700s. Actually I was 741 at approval. I applied, got approved, and paid off my CC debt. I also paid a $450 fee to them. With my current payment schedule I am going to save more than $3k in revolving interest versus the loan. The whole process took one week. The funds were directly sent to my checking. This term may vary depending on your bank."
"I read over everything about Prosper Lending before applying, so I knew that I would have to pay an origination fee. But I was glad that there were no other fees. So, I applied, uploaded my documents, linked my bank account, and I was approved in just a few days. I had a low interest rate (lower than the credit cards). They have no penalty for paying early or extra. The company is taking a risk, which is why you need to have a stable job, adequate income, and good credit history."
"Prosper Lending worked for me well. I applied and I was approved almost immediately. I just added two documents to my online application form and I received my money in two days. I did not have any trouble at all. 5.31 percent is not bad. I had no problems with this lender and I have no hidden fees. I don't understand why some people are writing negative reviews for this company."
My Final Summary
Taking into account everything we have learnt about Prosper Lending, the company seems to work very professionally and efficiently. They offer reasonable loan terms to their clients. Most people who have applied are completely satisfied with the company's work. They say that it was a very easy process. It is easy to apply and upload the necessary documents. You can apply online or on your phone. Everything is streamlined and clear. The requirements and terms are spelled out. The company's staff took care of everything in a couple of days. They work really fast. The representatives of the customer service department are all knowledgeable and polite. They gladly answer the questions of their clients. Prosper Lending is an excellent choice! I do recommend this company.
Prosper Lending Pricing and Rates
According to the most customer reviews, the company offers excellent interest rate and repayment terms. Origination fee is from 2.4% to 5%. Typical APR is from 6.95% to 35.99%.