2022 Prosper Personal Loans Review • Benzinga
APR 7.95% – 35.99% fixed
Origination Fee Between 0.5% and 5% of the loan amount
Late Fee 5% or $15 depending on fee amount
Prepayment Fee None 
Service Fee 1% annually of outstanding loan principal balance

Prosper does not charge prepayment fees, so borrowers can repay the loan at their own speed. 

However, Prosper does include additional fees such as late fees and origination fees. Late fees vary depending on the loan amount and have the potential to be high for a larger loan. For example, late fees can reach 5% of the payment amount, which could become expensive if you are making higher monthly payments on a loan. To protect against late payments, you can set up autopayments to avoid missing loan due dates. It’s possible to enroll in autopay when applying for a loan or to opt in from your online account. You can change the due date for your payments, so contact a member of Prosper’s service team to gain more information on repayment options. Options such as autopayments might not be ideal if you do not have enough funds within an account for the expected payments. 

Origination fees vary between 0.5% and 5%. The origination fee covers the administrative fees associated with processing the loan. 

Research loan fee structures to better understand how companies make money on their loans. For example, some companies charge higher rates while other companies charge additional fees. Calculate what type of loan structure would best meet your needs before accepting a loan. Remember to be vigilant in checking for hidden fees or charges. 

Prosper earns 4.5 out of 5 stars in terms of customer service. The company publishes a phone number and email that’s specifically designated to help clarify loan concerns and questions. The customer service phone number is available between 9 a.m. and 8 p.m. on weekdays and 9 a.m. to 5:30 p.m. on Saturdays. The times are stated using Eastern Standard Time. 

The website provides clear information on which department to contact for personal loans, credit cards and investor services. For example, general correspondence is directed to a specific email address. The website offers a physical mailing address. 

Prosper also embraces new relationships by encouraging people interested in the affiliate program to apply or contact it via email about potentially partnering with Prosper. 

The company earns high reviews on third-party sites such as Trustpilot. Customers report fast service and positive experiences. However, other sites report dissatisfaction or room for improvement in terms of payment collection.

BBB Rating A+ 
Trustpilot Score 4.7  
Benzinga’s Score 4
J.D. Power Rating N/A

Loan terms range between 3 and 5 years. One criterion that makes Prosper unique is that it allows borrowers to have two loans from Prosper at the same time.  

Its unsecured fixed-rate loans offer a borrower some dependability because the rate remains consistent throughout the life of the loan. 

Prosper maintains a list of special requirements a borrower must meet, including fewer than five credit bureau inquiries on your credit report from within the past six months. Prosper also requires that you must not have filed for bankruptcy within the last year. The minimum requirement for annual income is extremely low and stipulates that a borrower must have more than $0 in annual income.

Prosper allows loan prepayments so that borrowers can repay loans at their own pace. Loans can be used for a wide range of needs such as consolidating debt, big purchases and medical needs. Loans have a set fixed APR rate between 7.95% and 35.99%. The rate depends on information such as your credit score, so examine your score and determine if you need to improve it before applying for a loan. 

Defaulting on a loan will lower your credit score and could potentially hinder your ability to obtain favorable loan rates and terms in the future. If you are late on a payment, then you will have to pay a late fee of $15 or 5% of the expected payment amount, depending on which amount is larger. Late fees happen once a borrower fails to make a payment 15 days after the due date. A loan can be collected using Prosper or a third-party agency after the loan is past due.

Term Options Between 3 and 5 years
Loan Amounts Available Between $2,000 and $40,000

Loan amounts are available between $2,000 and $40,000. However, it is also possible to obtain as much as $300,000 with a home equity line of credit. A home equity line of credit is also known as a HELOC, and it is riskier than a personal loan. The reason that loans such as HELOCs offer higher loan amounts stems from the fact that they require collateral in the form of your home. HELOC loans offer larger sums secured by your home, which exposes a borrower to a more risk. 

Prosper offers unsecured personal loans for up to $40,000 that do not require collateral. Unsecured loans are viewed as less risky for the borrower and can help a borrower fulfill desired financial outcomes. However, personal loans still have the potential to lower a credit score if left unpaid. 

The Prosper website offers a section dedicated to helping interested borrowers learn more about loan options by checking personalized rates. Using the check-your-rate feature on the website will not impact your score because it is not a hard inquiry when you are examining loan options. 

Minimum Credit Score Requirement 640

Loans can be funded within a business day although that time period is not guaranteed and approval can take longer. Prosper requires a minimum score of at least 640. A credit score tells lenders what level of risk a potential borrower is. For example, higher credit scores tell lenders that you are more likely to repay the funds. Credit scores range between 300 and 850, so a score of 640 is a fair score. 

Prosper vs. Competitors

One benefit that makes Prosper stand out from the competition is that it allows borrowers to have two Prosper loans at the same time. Most lenders allow borrowers to have a single loan at a time. Prosper also allows joint applications with two borrowers. The company accommodates a broad range of personal loan needs. However, Prosper offers personal loans that provide a limited loan amount.  



Fixed between 7.95% and 35.99%

Loan Amounts

Between $2,000 and $40,000


Fixed between 7.95% and 35.99%

Origination Fee

Between 0.5% and 5% of the loan amount

Term Lengths

Between 3 and 5 years

1 Minute Review

Prosper is both a lending marketplace and an alternative investment platform where individuals and institutions can invest in various types of loans. The company was founded in 2005 as the first peer-to-peer lending marketplace in the United States. Since then, Prosper has facilitated more than $19 billion in loans to more than 1,120,000 people.

Through Prosper, people can invest in each other in a way that is financially and socially rewarding. Borrowers apply online for a fixed-rate, fixed-term loan between $2,000 and $40,000. Individuals and institutions can invest in the loans and earn attractive returns. Prosper handles all loan servicing on behalf of the matched borrowers and investors.

Best For

  • Borrowers with a good credit score
  • Joint loans
  • A quick turnaround
  • Loan investors

  • The option of joint loans
  • No minimum income requirement
  • Minimal Credit History Required

  • High fees
  • Limited repayment term options

Figure Personal Loans


securely through Figure Personal Loans’s


Between 5.99% and 15%; autopay discount of 0.25%

Loan Amounts

$5,000 – $50,000


Between 5.99% and 15%; autopay discount of 0.25%

Origination Fee

Between 0% and 5% (dependent on state and local laws)

Term Lengths

Fixed-rate loan terms of 3 or 5 years

1 Minute Review

Figure’s online personal loan application process eliminates the painstaking process of following up your paperwork to scan or send to the lender. With an entirely online application, you can get your prequalification rate without impacting your credit score. You’ll get approval within a few minutes and await funding in as little as 2 business days — up to $50,000 you can direct toward what matters most.

Figure personal loans come with multiple fixed term options so you can map out your payment schedule so that it doesn’t strain your finances. Figure also offers some perks for spreading the word out to others. You’ll receive a $150 gift card for every friend you refer, and they too will get a $150 gift card when their loan funds.

Figure’s home equity line of credit lets you turn your home equity into up to $250,000 cash in as few as 5 days. Rates start as low as 2.88% APR1, and you can choose among 5-, 10-, 15- and 30-year fixed term options. You can also get up to $500,000 cash-out in mortgage refinance, all with custom rate and payment options.

While you can easily land better rates with a higher credit score, Figure also has options for applicants with less than perfect credit. You may secure a HELOC with a credit score as low as 620 (except in Oklahoma where the minimum is 720).

Best For

  • Online loan application
  • Unsecured loans
  • Affordable loan fees

  • 100% online application
  • Quick funding
  • Competitive rates
  • Stellar customer service
  • Multiple fixed term loan options
  • A gift card for every referral (personal loan only)
  • Personal loan offered in all 50 states

  • Products not available in some states
  • Personal loans capped to $50,000


get started

securely through LendingClub’s


get started

securely through SoFi’s

Disclosure: Fixed rates from 6.99% APR to 21.78% APR. APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 3/24/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Upstart Personal Loans

Disclosure: 1 When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
2 Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
3 The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.95% and 60 monthly payments of $26.34 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,807 including a $653 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
4 Neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

Loan Amounts

$1,000 – $50,000

Origination Fee

0% – 8% of the target amount

Term Lengths

3 – 5 years

1 Minute Review

Unsecured loans begin relatively low around $1,000 and reach as high as $50,000. APR rates range between 5% and 35.99%. One main benefit of Upstart is that it requires a low minimum credit score. Upstart offers term lengths that span between 3 and 5 years. In some cases, borrowers receive funds in less than 24 hours. Upstart also allows for new borrowers with limited credit experience.


  • Up to $50,000 loans
  • No minimum credit score

  • No mobile app
  • Only 2 repayment options

Overall, Prosper ranks 4 out of 5 stars. Prosper ranks highly in terms of customer service and provides phone and email availability so borrowers are able to discuss questions and concerns with a representative. 

The company does not require prepayment fees but uses additional late fees and origination fees that could potentially hinder a borrower’s ability to repay a loan. Prosper has room for improvement in terms of having a higher minimum credit score requirement. The elevated credit score requirement makes it more unattainable for people with lower credit scores to apply for and receive a loan.

The company provides unsecured loan options that offer personal loans on a peer-to-peer funding basis to people with fair credit scores.

Frequently Asked Questions

Personal loans from Propper provide a way for borrowers to receive larger amounts of funds within constrained timelines. Before applying for a loan, research options available to your situation. Taking out a loan requires a certain level of mindfulness, so examine options while considering your personal information such as your credit score and personal financial history. 

Does Prosper require proof of income?

Yes, Prosper does check income. The company requires proof of income to verify a borrower’s income level and financial information. It’s possible that funding will be delayed while the company examines a borrower’s information. The loans will only become available and originate once the process of verification has been completed. Prosper may deny a loan if it is unable to verify the borrower’s information. 

What bank does Prosper use?

Prosper uses WebBank to provide loan funding. The company works with WebBank in combination with the Prosper marketplace to provide loan funds.

WebBank was first founded in the late 1990s in Utah. The company is now based in Salt Lake City, Utah, and offers a wide range of financial options. For example, WebBank offers deposit products and works with a wide range of partners such as Prosper. 

How does Prosper make money?

Prosper makes money through its fees. The company has origination fees and servicing fees. Origination fees range between 1% and 5%. The fees reduce the loan amount, so it’s important to calculate a high-enough loan amount to account for the fees. For example, if you need a $10,000 loan then likely ask for a loan that is about 5% or more to accommodate potential origination fees. The transaction fee varies depending on additional factors such as the loan amount and the state. 

The company charges servicing for each loan payment. Service fees are typically lower and range around 1% of each payment per year. Prosper offers a clear explanation on its website of how the fees are calculated. 

Before signing up for a loan, examine your financial situation and consult a financial professional to better understand which loan and loan amount would work best with your situation. 


  1. WebBank. “About Us.” Accessed April 30, 2022.
  2. Prosper. “How does Prosper make money?” Accessed April 30, 2022.
  3. Prosper. “Loan Amount.” Accessed April 30, 2022


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