Prosper Personal Loans
- Best for: Borrowers with fair to good credit applying with a co-borrower; solo applicants who were declined and can add one
- What Sets It Apart: Investor-funded marketplace loans made by WebBank; joint applications, even right after a solo decline
- Loan Amounts: $2,000 to $50,000
- Terms: Two- to six-year fixed-rate terms
- Features: Rate check with no credit score impact; funding as soon as one business day
- APR: 8.99% to 35.99%, origination fee included
- Origination Fee: 1% to 9.99%
- Credit Needed: A credit score of 640 or higher, per Prosper’s loan page
- Eligibility: Not offered in Iowa, North Dakota, or West Virginia
- Pros: A co-borrower may improve odds and rate; fast funding; no prepayment penalty
- Cons: Fee up to 9.99%; no rate discounts; proceeds go to you, not your card issuers; investor funding can take up to 14 days
Choose a Prosper personal loan when a co-borrower’s credit or income would get you approved or a lower rate, since Prosper takes joint applications. With credit strong enough to qualify alone, compare Prosper’s APR, which includes a fee of up to 9.99%, with the APRs of lenders that charge no fee.
Prosper runs an online lending marketplace where WebBank makes each fixed-rate personal loan and investors fund it. It suits borrowers with fair to good credit who want one steady monthly payment for paying off cards, a home project, or a big purchase.
Key Features
- 8.99% to 35.99% annual percentage rate (APR), which counts the origination fee
- 24.19% average APR on three-year loans funded in the first quarter of 2026
- Origination fee of 1% to 9.99%, taken out before you receive the money
- $2,000 to $50,000 over two to six years, at a fixed rate
- Credit score of 640 or higher, per Prosper’s loan page, with your income and monthly expenses also weighed
Pros
- Joint applications, even right after a solo application is declined
- A co-borrower with strong credit may improve your approval odds and rate
- Rate check with no effect on your credit score
- Money as soon as one business day after you accept and finish verification
- No prepayment penalty
Cons
- In Prosper’s $10,000 example, an 8.99% fee leaves you $9,101
- No autopay or other rate discounts
- Proceeds go to your bank account, so you pay off each card yourself
- Investors must fund each loan, so a listing can take up to 14 days to fill, and you may get as little as 70% of your request
- Not offered to borrowers in Iowa, North Dakota, or West Virginia
Compare Prosper’s offer with other lenders’ by APR, since APR counts the fee, and choose Prosper when your joint application gets the lowest one. If you’d rather have the lender pay your cards directly, pick one that sends the money to your card issuers.
Learn more about Prosper or see how it compares to the best personal loan companies.
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