Prosper Loan

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Being one of the first peer-to-peer lending platforms, the company has already successfully funded more than $ 14 billion and this amount is constantly growing. Prosper doesn’t work as an actual lender, it is more like the portal allowing potential money lenders and borrowers to cooperate. With the help of this marketplace customers are able either to invest their funds in loans or to obtain the advance payment. Speaking about terms and conditions of the company, Prosper financial platform allows to borrow from $ 2 000 to $ 40 000 in order to fulfill any personal purpose. The terms to pay off your loan range from 3 to 5 years with the certain fixed repayment date every month. The annual percentage rate is determined according to the credibility and financial reputation of the customer, so that borrowers with perfect credit scores can get 6.95% of APR, whereas those with poor rating are able to pay up to 35.99%.

The main aspects of Prosper personal loans to take into account

Being a peer-to-peer marketplace, the platform is responsible only for servicing of borrowers and investors, but not for direct lending of funds. Due to that, the company offers different categories of advance payments to satisfy borrowers’ financial needs, such as:
  1. Consolidation of debts.
  2. Home renovations.
  3. Business or start-ups needs.
  4. Special events.
  5. Medical services.
To apply for Prosper finance services, a customer is required to have credit score over 640, stable income and valid bank account. To become company’s customer, just fill in the registration form and create your personal account. After being approved, you’ll get your money in one to three working days.

The most significant pros and cons of the services

While planning to get temporary financial assistance, the potential borrower is recommended to bear in mind the benefits and weak points of the company, he is going to cooperate with. Here are the key positive and negative aspects of Prosper loans. Pros:
  • variable options;
  • flexible repayment terms;
  • easy-to-use website;
  • convenient mobile app;
  • ability to invest money;
  • no prepayment fees;
  • fast turnaround time.
  • charges for late payments;
  • high income and credit score required;
  • application fees.
Lending industry offers variable credit services over and over. Therefore, the choice of perfect lender must be based on comprehensive research of the products and services you are going to apply for. It’s believed that Prosper reviews provided above will help you to make the right decision.