Prosper Personal Loan Review: Same Day Financing, Authorized Co-Borrowers

Prosper Personal Loan Review: Same Day Financing, Authorized Co-Borrowers

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Whether you have a big home improvement plan on the horizon or life has surprised you with unexpected debt, Prosper offers personal loans to help you in a pinch.

With the possibility of next day financing and loan amounts between $ 2,000 and $ 40,000, Prosper personal loans could be an alternative to using your credit card when you find yourself strapped for cash. .

Select has reviewed dozens of personal loans and named Prosper as one of the best loans for co-borrowers. While you cannot apply with a co-signer (someone who promises to pay for you in case you cannot pay your payments), Prosper accepts joint applications in which two people are assessed together for a loan and share the equal responsibility for payments.

Going forward, we are looking at Prosper personal loans, taking into account APR, benefits, fees, loan amounts and term lengths. Learn more and get a loan today!

Prosper Personal Loan Review

Prosper personal loans

  • Annual percentage rate (APR)

  • Purpose of the loan

    Debt Consolidation / Refinancing, Home Renovation, Automotive / Automotive, Medical or Dental, Big Buy and more

  • Loan amounts

  • terms

  • Credit needed

  • Original fees

    2.41% to 5%, deducted from the loan proceeds

  • Prepayment penalty

  • Late charge

    5% of monthly payment amount or $ 15, whichever is greater (with a 15-day grace period)


APR for Prosper personal loans ranges from 7.95% to 35.99%. The origination fees are between 2.41% and 5% and deducted from the loan proceeds.

Compared to other lenders on our best list of debt consolidation loans, the APR is roughly comparable to industry standards, but not as low as some. LightStream, for example, offers lower rates ranging from 2.49% to 19.99% * when you sign up for automatic payment (plus there is no origination fee). At the time of writing, the average two-year personal loan interest rate is 9.46%, according to the Fed.

The final APR is based on your loan application. Factors such as credit score, income, loan amount and loan term will be taken into account.


The advantages of a Prosper loan include:

  • Co-borrowers can apply
  • Recurring borrowers can sometimes benefit from APR discounts
  • There is an option to change your payment date to suit your convenience
  • No prepayment penalty if you choose to prepay your loan

Perhaps the most important attraction of a Prosper Loan is that co-borrowers can submit a joint application. This is not the case for all loans. SoFi loans consider DACA recipients who apply with a creditworthy co-borrower who is a U.S. citizen / permanent resident. But many other lenders, including Marcus and Point Ready, do not accept co-borrowers and / or co-signers.


Prosper loans come with an origination fee of 2.41% to 5% (deducted from the total loan amount). It is obviously preferable to avoid origination fees when possible. With a good or excellent credit score, you are more likely to qualify for loans without this additional cost. None of the lenders on our list of the best personal loans charge borrowers an upfront fee for processing your loan.

The late charge will cost you 5% of the monthly payment amount or $ 15, whichever is greater, but you have a 15-day grace period to pay your bill.

Amount of the loan

Prosper offers loans ranging from $ 2,000 to $ 40,000. Funds can be deposited into your bank account as early as the next business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. (It also depends on your bank’s ability to quickly process the transaction.)

Mandate’s duration

The term of Prosper mandates is three or five years. A term refers to the life of the loan during which borrowers make monthly payments until it is fully repaid. Shorter terms often have more aggressive monthly payments because the borrower pays off the loan in less time. However, longer term terms may come with a higher APR, as lenders consider risk when determining how much interest to charge you.

At the end of the line

Prosper Personal loans are a smart choice for individuals or co-borrowers who need quick cash for large expenses, debt consolidation and more.

Those interested in submitting a joint loan application may want to consider PenFed personal loans, which also allow co-borrowers but offer smaller loans (minimum of $ 500).

If you are looking for a larger loan, SoFi Personal Loans offers loan amounts of up to $ 100,000 to qualified borrowers.

Our methodology

To determine which personal loans are the best, CNBC Select has analyzed dozens of US personal loans offered by online and physical banks, including major credit unions, which offer fixed rate APRs and flexible loan amounts and terms to meet a range of customer needs. funding. Where possible, we have chosen loans with no origination or enrollment fees, but we have also included options for borrowers with a lower credit rating on this list. Some of these options have origination fees.

When selecting and ranking the best personal loans, we focused on the following features:

  • APR at fixed rate: Variable rates can fluctuate over the life of your loan. With a fixed rate APR, you lock in an interest rate for the life of the loan, which means your monthly payment will not vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts / conditions: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long it takes to pay off your loan.
  • No early repayment penalties: The lenders on our list do not charge borrowers for prepayment of loans.
  • Simplified application process: We looked at whether lenders offer same-day approval decisions and a fast online application process.
  • Customer service: Each loan on our list provides customer service available by phone, email or secure online messaging. We have also opted for lenders who have an online resource center or advice center to help educate you about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We have noted lenders who reward you for signing up for automatic payment by lowering your APR from 0.25% to 0.5%.
  • Creditors’ payment limits and loan amounts: The above lenders offer loans of various sizes, from $ 500 to $ 100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of your interest rate and monthly payment for such amount.

After reviewing the above features, we sorted our recommendations based on overall financing needs, debt consolidation and refinancing, small loans, and next day financing.

Note that the advertised rates and fee structures for personal loans are subject to fluctuation based on the Fed rate. However, once your loan agreement is accepted, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a serious credit check and ask for a complete application, which may require proof of income, identity verification, proof of address, etc.

* The terms of your LightStream loan, including the APR, may differ depending on the purpose of the loan, the amount, the duration and your credit profile. Excellent credit is required to benefit from the lowest rates. The rate is shown with the AutoPay discount. AutoPay rebate is only available before the loan is funded. Rates without AutoPay are 0.50% higher. Subject to credit approval. Conditions and limitations apply. The advertised rates and conditions are subject to change without notice. Example Payment: Monthly loan payments of $ 10,000 at 3.99% APR with a three-year term would result in 36 monthly payments of $ 295.20.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

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