At a Glance
Rates & Fees
Key Features
One of the first peer-to-peer lending platforms in the US
Joint loan option available
No prepayment penalty
Pros & Cons
Pros
- Peer-to-peer model can offer competitive rates
- Joint applications accepted
- Long track record since 2005
Tradeoffs
- Origination fee required
- Slower funding than some lenders
- Higher APRs for lower credit scores
How to Apply
Check whether Prosper offers prequalification and whether it uses a soft or hard credit inquiry before submitting personal information. A full loan application may affect your credit score.
Compare the estimated APR, term, and monthly payment against at least one other lender before committing.
Gather proof of income, identification, and bank account details for the formal application.
Submit the full application directly on Prosper's site; approval typically requires a hard credit inquiry.
If approved, review the final loan agreement for the origination fee and funding time (1–3 business days) before signing.
How It Compares
Current product highlighted| Product | APR Range | Loan Amount | Origination Fee |
|---|---|---|---|
| Prosper Personal Loan | 8.99%–35.99% | $2,000–$50,000 | 1–9.99% |
| Citi Personal Loan | 9.99%–17.49% | $2,000–$30,000 | None |
| LightStream Personal Loan | 7.24%–24.89% | $5,000–$100,000 | None |
| SoFi Personal Loan | 6.99%–35.49% | $5,000–$100,000 | None (optional fee for lower rate) |
Rates and terms shown are illustrative as of 2026 and vary based on creditworthiness, income, and loan amount — always confirm current terms directly with the lender.