Prosper Personal Loan Review: Next Day Financing, Co-Borrowers Allowed



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

With next day financing and loan amounts ranging from US $ 2,000 to US $ 40,000, Prosper Personal Loans can act as an alternative to using your credit card when you are short on money.

Select dozens of verified personal loans and named Prosper as one of the best co-borrower loans. While you cannot apply with a co-author (someone who promises to pay for you in case you cannot afford your payments), Prosper does accept joint applications in which two people are evaluated together for a loan and share equal responsibility for payments. …

Ahead, we review Prosper personal loans, taking into account the annual interest rate, benefits, commissions, loan amounts and maturity. (More about our methodology below.)

Prosper Personal Loan Review

Personal loans Prosper

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt Consolidation / Refinancing, Home Improvement, Auto / Moto, Medicine or Dentistry, Major Purchase and more

  • Loan amounts

  • Conditions

  • Credit required

  • Creation fee

    From 2.41% to 5.99%, deducted from the loan amount

  • Early payment penalty

  • Late penalty

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

Annual interest rate

The annual rate for Prosper personal loans ranges from 6.38% to 35.36%. Creation fee ranges from 2.41% to 5.99% and is deducted from the loan amount.

Compared to other lenders on our best loans for debt consolidation list, the annual interest rate is roughly in line with industry norms, but not as low as some. LightStreamfor example, offers lower rates from 2.49% to 19.99% * when you subscribe to auto payment (plus no clearance fees). At the time of writing, the average interest rate on an individual loan for two years was 9.46%, according to data Fed

The final annual interest rate is based on your loan application. Factors like credit rating, will take into account income, loan amount and loan term.



Prosper loans come with a disbursement fee ranging from 2.41% to 5.99% (deducted from the total loan amount). Obviously, it’s best to avoid clearance fees whenever possible. FROM OK or excellent credit rating, you are more likely to get a loan at no additional cost. None of the creditors on our best personal loans transfer the prepayment from the borrowers for processing your loan.

Late payment will cost you 5% of the monthly payment or $ 15, whichever is greater, but you will receive a 15-day grace period to pay your bill.

The value of the loan

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


Wealth is three or five years. Term refers to the duration of the loan, during which borrowers make monthly installment payments until the loan is fully repaid. Shorter terms often involve more aggressive monthly payments as the borrower pays off the loan more quickly. However, longer term periods may be associated with a higher annual interest rate as lenders take risk into account when determining the amount to be charged as interest from you.

Bottom line

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

Those interested in applying for a joint loan application may want to consider PenFed individual loanswhich also allow co-borrowers but offer smaller loans ($ 500 minimum).

If you are looking for a larger loan, SoFi Personal Loans We offer qualified borrowers a loan of up to USD 100,000.

Our methodology

To determine which personal loans are the best, CNBC Select analyzed dozens of personal loans in the United States, offered both online and by conventional banks, including large credit unions, which are provided with fixed interest rates and flexible loan amounts and terms to meet a wide range of financial needs. Whenever possible, we chose loans without issuing or registration fees, but we also included options for borrowers with lower credit ratings in this list. Some of these options have a creation fee.

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

  • Annual interest rate: Variable rates can go up and down over the life of the loan. With a fixed annual interest rate, you fix the interest rate for the entire term of the loan, which means that your monthly payment will not change, making budgeting easier.
  • Flexible minimum and maximum loan amounts / conditions: Each lender provides a variety of financing options that you can customize depending on your monthly budget and loan repayment duration.
  • No penalties for early payment: The lenders on our list do not charge borrowers for early repayment of loans.
  • Streamlined application process: We looked at whether lenders offer same day approval decisions and a fast online application process.
  • Support: Each loan on our list provides customer service by phone, email or secure online messaging. We have also selected lenders with an online resource center or advisory center to help you learn more about the personal loan process and your finances.
  • Payment of funds: The loans on our list deliver funds quickly, either by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option to pay your creditors directly.
  • Auto payment discounts: We’ve tagged lenders that reward you for participating in the auto payment system by reducing your annual interest rate by 0.25% to 0.5%.
  • Limits on payments to lenders and loan amounts: The aforementioned lenders provide loans in various sizes from $ 500 to $ 100,000. Each lender announces their respective payment limits and loan amounts, and completing the pre-approval process can give you an idea of ​​what your interest rate and monthly payment will be for that amount.

After reviewing the aforementioned features, we have sorted our recommendations on the most suitable for general financing needs, debt consolidation and refinancing, small loans and next day financing.

Note that the rates and commission structure advertised for personal loans may fluctuate in line with the Fed’s rate. However, once you accept your loan agreement, the fixed annual interest rate will guarantee the interest rate and the monthly payment will remain the same throughout the loan term. Your annual interest rate, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will make a serious loan request and ask for a complete application, which may require proof of income, proof of identity, proof of address, and more.

* The terms of your LightStream loan, including the annual interest rate, may differ depending on the purpose, amount, loan term and your credit profile. Excellent credit is required to get the lowest rates. The price is shown with an AutoPay discount. The AutoPay discount is only available before loan financing. Tariffs without AutoPay are 0.50% higher. Subject to loan approval. Conditions and restrictions apply. Advertised rates and conditions are subject to change without notice. Payment example: Monthly payments on a $ 10,000 loan at 3.99% per annum for a period of three years would result in 36 monthly payments of $ 295.20.

Editorial note: The opinions, analyzes, reviews or recommendations expressed in this article are solely owned by the Select editors and have not been reviewed, endorsed or otherwise endorsed by any third party.


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