Prosper Personal Loan Review

Personal lending platforms have gained more and more followers, especially from people who need small loans for the short term and cannot obtain them from traditional banks. In addition, the platforms offer more flexible lending alternatives, more affordable than credit cards.

Among the personal loan companies that have gained prominence in this market is Prosper. Prosper Personal Loan is a peer-to-peer lending platform that guarantees personal loans at competitive interest rates to borrowers. It allows the borrower to receive financing from others who are willing to lend the requested money, with more flexible payment options.

Thus, Prosper Personal Loan provides an excellent opportunity for lenders and borrowers to gain lower interest rates and tax benefits through the company’s platform.

What are the purposes of Prosper personal loans?

The main objective of Prosper Personal Loans is to offer its borrowers more affordable loan options with interest rates below 36%, which is lower than traditional banks.

The company has a variety of financial products, all designed for borrowers who need to borrow money but do not qualify for bank loans.

You can apply for your Prosper Personal Loan for a variety of reasons, for example:

• Credit card consolidation
• Debt consolidation
• Home improvements
• Medical or dental costs
• Vehicle purchases
• High-value or major purchases

Prosper Personal Loan restricts your personal loans for use in illegal activities. But unlike other companies, it is not restricted to activities such as investing in stocks, bonds or cryptocurrencies.

Prosper Personal Loan Advantages and Benefits

Now, check out more details about Prosper Personal Loan and all the benefits and advantages offered by this company:

Personal Loan Amount: You can apply for a loan in amounts ranging from $2,000 to $40,000. You can increase the maximum amount depending on what your credit score is.

Loan Terms: You can pay off your personal loan in three to five years.

Hardship Programs: If you have been affected by Covid-19, the hardship program is a great option. Thus, you can suspend payment of your personal loan installments for a few months. However, many borrowers have reported difficulty in taking advantage of the program.

Flexible Payment Dates: This feature allows borrowers to change their payment dates as per their needs. You can use this feature once a year, just call Prosper customer support.

Co-signers and co-applicants: You can also add a Prosper co-applicant, improving your credibility and thus getting your personal loan on better terms. The higher the credit score of the co-applicant, the greater the chances of approval.

Prosper Personal Loan Interest Rates and Fees

Before applying for your Prosper Personal Loan, know all the interest and fees charged by the company:

Interest rate: Prosper Personal Loan interest rates can range from 7.95% to 35.99%. It is worth remembering that Prosper does not offer discounts on interest rates if you choose to register an automatic debit payment.

Origination Fees: Proper charges its borrowers an origination fee, which can range from 2.41% to 5% of the loan amount. The rate will vary depending on your creditworthiness and loan repayment term.

Late Payment Fee: The late payment fee is $15 or % of the loan amount, whichever is greater.

Additional Fees: Prosper may also charge additional fees for postage payment of $5 and insufficient funds fee of $15.