Everything You Need to Know About Prosper's Personal Loans for $2,000 to $50,000
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Video Timeline: Everything You Need to Know About Prosper's Personal Loans for $2,000 to $50,000
00:00 - Is Prosper a legit company?
00:32 - How much can you borrow from a Prosper personal loan?
00:47 - Can you have more than one Prosper loan?
01:03 - How long are Prosper personal loans?
01:41 - Is it hard to get a Prosper personal loan?
02:03 - What is the Prosper Rating?
02:20 - What are the APRs of a Prosper personal loan?
02:49 - Does Prosper accept cosigners?
03:15 - What is the origination fee for Prosper?
04:14 - Does Prosper charge late fees?
04:30 - Other fees that Prosper charges
04:49 - What type of loans does Prosper offer?
05:22 - What can you use a Prosper personal loan for?
05:41 - What are common uses of a personal loan?
06:02 - Does Prosper pay off my creditors when I consolidate?
06:37 - Summary of Prosper's personal loans
07:24 - How to get the best deal on a personal loan
07:40 - Where you can go to shop around for a personal loan
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So, how much can you borrow from Prosper? Prosper’s minimum loan amount is $2,000 and their maximum loan amount is $50,000. There are only a handful of lenders that will offer personal loan amount above $50,000. You can take out multiple Prosper loans, but your combined outstanding principal cannot exceed $50,000. Also, you are only likely to qualify for a second loan if you have been paying on time on the first one for at least six months.
Their loan terms range from 2 years to 5 years. Five years is a pretty standard maximum term for loans of this size. Two years feels like it might still be a little too long if you are only borrowing $2,000. The longer your term, the lower your monthly payment, but the more in overall interest you will end up paying. Prosper does not charge a prepayment penalty, so you should always strive to pay your loan off early. If you have a term of three years or more, you can save a lot of money in interest by making extra principal payments in the first year of your loan.
To get a personal loan from Prosper, I would think you would need at least Fair credit. For a smaller loan, you would probably need to have a credit score of 620 or better. For more substantial loan amounts, you will need Good to Excellent credit. I would think you’d need a credit score above 680. But Prosper doesn’t just look at credit score. They actually create their own rating to each applicant. The rating takes into account credit factors like credit scores, payment history, and debt-to-income ratio. It also will obviously also consider your income. But the rating also considers the purpose of the loan.
The rating you get will determine how much they will lend you, but it will also determine what APR they offer you. Their lowest APR is 8.99% while their highest APR is 35.99%. Only 10% of their borrower can qualify for their lowest rate. I believe that their average interest rate is 19%. If you have fair credit, your interest rate is likely to be above 30%.
If you think you might struggle to get approved for the loan that you need, Prosper will allow you to include a cosigner. A cosigner is someone who agrees to repay the loan, if you fail to. A cosigner really only helps you out of their credit profile is stronger than yours. If you can get the loan you need on your own, don’t include a cosigner. There’s no reason to entangle a loved one in the process.
The rating that Prosper assigns you will also play a role in the size of the origination fee that they charge you. Their origination fees range from 1% up to 8%. I think any origination fee above 5% is getting on the high side, but 8% is still not the highest I have seen in the industry. The origination fee is a percentage of the borrowed amount and comes out of the proceeds of the loan.
