Prosper’s Personal Loan Review: Next Day Funding, Authorized Co-Borrowers


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Whether you have a big home improvement project 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 overnight financing and loan amounts between $ 2,000 and $ 40,000, Prosper personal loans could be an alternative to using your credit card when you are strapped for cash.

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

In advance, we review Prosper’s personal loans, taking into account APR, benefits, fees, loan amounts and term. (Learn more about our methodology below.)

Prosper Personal Loan Review

Prosper personal loans

  • Annual percentage rate (APR)

  • Purpose of the loan

    Debt Consolidation / Refinancing, Home Renovation, Automobile / Automobile, Medical or Dental, Large Purchase and more

  • Loan amounts

  • terms

  • Credit needed

  • Origination fees

    2.41% to 5.99%, 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 6.38% to 35.36%. The origination fees are between 2.41% and 5.99% and are deducted from the loan proceeds.

Compared to other lenders on our best list of debt consolidation loans, APR is about on par with 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
  • Regular borrowers can sometimes qualify for APR discounts
  • There is an option to change your payment date to suit your convenience
  • No prepayment penalty if you choose to pay off your loan early

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 beneficiaries who apply to a creditworthy co-borrower who is a US citizen / permanent resident. But many other lenders, including Marcus and LendingPoint, do not accept co-borrowers and / or co-signers.


Prosper loans come with an origination fee of 2.41% to 5.99% (deducted from the total loan amount). It is obviously preferable to avoid creation costs when possible. With a good or excellent credit, 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 office is three or five years. The term refers to the length of the loan during which borrowers make monthly payments until it is fully repaid. Shorter terms often have more aggressive monthly payments, since the borrower repays the loan in less time. However, longer terms can result in a higher APR because lenders take risk into account 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 qualified borrowers loan amounts of up to $ 100,000.

Our methodology

To determine which personal loans are the best, CNBC Select has analyzed dozens of personal loans in the United States offered by online and physical banks, including major credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to meet your needs. a range of financing needs. Where possible, we’ve chosen loans with no origination or enrollment fees, but we’ve also included options for borrowers with lower credit scores on this list. Some of these options have set-up costs.

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

  • Fixed rate APR: Variable rates can go up and down 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 does not fluctuate, 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 the time you need to pay off your loan.
  • No prepayment penalty: 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 offers customer service available by phone, email or secure online messaging. We have also opted for lenders with 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 deliver the 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.
  • Autopay 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 provide loans in a range of sizes, from $ 500 to $ 100,000. Each lender advertises their respective payment limits and loan sizes, and a pre-approval process can give you an idea of ​​your interest rate and monthly payment for that amount.

After reviewing the features above, 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 you agree to your loan agreement, a fixed rate APR will secure the interest rate and the monthly payment will remain constant for the life 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 rigorous credit investigation and request a complete application, which may require proof of income, identity verification, proof of address and more.

* The terms of your LightStream loan, including the APR, may differ depending on the purpose of the loan, amount, term 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 automatic payment 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 payments for a loan of $ 10,000 at an APR of 3.99% with a term of three years would result in 36 monthly payments of $ 295.20.

Editorial note: The opinions, analyzes, criticisms or recommendations expressed in this article are those of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.


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