Prosper Personal Loans

Get personalized rates in 60 seconds from Prosper & more with no impact to your credit score.
For HomeownersFor Contractors

How It Works

Check Offers With No Impact To Your Credit Score

Get Financed Quickly

Easy Monthly Payments

Prosper Personal Loans

Loans Up To $40k

Terms Up To 5 Years

No Early Payoff Penalty

Competitive Interest Rates

How We're Different

Get Offers in Seconds

Get pre-qualified for multiple loan offers with an easy online form.

Won't Impact Your Credit

Receive pre-qualified offers with no impact to your credit scores.

Competitive Payment Options

Loans up to $100,000; Terms up to 12 years; APRs as low as 3.99%.

Receive Funds Quickly

In some cases, receive funds in as little as one business day.

See Prosper personal loan offers today

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Prosper Personal Loans

Prosper is a top rated lender with a long list of five star loan reviews. Prosper offers competitive interest rates and loan amounts up to $40,000 making them a top choice for home improvement personal loans. Whether you are landscaping the backyard, finishing the garage, or remodeling the kitchen, bathroom, or living spaces, Prosper has you covered. With terms up to five years you can borrow money with affordable monthly payments. Keep reading to learn everything you need to know about Prosper and home improvement loans.

What is Prosper?

Prosper is a trusted financial partner of Acorn Finance. Prosper is a peer to peer lender that specializes in unsecured personal loans for borrowers with reliable income and fair to good credit.

They highlight no prepayment fees, flexible payment dates, and joint loan options. Their personal loans can be used for just about anything but most borrowers use them for home improvement projects or debt consolidation.

Prosper requires a minimum credit score of 640.

During their approval process, they use a risk-rating system combined with credit score to determine if you can be approved. On approved loans, borrowers can borrow up to $35,000 with average rates between 7.95% to 35.99%.

Most Prosper loans are funded within 4-6 days.

How Does the Personal Loan Process Work With Prosper?

If you are seeking a personal loan from Prosper, you will first need to apply. In most cases, you can submit your application online through Acorn Finance or Prosper. Some approvals may be instant, while others may take some time.

If you apply through Prosper directly they should ask you for the desired loan amount, how you plan to use the money, income verification, and personal and employment information. Application information is then sent to a board of investors who can choose to approve or deny your request.

Once you have received approval for your application you can expect to receive funds within 4-6 days. Once you have received funds we recommend setting up autopay for your monthly payment.

Late or missed payments can result in penalty fees.

Are Prosper Loans a Good Option?

If you can qualify for a Prosper loan they can be a great option, especially for home improvement.

Who Are Prosper Home Improvement Loans Best For?

Prosper loans are best for homeowners with good credit that need extra money for home improvements. Home improvements can help increase your home’s value while enhancing your quality of life.

Who Should Not Consider a Personal Loan From Prosper?

If you have unreliable income or a credit score below 640, you should look into using a different lender to increase your chance of approval. In addition, if you have had a bankruptcy in the last 12 months you should not apply with Prosper. Prosper also requires that borrowers have at least three prior credit lines.

How Do You Qualify for a Personal Loan With Prosper?

In order to qualify for a personal loan with Prosper, you will need to meet some criteria. If you are thinking about applying you should pay close attention to this information. Below we will answer questions you may have such as what credit score is needed for Prosper or how much annual income is needed for Prosper.

Let’s take a look at 6 ways to qualify for Prosper…

#1. Credit Score

Prosper requires a minimum credit score of 640+. If you have a 640 or above there is no guarantee you will be approved. Other factors are taken into consideration along with your credit score. The average Prosper borrower has a 717 credit score.

#2. Credit History

If you do not have any credit history, it’s unlikely that you will be approved for a Prosper loan. Prosper requires at least two years of credit history. Most Prosper borrowers have 10+ years of credit history.

#3. Annual Income

Prosper does not have a required minimum annual income. However, having a reliable income that you can prove can increase your chance of approval. If your expenses are more than your income it may be difficult to qualify.

#4. Debt-to-Income Ratio

Prosper requires that borrowers have a debt to income ratio that is 50% or less, excluding mortgage.

#5. Bankruptcy

In order to qualify for a personal loan with Prosper, you should not have any bankruptcies filed in the last two years. If you do have a recent bankruptcy, you will not qualify with Prosper.

#6. Credit Inquiries

Prosper requires that borrowers have less than five credit inquiries within the last six months in order to be eligible for a loan.

Are There Any Fees & Penalties With Prosper Loans?

Most lenders, including Prosper, have some fees and penalties in their contracts. The good news is that Prosper does not have an early payoff penalty.

#1. Origination Fee

Prosper and many other lenders charge an origination fee. Prosper’s origination fee is a one-time charge that is non-refundable. This must be paid in order for your loan to be processed. The amount of the origination fee can depend on your loan amount. In most cases, the origination fee ranges between 2.41% to 5%. If you choose a loan term of five years your origination fee will most likely be closer to 5%. The origination fee is deducted from your loan amount so you do not have to pay it out of pocket.

#2. Check Fee

If you pay with autopay every month Prosper will not charge you a check fee. However, if you pay with a check they can charge you 5% of your payment amount of $5.

#3. Late Payment Fee

Like most lenders, if you miss a payment you may be charged a late fee. Prosper can charge a late fee if payment is not received within 15 days of the calendar due date. Their late fee is usually $15 or 5% of the amount due.

How Long Does It Take for Prosper to Review and Approve a Personal Loan?

Prosper is a peer to peer lender meaning they have investors that help them fund loans. Investors can be open to more risk than computer-generated approval systems which means borrowers can have more opportunities for approval. However, it can cause approvals to take a little longer. In most cases, approved loans are funded within 4-6 days.

How Does Prosper Compare to Other Lenders?

In most cases, borrowers should benefit from choosing Prosper versus a big bank. If you have great credit you’ll most likely get a lower interest rate with Prosper. In addition, the application process can be done from the comfort of your own home. If you have fair to good credit Prosper can still offer you a fair interest rate that is most likely lower than what a big bank would offer. Prosper is funded by individual investors meaning you have the chance to appeal to an actual person, increasing your chance of approval. Banks and most other lenders typically approve or deny loans based solely on a credit formula.

Can You Pay off a Prosper Personal Loan Early?

Yes, you can pay off a Prosper personal loan. Prosper does not have an early payoff penalty. Paying your loan off early can save you a lot of money.

Does Prosper Verify Your Income?

In most cases, yes Prosper does ask for income verification.

What Are the Pros & Cons of Prosper’s Personal Loans?

Let’s take a look at the pros and cons of Prosper’s personal and home improvement loans…


Opportunity to personally appeal to investors resulting in a greater chance of approval

Generous loan amounts up to $40,000

Receive a pre-approval and interest rate online without affecting your credit score

Competitive interest rates

Terms up to five years with no early payoff penalty


You may need good to excellent credit to qualify

Origination fees are based on Prosper rating, making them hard to predict

Slower approvals than some other lenders

How to Apply for a Personal Loan With Prosper?

You can apply for a personal loan with Prosper through Acorn Finance. Acorn Finance can also help you compare Prosper’s offer to other lenders offers. This can allow you to be confident that you are getting a competitive rate, term, and loan amount.

Follow the three simple steps below to get started with Prosper and Acorn Finance:

Step #1: Complete and submit a short loan application online

Step #2: Receive multiple pre-qualified offers from Prosper and more

Step #3: Get connected with lenders to obtain your pre-qualified loan

Closing Thoughts on Prosper Loans

Prosper is a credible peer to peer lender that allows individuals to personally appeal to investors for personal loans or home improvement loans. Prosper is a financial partner of Acorn Finance. If you are considering a personal or home improvement loan you should consider Acorn Finance to secure the best deal.

Acorn Finance offers a secure platform that allows you to submit one application (which does not affect your credit score) and receive multiple personalized loan offers within seconds. This means if you do not qualify for Prosper, you may qualify for another lender that can offer you better terms. Acorn Finance helps individuals save time, money, and hassle.

Acorn Finance offers rates lower than the industry average. With Acorn Finance, applicants can submit an application that would not affect their credit standing. Within a few minutes of submitting your application, expect to receive multiple personalized offers from lenders. It’s now up to you to pick and choose which offers would best meet your needs.

Visit Acorn Finance to learn more or apply directly below!


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