Prosper Funding

Prosper is an online peer-to-peer lending platform that has facilitated over USD 27 billion in loans to more than 1.7 million people since its inception in 2005. It connects borrowers seeking personal loans with investors willing to fund those loans. Prosper offers a range of financial products, including personal loans, home equity loans, home equity lines of credit (HELOCs), and credit cards.

Personal loans through Prosper range from USD 2,000 to USD 50,000, with repayment terms of two to five years. These unsecured loans can be used for various purposes, such as debt consolidation, home improvements, medical expenses, and large purchases. Prosper's proprietary model evaluates factors like credit score, income, and ability to repay when underwriting loan applications.

To receive a personal loan, borrowers go through a pre-qualification process that involves a soft credit check. If approved, their loan request is listed on the platform for investors to consider funding. Once the loan is fully funded by investors, the borrower receives the funds, typically within one to three business days after completing final requirements.

As of January 2024, the average personal loan amount through Prosper was USD 13,500, with an average annual percentage rate (APR) of 20.2% and an origination fee ranging from 1% to 9.99%. Prosper's minimum credit score requirement is 560, and the average borrower credit score is 710.