Prosper is a P2P lender that offers those with decent or excellent credit non-secured personal loans.
The firm states it rates borrowers with a risk-grading system that considers hundreds of data points, like the credit history, to qualify those who apply. Investors use those scores to determine if they will be financing the loan. If the loan request is not a minim of 70 percent funded in two weeks, your application will expire.
Loans from Prosper arrive with a length of 3 or 5 years.
Since being established in 2005, the firm generated over 16B USD in loans to more than 980K people.
Loan uses: Such loans, counting in debt consolidation and home renovation, can be utilized for almost any reason. For medical loans, the firm also has a separate offering.
Funding time: It takes 3-5 days approximately for Prosper to finance a loan.
Payment choices: In the majority of instances, Prosper lets borrowers to switch due dates, but a loan can not be prolonged, even in urgent cases. Not like other lenders, if you are consolidating debt, the lender does not pay your creditors straight away.
Joint loan choice: It might boost your odds of securing a loan or secure you a smaller rate on a loan to get this loan with a person with good credit.
- Charge for origination: 2.4 percent - 5 percent.
- Late charge: 15 USD or 5 percent of the unpaid volume - whichever is bigger.
- Charge for insufficient funds: 15 US dollars.
Who is eligible:
- Min. credit score: 630, but 717 is the average.
- Min. credit history: 2 years, but eleven is the average.
- Min. annual revenue: zero, but $89K is the average.
- Max ratio of DTI: 50 percent (mortgage not included).
- In the past year, no bankruptcies filed.
- In the past 6 months, less than 5 credit bureau inquiries.
Prosper main features and highlights
- Personal loans
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