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Prosper review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Prosper is a US lending marketplace that suits borrowers consolidating balances or paying a planned cost. Its fixed-rate personal loans run at APRs of 8.99% to 35.99%, and a soft prequalification check shows what you qualify for before any hard check is run.

Key facts

Best for
US borrowers consolidating debt or funding a planned purchase on a fixed-rate term.
APR
8.99% to 35.99%↗
Loan amount
$2,000 to $50,000↗
Term
24 to 72 months↗
Arrangement fee
1% to 9.99%↗
Credit check
Soft prequal↗
Funding time
As soon as 1 business day↗
Representative example
a three-year $10,000 personal loan with an interest rate of 17.29% and an 8.99% origination fee results in a 24.19% APR↗
Rate type
Fixed↗
Lender type
Marketplace↗
Free early repayment
Yes↗
Eligibility
Credit score of 640 or higher to qualify; a score under 600 might not qualify↗
Origination fee (%)
1% to 9.99%↗
Loan types
Personal, Debt-consolidation, Car, Business, Student↗
Credit needed
Fair↗
Use cases
Home-improvement↗
Legal entity
Prosper Marketplace, Inc.↗
Headquarters
United States↗
Founded
2005↗
Support channels
Email, Phone, Help-centre↗
Pricing model
Fixed rate
Official website
prosper.com

Facts checked September 26, 2026, 4 sources

Apps and profiles

Get the app
Google Play
Elsewhere
WikidataWikipediaXTrustpilotLinkedInyoutube.com

Pros and cons

Pros

  • Free early repayment, so settling the balance ahead of schedule costs nothing extra.
  • Funding can arrive As soon as 1 business day, with support through email, phone and help centre afterwards.
  • Borrowing covers personal, debt consolidation, car, business and student loans (personal, debt consolidation and car).
  • As a marketplace (marketplace), the borrower is matched to a lender rather than one funder.

Cons

  • An origination fee of 1% to 9.99% is charged on the amount borrowed, so a low APR is not the whole cost.
  • The upper end of the range, 8.99% to 35.99%, sits above the personal loan median of 14.43%.
  • Marketplace lending (marketplace) means the rate on offer is set at approval, so the headline range is only a guide.
Prosper

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Scored 9.0 / 10 by SumCue.

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Who it suits

  • US residents consolidating several balances into one repayment.
  • Borrowers with a fair credit profile who want a fixed rate and a set term.
  • Anyone paying a planned home improvement (home improvement) who can wait out the funding window.

Who should look elsewhere

  • Borrowers chasing the lowest headline cost, since the origination fee of 1% to 9.99% adds to the interest rate.
  • Spain and the Philippines, where Sofkredit and Cashspace serve local borrowers rather than a US loan.
  • Anyone needing money within minutes, because funding runs As soon as 1 business day.

The company behind it

Prosper runs as a lending marketplace, and the legal entity behind it is Prosper Marketplace, Inc., headquartered in the US. It was founded in 2005. Support runs through email, phone and help centre. Licences are held with the Colorado Division of Real Estate (111473), the California Department of Financial Protection and Innovation (41DBO-121778) and the Maryland Commissioner of Financial Regulation (22373).

How Prosper compares

Where Prosper is available

Available
United States
Licence in United States
Colorado Division of Real Estate (111473), checked September 26, 2026
Licence in United States
California Department of Financial Protection and Innovation (41DBO-121778), checked September 26, 2026
Licence in United States
Maryland Commissioner of Financial Regulation (22373), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does a Prosper loan cost?+

Rates vary with the borrower and the offer, and the advertised range is an APR of 8.99% to 35.99%. An origination fee of 1% to 9.99% is charged on the amount borrowed, on top of the interest rate. Prosper's representative example shows how the two combine into a single APR.

How much can I borrow from Prosper?+

Loan amounts run from $2,000 to $50,000 depending on approval and the term chosen. Larger amounts usually need a stronger credit profile, so the amount on offer can sit below the headline maximum. The full range is set by the borrower's credit and the chosen term.

How quickly is a Prosper loan funded?+

Funding can arrive As soon as 1 business day once an offer is accepted, and the application and approval stage runs before that. As a marketplace, the match with a lender is part of the process rather than a single decision at the point of application.

What credit score does Prosper need?+

The eligibility rule asks for a score above a stated minimum, and a weaker score might not qualify. The credit profile listed for approval is fair. Checking options uses a soft prequalification check (soft prequal), so an initial look is gentler on the file.

Can I repay a Prosper loan early?+

Free early repayment applies, so settling the balance ahead of schedule carries no extra charge. Loans are fixed rate across terms of 24 to 72, so a larger payment shortens the term rather than cutting the rate.

Is Prosper regulated?+

The marketplace is licensed with the Colorado Division of Real Estate (111473), the California Department of Financial Protection and Innovation (41DBO-121778) and the Maryland Commissioner of Financial Regulation (22373). The operating entity is Prosper Marketplace, Inc. in the US.

What can I use a Prosper loan for?+

Prosper lists personal, debt consolidation, car, business and student loans (personal, debt consolidation and car), with home improvement (home improvement) as the named use case. Borrowing is fixed rate, so the rate holds for the whole term.

How do I get help from Prosper?+

Support runs through email, phone and help centre, so there is help by email, phone and a help centre once an application is under way. The legal entity behind the marketplace is Prosper Marketplace, Inc., based in the US and founded in 2005.

Sources

  • nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/111473 checked September 26, 2026

    Backs: Licences

  • prosper.com checked September 26, 2026

    Backs: Credit needed, Founded, Lender type

    “What's your credit score range? 601-660 range”

  • prosper.com/contact-us checked September 26, 2026

    Backs: Support channels

    “Email support@prosper.com Phone 866-615-6319”

  • prosper.com/legal/heloc-licensing-disclosures checked September 26, 2026

    Backs: Headquarters, Legal entity

    “Main Corporate Office: 221 Main Street, Suite 300 San Francisco, CA 94105”

  • prosper.com/personal-loans checked September 26, 2026

    Backs: Loan amount, APR, Credit check, Eligibility, Free early repayment, Funding time, Loan types, Pricing model, Arrangement fee, Origination fee (%), Rate type, Representative example, Term, Use cases

    “$2,000-$50,000 for what you need”

Compiled from 5 source pages, checked September 26, 2026. We did not open an account.

Prosper

Prosper

US borrowers consolidating debt or funding a planned purchase on a fixed-rate term.

9.0/10See alternatives