Prosper Review

By: Top 10 Best Business Loans Staff

Company Profile

Prosper is one of the market leaders in peer-to-peer lending, a revolutionary financial model that allows investors to pledge their own money against the loans of companies and individuals. Lauded by CNBC, Reuters, Bloomberg, WSJ, Financial Times and NPR; Prosper was founded in 2005 and is one of the very first lenders of its kind. Headquartered in San Francisco, this Californian outfit has enabled more than $3bn in loans for more than 250,000 U.S individuals.

Offering a wide range of personal loans, for a variety of purposes (from small business loans to debt consolidation loans), Prosper is the ultimate in flexible P2P lending.

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Service Profile

Flexibility is at the head of the menu with Prosper’s loans, a key benefit of peer-to-peer lending. APR varies on a number of factors, as low as 5.99% for individuals with excellent credit and up to 36.00% as a maximum. The average APR during 2014 was 17.87%. Businesses can borrow from $2,000 to $35,000 and repayments are made over 36 – 60 months. You can apply online and it only takes a few minutes.

Business Loan Features

  • 3 – 5 years repayment length
  • $2,000 - $35,000 borrowing
  • 5.99% - 36.00% APR
  • 640 minimum credit score
  • Approval within minutes
  • 3 to 5 business days
  • No prepayment penalties
  • No teaser rates or hidden fees

Loan Application Information and Requirements

Applicants of a Prosper personal loan must be at least 18 years old and be full U.S residents. There is a 640 minimum credit score that you must meet before your loan will be floated to investors, your credit score will also affect your eventual APR offer.

Information that Prosper will need includes your personal details, employment status, yearly income and social security number. Once you have entered this information into the system, Prosper will give you a custom APR rate based on the details that you have submitted.

The social security number is only required to run an Experian credit check on you, to confirm your credit score. All of the information you submit online is fully protected by DigiCert SSL encryption, leaving you with peace of mind that you’re safe from any risk of data breach.

Repayment Terms

A personal loan for your small business can be paid back within 36 months, or extended to 60 months. The length will have to be agreed by you, the investors of your loan and Prosper. APR will vary between 5.99% and 36.00%, largely defined by your credit score but the amount and length of loan will also come into consideration. Late payments will incur a 5% or $15 fee after 15 days of not being paid, there are no penalties for early payments.

Help & Support

You can reach Prosper through phone support during working hours, via e-mail or by visiting the company headquarters in San Francisco. The ‘How It Works’ section and the blog on Prosper’s website is normally more than sufficient to answer queries, we only had to contact support once during this review and the sales representative was friendly and knowledgeable.

Summary

Prosper is one of the top three peer-to-peer loan companies on the market right now. As one of the first, it has maintained its position at the pinnacle of the industry and represents a huge leap forward in the way we borrow money. With low interest rates, extraordinarily easy access and flexible terms – Prosper is a fantastic opportunity for any individual looking to get hold of some much-needed capital for their business. You don’t have to be suffering from poor credit or looking for alternative credit options, at its root Prosper is a fantastic financial option; regardless of your situation.

With low interest rates, extraordinarily easy access and flexible terms – Prosper is a fantastic opportunity for any business to get hold of some much-needed capital. You don’t have to be suffering from poor credit or looking for alternative credit options, at its root Prosper is a fantastic financial option; regardless of your situation.

Company Profile

Prosper is one of the market leaders in peer-to-peer lending, a revolutionary financial model that allows investors to pledge their own money against the loans of companies and individuals.

Lauded by CNBC, Reuters, Bloomberg, WSJ, Financial Times and NPR; Prosper was founded in 2005 and is one of the very first lenders of its kind. Headquartered in San Francisco, this Californian outfit has enabled more than $3bn in loans for more than 250,000 U.S individuals. Offering small business loans alongside personal loans, Prosper is the ultimate in flexible P2P lending.

Physical Address

Prosper Marketplace Inc.

P.O. Box 396081

San Francisco, CA 94139-6081

 

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  About Top 10 Best Business Loans Staff

 The Top 10 Best Business Loans staff are your helpful guides to the world of loan
 services. The Top 10 Best Business Loans staff has extensive first-hand experience
  in the following subjects: personal finance blogging; application research for various
  business loan providers; tracking industry trends using research and analytic tools;
  and copywriting and editing for various online and print publications about investing,
  debt management, online trading, and all around money management.

 

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