On the contrary, Prosper Marketplace, Inc. is a San Francisco, California-based company in the business of the lending industry. Prosper funding LLC, one of its subsidiaries operates propser.com, a website where people can invest in personal loans or request to borrow funds. Meanwhile, Prosper loan was founded in 2005 by Chris Larsen and john witches and has its headquarter in San Francisco, California, United States.
Furthermore, it is a peer-to-peer lending platform that offers personal loans to lenders with fair or good credit. To know eligible lenders, the company uses a proprietary rating system that considers data points like credit history and debt to income ratio. Prosper loan offers transparency, loan flexibility, affordability, and even a great customer experience. At a certain point in time, we need funds to settle some emergencies. Also, the prosperous marketplace is presenting to us a prosperous loan which is a peer-to-peer loan that makes it easier to borrow.
What Credit Score Is Needed For Prosper Loan
If you want to borrow from a prosper loan, at least when you want to opt for a personal loan. You need to have a credit score of 640 or higher to qualify for a loan. When you have this credit score, it could improve your chances of getting an offer. Plus, it might even lower your rate. If you already have it in mind to borrow from a prosper loan then you must strive to sore a credit score of more than 640.
Does Prosper Loan Collect Fees From The Borrower
When we talk about fees, the only fees prosper loan collect from borrowers is the origination fee and the origination fee is between 2.41% and 5% of the amount you borrowed depending on creditworthiness and loan term.
Does It Hurt Your Credit
A lot of people often ask if it affects their credit, well yes, the prosperous personal loan affects your credit score. Both when you apply and during the entire time that you are paying back the loan. Technically, a prosper personal loan will affect your credit score in a bad way but the long-term impact can be very good assuming you pay back the loan on time.
Is It Secured?
There are a lot of web site that is illegal claiming that they are lenders. If you are thinking that a prosper loan is one of them, then let me put it to you that a Prosper loan is very safe. Also, it offers fixed-rate fully amortizing, loans from $2,000 to $40,000 that are not secured. Loan terms of 3 and 5 years are also available depending on prosper rating and loan amount. With these attractive rates. These loans don’t come with any penalty for paying off your loan early or making half prepayments.
Is It Easy To Get A Prosper Loan?
Getting a personal loan from prosper loan is very easy. The minimum score required is 640. It is right at the beginning of their fair credit range and below the average American credit score. Prosper loans score requirements are also 20 points lower than what many other major lenders request.