Loans, Personal

You must meet some eligibility criteria to get Prosper personal loans

Prosper is not like a live lender or a loan connection service. It does not fund your loan, and it won you to send you to another loan site. Instead, you submit your application to individual investors in the Prosper market for consideration. How to get the Prosper personal loans?

Prosper personal loans
You must meet some eligibility criteria to get Prosper personal loans

In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting Avant personal loans in the US, to get more information people can read the article Avant personal loans are the best choice of people having bad credit. Now, let find knowledge about the Prosper personal loans in the post today.

PROSPER PERSONAL LOANS

Just like a lot of article posts such as where to get a loan with poor credit, really bad credit personal loans, good loans for poor credit, best loans for bad credit personal loans…, this post about the Prosper personal loans also includes some main parts. They are:

1. Information about the Prosper and Prosper personal loans

Prosper is not like a live lender or a loan connection service. It does not fund your loan, and it won you to send you to another loan site. Instead, you submit your application to individual investors in the Prosper market for consideration. If you meet one of these loan eligibility criteria, you may be approved and your loan is funded for several days.

Your starting fee – the amount deducted from your loan before you receive your money – is based on Prosper’s assessment of your financial foundation. This is included in your APR, which is the total interest and fees that you will pay for your loan.

To register, you must meet the following eligibility criteria:

  • Credit score at least 640 (Prosper uses TransUnion to get credit points)
  • Social security number
  • Bank account
  • Fall in love
  • Debt to income ratio below 50%
  • No bankruptcy was filed within the past 12 months
  • Less than 7 credit bureau questions in the last 6 months
  • At least 3 open accounts are reported in your credit report
  • Not a resident of Iowa, North Dakota or West Virginia

2. Some benefits and drawback of the Prosper personal loans?

2.1. Some benefits of the Prosper personal loans

  • Diversified loan amounts. Prosper allows you to borrow any amount of 2,000 to 40,000 dollars.
  • No prepayment penalty. You can choose additional payment at any time without extra charge.
  • Online account management. You can track the loan process at any time by logging into the Prosperity online account management system.
  • Quick turnaround. When you submit your application, you can receive money within five days of accepting the loan request.
  • Flexible loan term. You can choose between 3 or 5-year loan terms.
Prosper personal loans
You must meet some eligibility criteria to get Prosper personal loans

2.2. Some drawback of the Prosper personal loans

  • Origin fee. Prosperity APR includes an initial charge of 2.41% to 5% of your loan amount, which is deducted from your loan amount before you receive the money.
  • Late fees. If you are late in payment, you may be charged a late fee of $ 15 or 5% of the amount due, an insufficient fee of $ 15 or a check processing fee if you choose to pay by paper check.
  • APR is based on credit score. Your APR will depend heavily on your credit score. Those with excellent grades will benefit from APR of 6.95%, while those with less perfect credit may pay up to 35.99%.

3. The interest rate and fees of the Prosper personal loans

Loan amounts $2,000 – $40,000
Typical APR 6.95% – 35.99%
Fees
  • Origination fee: 2.4% – 5%.
  • Late fee: $15 or 5% of the unpaid amount (whichever is greater).
  • Insufficient funds fee: $15.
Time to funding 1 to 3 business days after approval
Repayments 3 or 5 years
Soft credit check? Yes
How to qualify
  • Minimum credit score: 640, but the average is 710.
  • Minimum credit history: Two years, but the average is 11.
  • Minimum annual income: None, but average is $89,000.
  • Maximum debt-to-income ratio: 50% (excluding mortgage).
Best for Borrowers with good credit, debt consolidation

For example, A $ 10,000 personal loan for three years with AA’s Prosperity rating will have a 5.31% interest and a starting price of 2.41% for annual percentage (APR) of 6.95% APR. You will receive $ 9,759 and make 36 scheduled monthly payments of $ 301.10. A $ 10,000 personal loan for 5 years with A’s Prosperity rating will have an interest rate of 8.39% and a starting fee of 5.00% with 10.59 APR.

You will receive $ 9,500 and make 60 scheduled monthly payments of $ 204.64. Initial fees vary between 2.41% -5%. Personal lending APR through Prosperity ranges from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rate for most creditors. Conditions for personal loans up to $ 40,000 depending on the information provided by the applicant in the form.

This post is about Prosper personal loans. We provide this information to offer you some of the necessary information that is useful for getting the Prosper personal loans. Also if you are looking for information about the personal loans from Earnest, please refer to Somethings you should know about the Earnest personal loans link we just provided in the previous article. 

Hillary (Team Content) – Info Credit Free