Prosper has an A+ rating with the Better Business Bureau, and it is BBB accredited. The company has an excellent rating on Trustpilot with a 4.6-star rating out of 5 based on more than 6,900 reviews. In 2020, the Consumer Financial Protection Bureau received 31 personal loan complaints about Prosper.
Hereof, are Prosper loans simple interest?
All loans through Prosper are simple interest, fully amortized loans.
Moreover, do Prosper loans hurt your credit?
Unlike some loans, checking your rate at Prosper won’t affect your credit score. They just use a soft credit inquiry, which is visible to you but not other lenders.
Does Prosper do a hard inquiry?
If you’re approved, Prosper, like all lenders, will perform a hard inquiry, which will be noted on your credit report and can impact your credit score.
Once all documents are submitted, it could take two to three days for your personal loan application to be reviewed through Prosper’s platform. What is the minimum credit score for a Prosper loan? Prosper has a minimum credit score requirement of 640, which is in the fair-credit range. The average score is 722.
Prosper isn’t a bank or credit union. It’s a peer-to-peer lending platform that allows institutions and individuals to earn interest by investing in loans to borrowers. Using its proprietary rating system, Prosper gives each potential loan a letter grade to help people decide whether to invest in it.
WebBank is an FDIC insured, state-chartered industrial bank headquartered in Salt Lake City, Utah. It was organized under the laws of the State of Utah in 1997 and operates under federal banking law.
Prosper offers fixed rate, “fully amortizing**”, unsecured loans from $2,000 to $35,000. Loan terms of 3 and 5 years are available, depending upon Prosper Rating and loan amount.
If your loan does not garner at least 70% funding after 14 days, then the company will deny your application. You may pay multiple kinds of fees with a Prosper loan, including an origination fee, a check payment fee, a late fee, and an insufficient funds fee.