Speaking of Review for Prosper Loans, Prosper is a platform that offers loans like personal loans and home equity loans. One of the major features of the platform is that it matches people seeking personal loans with investors. The company was founded in 2005 and is headquartered in San Francisco, California. This article will give a review for prosper loans and the proper platform In general.
Review for Prosper Loans
The Prosper platform offers fixed-rate personal loans funded by institutions and individual investors. Since it was built up, it’s issued loans worth more than $20 billion to as much as 1,160,000 people and counting.
As we have said before, Prosper is a platform that is known for offering personal loans to people.
Details about the requirements for collecting Prosper loans will be given in the latter part of this article, but for now, let us talk about the types of loans offered by the platform.
Types of Prosper Loans
The Proper platform offers different types of loans that can be used for a variety of purposes. These purposes include;
- Medical expenses
- Home improvement
- Debt consolidation
However, you cannot use funds from the Proper loans to pay for post-secondary education. Prosper credit score requirement is relatively low compared to other losing platforms. Despite that fact, there are other eligibility criteria that borrowers must meet before they can qualify for a loan. These criteria will be discussed below.
Eligibility for Prosper Loans | Prosper Loans Requirements
Just as I have stated before, the credit score for getting a Proper loan is relatively low, but they are other criteria that must be attained before you can get a loan from the Prosper platform.
To qualify for a personal loan from Prosper, borrowers must have an annual income greater than $0, a debt-to-income (DTI) ratio that is either 50% or below, and a credit score of at least 640.
The Prosper platform offers loans ranging from $2,000 to $40,000 with APRs ( Annual percentage rate or interest rate )ranging from 2.41% to 35.99%. You have the flexibility to choose a 3 or 5-year repayment term for your loan.
The lender of the loan may be a good option for fair-credit borrowers who would want to consolidate high-interest debt or pay for small expenses.
Apart from having a credit score of at least 640, a DTI ratio that’s 50% or less, and an annual income that’s greater than $0, people who want to get loans from the platform will have to meet the following requirements.
- Applicants must have no bankruptcies filed within the last year
- Applicants must have a minimum of three accounts listed on their credit reports
- Applicants must have fewer than five hard credit inquiries within the last six months
When you meet these requirements, you will be able to apply for prosper loans.
Features of Proper Loans
Prosper loans have some features that you should have good knowledge of before applying for them, these features are;
- Adjustable monthly due dates
- You have no penalty if you decide to pay back your loans earlier than the due date
- You can use the funds from Prosper loans for any purpose, except post-secondary school funding.
these features make prosper loans unique, they were created to satisfy the demands of customers.
How to Apply for Prosper Loans
Would you like to get a personal loan from the Proper platform, here’s how to go about it?
- Go to www.prosper.com and complete the online application of the loan. In this process, you will have to give some of your personal and income information.
- Wait for the platform to review your application. Prosper will contact you if any documents will be required from you.
- When your loan is approved, review your terms and sign the loan agreement.
- After this, you will be free to receive your funds. Funds will be made available between 1 to 3 days.
From the steps above, we can note that the process for applying for prosper loans is easy compared to so many other platforms.
Pros and Cons of Prosper Loans
Right here, we are going to talk about the advantages and disadvantages of Prosper loans. Here they are below;
Advantages of Prosper Loans
As compared to other platforms, the Prosper loaning platform presents a lot of advantages, this has made it more preferred compared to its competitors, the advantages are;
- Prosper loans have a low minimum interest rate
- Loans in the Prosper platform are quick
- Prosper allows joint applications of loans
These are some of the important advantages of using the Prosper platform. Note that the platform will always keep growing to meet the customer’s needs.
Www.prosper.com is the official website for the Prosper planning platform. With this website, you can apply for prosper loans online, fill out the online application form, submit documents, know if you are eligible for Prosper loans, and even administer your monthly payment date.
Prosper Loans Login | How to Login to the Prosper Loaning Platform
Do you want to take a loan from the Prosper platform? Well, if you want to do that, you will have to register on the Prosper loaning platform. If you want to register on www.prosper.com, then you need to know this.
Going through the process of applying for a loan will automatically register you on the platform. This is because, with this process, Prosper will get your personal information.
When you have registered on the Prosper platform, you can now log in with your email and unique password.
Follow the steps below to do that.
- Go to www.prosper.com
- Click on the two horizontal lines at the top of the right side of the page.
- On the pop up that shows up, click on login
- On the next page, you will be required to fill in your email, do that and click on continue
- You will also be required to fill in your password
- When you have submitted the information, click on login
By logging in to the Prosper website, you can now access information about your loan.
Prosper Loans Phone Number
Conclusively, if you have any concerns or complaints, you can contact the customer unit with the Phone number for prosper loans. To contact prosper, visit the main website www.prosper.com. That’s it for this article Review for Prosper Loans.