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Prosper

Prosper

 4.1/5 (135 ratings)
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About Prosper

Prosper Loans is an online peer-to-peer lender marketplace that offers fast loans funded by individuals and investors. Prosper handles all loan servicing on behalf of borrowers and investors. Loans range from $2,000 to $40,000, and terms range from three to five years with a fixed interest rate. You can check your rate online instantly. The company does not charge a prepayment penalty if you pay off the loan early.

Overall Satisfaction Rating

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Pros

  • No prepayment penalty
  • No collateral
  • Lower interest rates
  • Check your rate for free

Cons

  • Minimum FICO score of 640
  • High origination fee

Bottom Line

Prosper Loans provides convenient options for borrowers with good credit and has online applications, direct deposits, no collateral, and loans that can be used for many purposes.

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Prosper Reviews

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Page 3 Reviews 40 - 70
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: June 28, 2019

I was curious about lumping my recent credit card debt from a home purchase into one low monthly payment. I completed a few questions to see what my monthly payment would look like. Shortly after, someone called and told me he could only get me 17,000 at 700+ per month for 3 years. I said, No thank you and hung up. That weekend I checked my bank account (as usual for discrepancies/fraud). Prosper had placed $20,500.00 minus transaction fee in my account! I had surgery the following Monday and was not released until yesterday. I called them today to say I never authorized this transaction and they tell me I had 7 days to respond/change my mind and since it has been more they want the week's worth of interest and transaction fee!

I explained my situation and the person helping was extremely helping and is in the process of talking to her supervisors but I can tell they are dragging their feet because I called them at 10:00 am and it has been more than 4 hours and no one has returned my call! On your account-there is a daily interest link that says the interest will increase after 5:00 pm today! I do not care what it takes-I will seek legal counsel and expose these idiots as frauds because I never signed for the loan and only wanted to return the money!!!

25 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: June 27, 2019

I have had two loans with Prosper and I have had no issues. The first time when my credit wasn't all that great and I got an APR of 15.9. I set up auto payments and was able to make additional payments as I could. Before I paid off the first loan I took out a second loan and since my credit has now improved I received an APR of 11.5%. I have since paid off both accounts. There are no prepayment penalties and all the information you need on your loan is available thru their website. I will probably use them again in the future.

22 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 8, 2019

An “extra” payment was taken out of my account this month for no reason. I have tried contacting them 5 times to find out what happened. No one will respond to me. I would not use this company if you expect good customer service.

21 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 1, 2019

So I got a $10000 loan from Prosper, 36 months at 35.35% APY. Worst mistake I ever made. Made the 1st payment as agreed on the 8th. Noticed my principal balance was $10027 when my 2nd payment was due the next month on the 8th. Made the 2nd payment. So when I was ready to make my 3rd payment on the 8th of the next month, noticed my principal balance was now $10083. Have been making payments for 3 months and my principal balance is not decreasing. I called customer service and asked for an amortization schedule and they were no help. They could not explain why my principal balance was not decreasing nor would they provide amortization schedule. Beware of this company.

35 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 31, 2019

I was constantly receiving offers from them that states that they would lend me $30k. I have great credit score, 100% payment history and they still denied my application. I would highly advice any person that received any to avoid applying for personal loans provided by Prosper. Stay away. I have a doubt that they are just trying to gather secure documents like SSN and address from applicants rather than helping the qualified people in need.

25 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 25, 2019

Do not get a loan from this awful organization. They will lie at every turn and will do everything in your power to stop you from paying off your loan. They take every extra payment you make and apply it to interest instead of the principal. After making a payment you will see your loan amount increase instead of decrease. I have never done business with such an unethical organization.

35 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 30, 2019

I have had 3 separate phone conversations today trying to move forward with my approved loan. However, when something did not feel right about the information I was being asked to provide, I asked for an explanation but did not get one. The call was transferred to another person who could not give me an explanation either - instead just pushed for my bank information. Instead of giving this, I asked to review the loan documents first. These were promised to be emailed right away. In the 30 minutes I have been waiting for said email, I have had plenty of time to research the number the calls originated from. Not a loan company. Not even an office. The number is registered as a private number of a gentleman who has been deceased since 2015. Seems to have SCAM written all over it!! Wonder if I EVER get that email?

31 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Dec. 1, 2018

Wow, I am reading all of the complaints on this site. And I have never experienced any of it. I currently have a loan with Prosper which started in 2016. They never asked me for any pay stubs. All they needed was proof that I had a business. They ran my credit, verified that my bank had been open for more than 3 months by me calling with them on the phone and bammm the money was in my account 3 days later! I received a 15,000 loan. Interest is kinda stiff but my tenants pay for that. Since, I've never received a call from them, they didn't harass me during or after the transaction was complete. I've never gotten a call from any Asians or anyone for that matter. I dealt with English speaking people during the deal. I didn't feel pressure, it was like a normal transaction. It seems like someone is scamming and pretending to be Prosper, maybe there's a fake website out there.

People overseas are doing the all they can to scam people in the US. I tried calling HP about a printer and got the number offline where I was speaking to Asian speaking people who tried to con me and get personal information, they then tried to remote hack my computer. I immediately hung up and disconnected my wifi. WOW is all I can say. I will be doing another loan with Prosper when this one is done this year. I'm praying that I don't run into the problems that i'm reading about next time around.

22 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Nov. 7, 2018

I searched for personal loans through Lending Tree, and Prosper had the best offered rate so I decided to apply with them. Following my application, they called me at work to verify my employment and then followed up with an emailed request for supporting documentation for my paystubs from my full-time and part-time jobs. I supplied my FT job's stub and let them know I would turn in my stub from my PT job the next week after I was able to pick it up. I received an email every single day since then for a week reminding me to turn in the documentation, as well as a second phone call AT WORK asking for the document.

When I told the person who called that I was not able to get them the pay stub until the next week, she said to just submit anything within the last 30 days. I told her again that I did not have one available and would submit it the next week. I still received emails daily requesting the documentation and even though I wrote requesting that they never call me at work again and to stop the emails, they haven't stopped. It's annoying to the point that I'm considering canceling my loan application with them. If they're this aggressive before I'm even a customer I don't even want to imagine what they're like once you're locked in.

24 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Sept. 20, 2018

I got a call from an Asian guy who I don’t remember his name! He caught me off guard by saying I was approve for an 8,000 dollars loan. I told him I’M NOT INTERESTED! He said, “Why not? You don’t want 8,000 dollars deposit in your account right now!” He ask me, “Didn’t you recently apply for a loan online” and I told him, “Yes but I don’t need that much!” So he ask me how much I could use. I told him 2,000 and he told me what bank I bank from so I said, “Wait a minute. What company this is?” He told me Prosper services and I was in front of my laptop looking them up, came across a bunch of bad reviews and he told me to hold on!

So I hold for a while and hung up the phone! He immediately called me back and I immediately told him I wasn’t interested in the loan and I don’t need it and I don’t want it again! He ask me why I don’t want it. I told him I just don’t want it! He told me, “Ok don’t worry about it and have a nice day” and go ** myself! I told my husband this Asian dude told me to go ** myself when I backed out of what I felt was a complete scam! Wow whoever is behind these scams for this company needs to be behind bars and the company needs to be shut down immediately! PLEASE DON’T GIVE THEM NO BANK INFORMATION! THEY WILL STEAL FROM YOU!

33 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 30, 2018

August 29, 2018 at 9:23 PM. Got approved for a loan. Spoke with Sean **... Paul ** & Jason ** (all Asian men). They told me I had to pay insurance. So they made 3 deposits into my checking account ($450), ($895), ($895). With each deposit they told me to withdraw the money & load on a Google Play card. I did. Now my account is $887 in the negative because the last $895 they had me withdraw $800 & my bank told me what they did was manipulated the system to show I had cash available...when in fact I didn’t. Sean ** sent me an email stating they would take responsibility for the negative & I would receive my loan.

When I called back the NEXT morning to say my account was still in the negative...Jason ** hung up on me because I was upset. Sean ** called me back to say all I had to do was purchase ONLY ONE MORE Google Play card for $50 & I can receive my loan + $895 thru Walmart to Walmart transfer. When I called Paul ** with the card #...he stated it failed to go thru & for me to go back in Walmart to get a replacement card. I called Google & they said the card was activated & funds were removed. I told Paul ** this & he had the NERVE to tell me maybe I’m just having “BAD LUCK” but my loan was approved & the only way they can release it is if I purchased another $50 Google Play card. This whole process has been HORRIBLE. FIVE days later & FIVE Google Play cards totaling over $2000...NO LOAN & my account is still in the NEGATIVE!!!

48 people found this review helpful
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: Aug. 26, 2018

I am not sure why I continue to receive anything from this company. After looking them up, I have never requested or reached out to them for anything. Complete scam to targets consumer information. I will seek legal action this company.

27 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 10, 2018

Terrible experience with Prosper. They wanted info. Then access to my bank account login. Then copies of paychecks. Then more and more and more and more. I quit the process and will never consider using their services EVER. They also did a hard inquiry on me even though they specifically stated that one would not be pulled. RUN and do not use Prosper.

27 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 9, 2018

I wish zero stars was an option, but I chose 1 only for there is not zero. This is the third envelope to arrive at my home from Prosper in envelopes with this same appearance. How sad, and angering, it is to have a company practice deceitful moves such as this. They have stooped to placing business solicitations in plain white envelopes with a fake USPS official delivery sticker(not a sticker like USPA real ones, but printed on envelope), no company name, but an address, and a fake stamped "final attempt".

I feel this is their sneaky way of directing citizens to open their envelope when the citizen probably would not have opened it if their name was present on the envelope, and the envelope did not give the appearance of being something of importance. They make it look like a dun. Like it is a final attempt to collect unpaid funds before progressing to the court system. This is wrong. Just wrong. And, I want my mail carrier to know that I pay my bills on time, and have a 100% on time record with the credit bureaus. Something should be done about businesses who have to stoop so low in order to garner new business. What do you think of this business tactic?

21 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: May 9, 2018

Well I applied for Prosper loan and the girl that took my information in the application department approve me for more of a balance than I wanted so I said, “No I don't want that amount. I only want the certain amount.” So she said, “Okay,” and she took all my information. She said, “Somebody from the verification department will be contacting you,” so two days later three days later they called me back and they verify everything and they said, “Well we have some information incorrect. We're going to have to cancel your loan and restart a new loan.” So I said, “Okay people make mistakes. Fine.” So we restarted the new loan. I was still quoted the amount that I wanted.

They tried to still get me to take more and I said no and I did the 3-year commitment but with the loan that I got I'll have it paid off faster so after we did the application again I made the representative read back all the information that I gave them to make sure there is no confusion. That went through fine then they sent me the website email and you have to go in there and download like your source of income and all that. I tried that. Some of my stuff did not go through well so what I did was I called in and give me my account number and I faxed everything to them so they could download it to the system and I didn't have an issue with them telling me it could take a couple days to get downloaded to the system.

So then I get a phone call saying I need to get a counter check from my bank. So I went and got that and then they needed to verify my bank account will my policy and my bank is outside lenders are in even any like where my apartment building is when they needed to verify my bank. They had to fax the request to my bank of my bank will send the reply. I cannot request that so the supervisor that I talked to said, “No I'm just going to go ahead and get the loan approved,” and I was like, “Okay but I would prefer that you faxed a request over so when I got the confirmation that my funds were going to be put into my account.”

What happens again but they enter the wrong account number so then I had to call the escalation department and ask them to correct my account number and they did and then they sent me an e-mail and it was updated and then I got a call this evening telling me that, “We updated your information but unfortunately since we had the updated your loan will not be deposited.” It may take up to 5 days for it to get into the system meaning that it will be deposited into my bank account and they verified my account number my routing number again my day you know so I asked, “Am I being charged interest while waiting for this to go through my account,” and they said yes. So I said, “Get a supervisor on the phone.”

So I said, “You need to put a stop to this interest that I'm being charged cuz I haven't received any money and I'm not paying it now.” See this is where I said I think they do this on purpose to try to get extra interest but I'm no stupid fool so if it isn't deposited by next Tuesday I'm going to cancel my account and I've already going to contact the Better Business Bureau. You have two when I went on the Better Business Bureau to see who I would file a complaint. It's in San Francisco so I have to call San Francisco did you your complaint with the Better Business Bureau but the FTC you can also contact them but to me to go through all this paperwork and set up an account and I already have like a Payday and they confirm my date and my interest rate.

I'm sure that my loan will go through but I had to stay on top of them to make sure that all my information remain correct. That's one thing I recommend to anybody. If you apply with them with any loan place but we'll see if my money gets deposited. If it sounds like I don't think it's going to I think they're playing a little game but my thing is I haven't received funds and if they think they're going to get a little bit of Interest money out of me I've already told them that I will get a lawyer and I've also notified my bank. You know I'll no excuse me I will notify my bank of them trying to withdrawal money. That's fraud.

14 people found this review helpful
Rated with 1 star
Verified Reviewer Verified Buyer
Original review: Sept. 30, 2017

Please be aware of the fraudulent practices of this company. They will contact you by phone stating you are eligible for a loan of $8000.00 with a repayment of 245.00 for 36 months, making the payback of $8820.00, which is not too bad, but the kick comes when they tell you what you have to do to attain the loan. They will send you documents via e-mail with information pertaining to your loan. They then tell you that they will put x amount of dollars in your bank account first in order to secure the loan.

They ask you to go to a Walmart or a Target store and purchase a gift card that has to be loaded with those funds therefore supposedly securing your loan showing that you have good faith in giving back the money, but what you don't know, while they were getting all your personal information i.e. bank account #, routing number name and address etc for the loan, they contact your financial institution claiming to be you, and have various transactions that you have already paid reversed, therefore that money that you think they put in your account is actually your own money. After you have loaded the gift card they ask for all the transaction information of the receipt therefore giving them access to that card, and you are left with no loan and money being scammed from your bank account. Please I ask you do not do business with these people you could be sorry. I was a victim and will not be again.

78 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 18, 2016

I went online to apply for a loan & was emailed/contacted by Prosper stating that I was approved for $5000. I was instructed that in order to receive the funds, I would need to pay PPI (Payment Protection Insurance). This would protect me & them in case I was not able to pay the loan's monthly payments. I was instructed that this amount needed to be paid & could not be taken out of the loan. I did not know any better, but did voice my concern, that I felt uncomfortable paying the amount, I was told by the rep that if the amount was not transferred into my account within 45 minutes, I could cancel the transaction of the PPI.

Well after a complete runaround, the loan was never transferred into my account & I was not able to cancel the payment of the PPI. I was told that they could send the amount to Western Union but I would have to pay the fee, which was over $400 & again that amount could not be taken from loan amount. I explained to them that I did not have it & was not going to allow any more payments to them. I accused them of fraud & the rep hung up on me.

After a week & half & numerous phone calls & emails I was promised the refund of the PPI, but of course I got the complete runaround. They are a complete scam & once they have your info & routing & banking info they will fraudulently log into your online banking & basically steal your identity. They are unethical, immoral, criminals, not legit, & are somehow allowed to continue taking advantage of people in need. Please be aware of PROSPER LOAN SERVICES at prosper.loan.services@gmail.com, Ray **, who is the head loan rep at **, Sean ** & Hugo **... Please be on the lookout & do not fall to their scam... IT WILL RUIN YOUR LIFE & they will sit & laugh at you while they give you a runaround!!!

137 people found this review helpful
Rated with 2 stars
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Verified Reviewer
Original review: Aug. 18, 2015

I have paid over $5k to get the top coaching in the world according to Prosper. Let em tell you, I am now successful thanks to ME doing my homework and building my business from the ground floor up. But, I hoped that I would get value for money, when all I got was a guy asking me the most basic questions ever. To be honest this is what made me want to be the best in my niche. Thanks to the great training I have received since then I am thankfully able to help others. No thanks to Prosper who took my money and didn't help me change my life. DON'T SPEND YOUR MONEY with them, go to the coaching bodies like the ICF and find reputable coaches and you will find what you are looking for in your area. Hope this helps! All the best.

58 people found this review helpful
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Prosper Company Information

Company Name:
Prosper
Year Founded:
2005
Address:
221 Main Street, Suite 300
City:
San Francisco
State/Province:
CA
Postal Code:
94105
Country:
United States
Website:
www.prosper.com