Reviewed by Editorial TeamUpdated October 15, 2026

Prosper Personal Loans: Rates, Terms & What to Know

personal-loan.ai is not affiliated with, endorsed by, or sponsored by Prosper. All information is sourced from publicly available data and is provided for informational purposes only. Rates and terms are subject to change. Verify all details directly with Prosper.

Key Features

Loan amounts from $2,000 to $50,000

APR range of 8.99% to 35.99% as of the lender's published disclosures

Repayment terms of two to six years

Joint applications with a co-applicant are accepted

Soft-pull rate check before you commit

Funding as soon as one business day after final approval

At a Glance

APR Range	8.99% – 35.99%
Loan Amounts	$2,000 – $50,000
Repayment Terms	24 – 60 months
Min Credit Score	640
Origination Fee	1% - 9.99%
Funding Speed	As soon as 1 business day

Pros and Cons

Pros

Joint applications may improve approval odds or pricing
Lender states a 640 minimum score, lower than prime-only lenders
Six-year terms can lower the monthly payment on larger balances
No prepayment penalty

Cons

−Origination fee of 1% to 9.99% is deducted from the proceeds
−Late fee is the greater of $15 or 5% of the unpaid payment; $15 returned-payment fee
−Funds are not sent directly to creditors for consolidation
−Not available in Iowa, North Dakota, or West Virginia per third-party reporting

How Prosper's Marketplace Works

Prosper launched in 2005 as the first peer-to-peer lending platform in the United States and is based in San Francisco. Today its personal loans are made by WebBank and funded by institutional and individual investors through the Prosper marketplace. For borrowers the experience resembles any online lender, with one difference: a listing must attract enough investor commitments before it funds.

Prosper publishes the average APR on recently funded three-year loans; for loans funded in the first quarter of 2026 it was about 24%. That figure is a useful reality check: the advertised floor applies to the strongest applicants, and typical borrowers land well above it.

Fees You Should Expect

Prosper deducts an origination fee of 1% to 9.99% from the loan before disbursement. The examples on its own site use a fee near the top of that range, so plan for the higher end unless your offer says otherwise. A $12,000 loan with an 8.99% fee would deposit about $10,921.

If a payment is more than 15 days late, Prosper charges the greater of $15 or 5% of the unpaid monthly payment, once per late payment. A failed or returned payment costs $15. There is no prepayment penalty.

Joint Applications and Debt Consolidation

Prosper is one of the few online lenders that accepts a co-applicant. Adding someone with stronger credit or income can improve the odds of approval or the rate offered, but both parties are fully responsible for repayment and the loan appears on both credit reports.

Prosper does not pay creditors directly. If you are consolidating credit cards, the funds arrive in your bank account and you pay the cards off yourself. That is workable, but it requires discipline; lenders such as Discover, Upgrade, and Happy Money will send funds straight to creditors.

Frequently Asked Questions

What credit score do you need for a Prosper loan?

Prosper states that borrowers who accept a loan must have a credit score of 640 or higher. Income, debt load, and credit history also factor into the decision.

Does Prosper allow co-signers?

Prosper offers joint applications, where a co-applicant shares responsibility for the loan. It is not a traditional co-signer arrangement; both people are borrowers.

How long does Prosper take to fund?

Prosper says funds can arrive as soon as one business day after you accept the offer and complete verification and final approval. Timing also depends on investor funding.

Eligibility Requirements

1Credit score of 640 or higher, per Prosper's published criteria
2Must be at least 18 years old and a U.S. resident
3Valid Social Security number and bank account
4Verifiable income; debt-to-income ratio is considered
5Loan must receive sufficient investor commitments to fund

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