Are you curious to know what the current reviews on Prosper Loans are? Well, this is the right article for you. Besides enlightening you about the current reviews on Prosper Loans, I’d like to share with you some important points you need to know.
Prosper Loan Reviews – What Prosper Loans is all About
Prosper Loans is a Platform owned by the company PROSPER MARKETPLACE. Prosper Marketplace is an online Lending company that bridges the gap between the People who want to take loans and Individuals or institutions that want to invest in loans. The Purpose of this online Lending Company is to Advance Financial wellbeing.
How Prosper Loan Works
The typical Annual Percentage rate (APR) is between 6.95% to 35.99%. So if you have a good Credit score ( minimum of 640), You could receive a suitable loan. Also, a Percentage of the loan would be taken as an Origination fee and the rest Credited into your bank account within 1-3 business days. Another advantage is that there would be a monthly Payment Plan that stretches between Three(3) to Five(5) years for easy repayment of loans.
Prosper verifies borrowers’ identities and details and selects personal data before funding any loans. With this, They help the government to fight the funding of Terrorism and Money Laundering.
You may be wondering how PROSPER MARKETPLACE get their Profits from this business. Well, here is the answer.
How does Prosper Make Money?
Prosper makes money from Prosper loans by charging a Transaction fee which is between
- 1-5% of the loan. They charge this loan as a commission for originating the loan requested. They also charge a service fee from the loan repayment made by borrowers.
Is Prosper Loan Legit?
You may be wondering if it is actually safe to loan or invest in loans on the Prosper marketplace and if Prosper is a legitimate loan company. The answer is Yes because Prosper is a company that is registered to do business in the states it services, and this is a mandatory requirement to be a legitimate lender.
Requirements to Obtain a Prosper Loan
Prosper loans could be a good option when you need funds for a Project and also have an impressive credit score. But you must be eligible before you will be able to request a loan. These requirements include;
You should have a good Credit score which is minimum of 640 and the average acceptable credit score is 710.
Also, Your debt to income ratio should be below 50% as this will be a guarantee that you will be able to pay back.
To successfully request and obtain a loan from Prosper, You need to Create an account on their website. I’d be directing you in how you can successfully create a Prosper account.
How to Create a Prosper Account
To successfully create a Prosper account, You should be ready to take a learn as requesting for a loan would automatically lead to you creating an account on their website.
- Access the website- www.prosper.com on your web browser or click on the link- http://www.prosper.com.
- Click on “Loan amount” on your display screen.
- Fill in the amount you want to loan.
- Choose if you want to loan alone or take a Joint loan.
- Choose what you want to do with your loan on.
- Fill in your “Name” and “email address” on the form and click on “Next”.
- Automatically, an email would be sent to you asking you to verify your email address.
- Check your email for a mail that would be sent to you.
- Click on “Verify my email address” in the mail and follow the instructions to successfully complete your account creation.
In case you did not receive an email from PROSPER, You can request for the email to be sent again. With these steps above, You would be able to successfully create an account on http://www.prosper.com.
How do I know if Prosper Approved my Loan?
You can check the status of your loan application anytime by logging into your Prosper account on the website- http://www.prosper.com and viewing your Overview page, which will list among other things, any documents still required to complete the verification as well as the percentage of funds that is committed by investors. Also, make sure you check your application status regularly so you wouldn’t miss out on anything.
Prosper Loan Reviews
You may be curious to know if Prosper loans have actually benefited individuals. I know satisfying your curiosity would give you the confidence to request a loan on PROSPER MARKETPLACE. Actually, The reviews so far about Prosper loans are quite impressive.
Out of a 5-star rating, Prosper has an average rating of 3.8 which is quite impressive. So Lending and investing in loans on PROSPER MARKETPLACE is not a bad idea.
Conclusively, Prosper loans could be a good option for you if you have an impressive credit score (minimum of 640). Prosper loans also make provision for taking loans for medical treatments and you could also invest as a lender on Prosper too.