How long does a prosper loan take

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us, including Prosper. Pre-qualifying will not impact your credit. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau.

NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines. Prosper has a minimum credit score requirement of , which is in the fair-credit range. The average score is Our Take 3. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.

Jump to: Full Review. Get Rate. Credit Score. Offers joint loans. Offers wide range of loan amounts. Cons No rate discount for autopay. Funding time can be longer than many lenders. Charges origination and late fees.

Borrowers can choose from only two repayment term options. Compare to Other Lenders. APR 7. You can submit any required documents and check on their status through your Prosper account. You can also email those documents, but be sure that email is from the same email address you used when you joined Prosper. You should receive your funds within one to three business days after your application is approved.

Although rates are unique to your situation, Prosper's interest rates are in line with those offered by comparable lenders. Here's how Prosper compares to similar companies:.

Apply for a loan. Both Prosper and LendingClub will charge you an origination fee. Prosper's origination fee varies between 2. This fee will be included in your overall APR and will be deducted from your loan proceeds. You may get your funds marginally faster with Prosper than LendingClub. Prosper will often take between one to three days to send you your money, while LendingClub may take between two to four business days.

However, keep in mind that Prosper will not send you any money until they have an investor to back your loan. Prosper has a minimum credit score requirement of to qualify for a loan, while LendingClub's requirement is unspecified. If your credit score is below , you might decide to add a co-borrower with Prosper or pivot to LendingClub.

Prosper has a minimum credit score requirement of , while most of Avant's customers have a credit score between and Both companies offer loans to people with fair credit, but if your score is on the lower end of the "fair" threshold, you may have better luck with Avant. Prosper doesn't have a mobile app for borrowers, while Avant does.

So if you want to manage your personal loans on the go, you might consider choosing Avant. Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you.

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The best online brokerages for beginners. The best investment apps. The best stock trading apps. Best robo advisors. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.

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Learn about the interest rates, fees, and features on personal loans from Prosper, a popular P2P lender, and compare them to other online lenders. By Thomas TJ Porter. Prosper Personal Loans Personal loans are a useful financial tool that can be helpful in a variety of situations. Continue Reading. Compare Best Accounts Now. TJ Porter has in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions.

He has also contributed to publications and companies such as Investment Zen and Echo Fox.