How do I get a second loan?
You get a second loan on Prosper the same way you got your first one. Create a listing, get bids from lenders, and if your listing reaches 100%, you will receive a loan. Keep in mind that there are some requirements for being able to list a second time; they are listed below.
Am I eligible for a second loan?
All Prosper borrowers are eligible for a second (or subsequent) loan as long as the following requirements are met:
- All of your active loans must be current
- You have enough capacity in your $25,000 Prosper loan limit to take a loan which is at least big enough to meet Prosper's minimum loan amount of $1,000.
Additionally, you are subject to the following requirements by credit grade:
Previous loan
credit grade | Minimum months
since last loan | Consecutive months of
on-time payments* | Drop in credit
grade allowed |
|
AA
|
6
months
|
6
months
|
1
grade
|
|
A
|
6
months
|
6
months
|
1
grade
|
|
B
|
9
months
|
9
months
|
1
grade
|
|
C
|
9
months
|
9
months
|
1
grade
|
|
D
|
12
months
|
12
months
|
0
grades
|
|
E
|
12
months
|
12
months
|
0
grades
|
|
HR
|
12
months
|
12
months
|
0
grades
|
* Monthly payments made in advance do not count towards your consecutive months of on-time payments. A payment must be more than 15 days past due to be considered late as it applies to obtaining a second loan.
Even if you meet all of the requirements listed above, you may be prevented from taking a second (or subsequent) loan based on your credit grade, loan balance, or other factors.
Please note: If you had a loan that you paid in full which originated less than 30 days ago, you will not be able to create a listing for a new loan until that 30-day waiting period has passed.
How much can I borrow the second time around?
Prosper gives every borrower an outstanding loan limit of $25,000. This means that if you already have a loan with an outstanding balance of $5,000, you may borrow up to $20,000 on your second loan.
How many loans can I have at once?
As long as you meet the requirements stated above, you may have up to two Prosper loans at once. Keep in mind that if you already have an active loan, Prosper lenders may consider you a higher risk than someone without an existing Prosper loan.
Will my credit grade be refreshed on a second loan?
Yes. Prosper will not use a credit grade which is more than 30 days old, so you will get a new credit grade and credit data when you create a listing for a second loan.
Will my loan payments be combined if I get a second loan?
No. If you have two loans, they will likely have two different payment dates (unless they happen to originate on the same day of the month), and will act independently regarding monthly payments and payment dates.
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Getting started
Manage your listing
Manage your loan
Late payments and default
Other resources
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