What is Principal and Interest?

Woman learns what is principal and interest

One of the most common questions consumers ask is this: what is principal and interest? They’re both terms related to loans, but what do they mean? We believe that financial literacy is a core component of achieving financial empowerment. And understanding principal and interest is key to paying off debt. So let’s take a look […]

Interest Rate vs APR: What’s the Difference?

interest rate vs apr

“Did you get a good interest rate?” When applying for a personal loan, that’s the first thing everyone wants to know. The second: what exactly is interest rate vs. APR? The short answer is this: While finding a low interest rate is undoubtedly important, it doesn’t tell the whole story—especially when it comes to fees, […]

Is a Credit Card Balance Transfer Right For You?

Is a credit card balance right for you

A credit card balance transfer lets you move debt from one card to another that has a lower interest rate. Many credit card issuers offer a 0 percent, or otherwise low, introductory APR on balance transfers.

What is a FICO® Score?

Person checks their FICO Score

Most adults in the United States have at the very least, heard of a FICO® Score. However, most lack knowledge of the nitty-gritty of a FICO score – its meaning, how it differs from other credit scores, what it’s used for, why it changes, what a “good” FICO score is, and more. Luckily, Prosper is […]

Boost Your Credit Score: 5 Tips

A piggy bank attached to a rocket, representing a rising credit score.

A strong credit score can help you achieve your financial goals. Follow our 5 easy credit score boosting tips to see how your score may rise.