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What our customers are saying
Just an easy way to borrow money
- Bruce - March 2025
So convenient and smooth. Once approved the funds were in my bank account in two days. Thank you so much.
- Dora - March 2025
Testimonials are from actual Prosper customers.
You could save thousands with Debt Consolidation
| Balance | APR | Monthly Payment | Payoff timeline (months) | Total interest charges | |
|---|---|---|---|---|---|
| Credit card 1 | $10,000 | 22% | $200 | 137 | $17,356.12 |
| Credit card 2 | $5,000 | 24% | $120 | 91 | $5,858 |
| Cash advance loan | $1,000 | 25% | $100 | 12 | $133 |
| Total | $16,000 | - | $420 | 137 | $23,347 |
| Balance | APR | Monthly Payment | Payoff timeline (months) | Total interest charges | |
|---|---|---|---|---|---|
| Debt consolidation loan | $16,000 | 12.49% | $359 | 60 | $5,593 |
In this example, debt consolidation would allow a borrower to become debt free six years earlier (77 months), reduce their monthly expenses by $61 and save a whopping $17,754 on interest.
The Pros and Cons of Debt Consolidation
Pros
Savings: Consolidating into a lower APR can save you money on interest and other finance charges.
Fewer payments: When you use debt consolidation to pay off multiple accounts, you roll all of the payments into one and have fewer accounts to monitor and manage.
Improve your credit: Consolidating can help you pay off debt faster, accelerating growth in your credit scores.
Spread out payments: Consolidation can also allow you to extend the length of your debt repayment, bringing down your total monthly payment amount and helping you balance your budget.
Avoid debt settlement: Consolidating debt can help you avoid predatory alternatives like for-profit debt settlement, which can put you at risk of everything from tanking your credit to facing legal issues, without even lowering your overall debt.
Cons
Financing fees: Depending on the product, you may have to pay an origination fee, a balance transfer fee, closing costs, an annual fee, or other costs associated with the new financing.
Credit requirements: Your eligibility for debt consolidation products may depend on your credit scores. Poor credit can be a roadblock.
Prepayment penalties: Some of your current creditors may charge you a fee if you pay off your debt before the scheduled payoff date.
Payments could increase: If you consolidate credit card debt into a loan, your monthly debt payments could increase since, unlike credit cards, loans have a set payoff date.
Initial hit to your credit: Your credit scores may drop by a few points when you apply for a new loan or credit card, and they may drop even more if you open or close accounts due to debt consolidation.
Why choose Prosper?
Fast
Get prequalified in minutes. Fast next business day funding5
Flexible
Choose 2-5 year loan terms3
Worry-free
Keep money in your pocket with no pre-payment penalties
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1 Pre-Approved credit offer: You received this offer because you met certain criteria for creditworthiness. Credit may not be extended to you if, after receiving your application, (i) you do not continue to meet the criteria used to select you, (ii) you do not meet minimum income requirements for your credit profile, (iii) or you do not meet any other applicable criteria bearing on your creditworthiness established prior to your selection, including electronic submission and verification of documents. By applying, you certify that all information provided by you at the time of acceptance is true, correct, and complete and that you are (a) at least 21 years old and legally able to enter into a contract for the extension of credit; and, (b) a U.S. citizen or permanent resident. This prescreened offer is for individual credit only and requires sufficient investor commitments to fund. If, however, (i) your listing expires unfunded; and (ii) you continue to satisfy the criteria used to select you for the offer, you will receive the minimum $2,000 (or a greater minimum loan amount depending on the laws of your state), 3-year loan at the interest rate then in effect for your Prosper Rating. Usage of your Personal Offer Code on or before the expiration date is required in order to receive this special offer.
3 Personal loans through Prosper have an annual percentage rate (“APR”) of 8.99% to 35.99%, terms between two and five years, and an origination fee from 1% to 9.99%. For example, a three-year $10,000 personal loan with an interest rate of 16.66% and a 8.99% origination fee results in a 23.53% APR. You would receive $9,101.00 and make 36 scheduled monthly payments of $354.84. A five-year $10,000 personal loan with an interest rate of 18.73% and a 8.99% origination fee results in a 23.26% APR. You would receive $9,101.00 and make 60 scheduled monthly payments of $257.92. Whether you are eligible for a specific APR or loan term will depend on a number of factors, including (but not limited to) your current credit rating and information you provide in your application. The lowest rates are for the most creditworthy applicants. Your actual rate may differ. The average APR for pre-approved loans with a 3-year term funded between July 1, 2025, and August 1, 2025, was 24.63%.
4 Total credit card interest paid and payoff duration were calculated using http://Bankrate.com’s Minimum Payment Calculator (https://www.bankrate.com/credit-cards/tools/minimum-payment-calculator/) and assumed a $10,000 balance, 16% interest rate, and minimum monthly payments equal to 1% of the outstanding balance plus interest. Your actual minimum payment, payoff duration, total interest paid will depend on your account terms and account activity. Comparable loan through Prosper assumes a three-year, $10,000 personal loan with an annual percentage rate (“APR”) of 16.74%, and that you timely make all 36 scheduled monthly payments of $319.77.
5 You may receive your funds one business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s transaction processing speed.
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