Submit a quick application for a more personalized & accurate offerCheck your rate
This calculator is a self-help tool for your independent use and is intended for illustration purposes only. Results aren’t guaranteed, and may not be relevant to your specific circumstance.
Check your rate for a more personalized & accurate offerCheck your rate
We calculate your interest savings estimate by weighing the financial information you entered alongside historical data on loans and an estimation of what your rate for a loan through Prosper would be based on your credit score.
Eligibility for a personal loan is not guaranteed. But filling out an application takes fewer than 5 minutes, and it will take a few additional factors related to your creditworthiness into account—such as your employment, income, credit usage, history, and more—to generate an offer and fine-tune your potential savings in interest.Quickly apply
See our 9,102 reviews on
1 hour ago
Super easy from start to finish!! Website is extremely user friendly!! Fantastic job Prosper!! Thank you for taking care of my needs in an efficient, timely manner!!
1 hour ago
I thought the process was smooth and not complicated at all. it took about 15 minutes to complete the application. I received a response back within minutes on whether or not I...
2 hours ago
Easy and fast….good customer service
2 hours ago
Awesome! Fast and easy!
3 hours ago
OMG... I can't believe how PAINLESS this process was. I applied that morning and approved by that afternoon. Funds to be deposited within the next 1-4 business days!! THANK YOU PROSPER!!
3 hours ago
Awesome online experience
6 hours ago
Fast effective and efficient. Third loan with no stress.
8 hours ago
Almost too easy. Expedient.
Find answers to our community’s questions below, or visit our Help Center to learn more.
There’s no hard and fast rule for the minimum acceptable credit score for personal loans—it all depends on the lender. Prosper welcomes those with less-than-perfect credit to apply because we believe there’s more to creditworthiness than credit scores alone. Applicants with FICO scores above 600 have the best chances of being approved, but Prosper uses many factors to determine eligibility, and checking your rate and eligibility can be done without impacting your credit score.
Debt consolidation loans can be a great way to improve your personal financial health. If you have accrued debt from multiple credit cards that have high interest rates, a personal loan for debt consolidation through Prosper could offer you a lower rate than the average of your cards’ rates, and it could decrease your monthly payments and/or the amount of total interest you pay over time. It’s important to remember, however, that financial health improvement depends on multiple factors, such as spending within one’s means and not accruing new credit card debt.
If you have debt that’s in default or if you’ve missed payments, it’s wise to prioritize closing collections accounts or paying off current overdue bills before doing anything else. If you’re not late on payments or in default, it’s advisable to pay off your smallest debts first while maintaining minimum payments elsewhere (assuming you’re not just consolidating debts with a debt consolidation loan or other consolidation tool). Once you pay off the smallest debt, you can take the money you would have put toward that monthly fee and put it towards the next smallest debt, and so on.
Depending on what kinds of debts you have and the average interest rate those debts carry, debt consolidation can be a great way to consolidate your debts into a single payment. Debt consolidation can make sense if you’ve calculated that you will pay less cumulative interest by doing so.
Loan payment calculation depends on multiple factors. To learn more about how loan payments are typically calculated, visit this article from Tthe Balance.
Different lenders have different approaches to calculating interest, but generally speaking, you can calculate simple interest with this straight-forward formula: Principal loan amount x interest rate x loan term. For example, if you take out a 7-year loan for $30,000 and the interest rate is 7%, the simple interest formula would be: 30,000 x .07 x 7 = 14,700