How to complete your loan faster
Use Verification Stage to track progress— and submit information promptly.
How does Prosper verify my information?
Prosper verifies the identity of every borrower member who requests a loan through our social lending system. Depending on the loan request, we may also ask for documents proving employment and sources of income.
We use a variety of sources and methods including credit bureau data, other electronic data, and standard verification procedures. If a borrower member is unable to provide sufficient documentation to verify information key to evaluating the borrower's application, we will cancel the loan request and close the application.
What is Prosper's Verification Stage?
The Verification Stage indicates the progress on your Prosper loan application, based on Prosper's verification of information and documents you've submitted. Verification Stage icons tell you and prospective investors how far along Prosper is in verifying the information you submitted, in order to process your application. The higher the Verification Stage, the more attractive your listing is to investors. You can help improve the Verification Stage to get your loan application completed sooner—and your money faster—by submitting required documents promptly upon request.
The Verification Stage of your loan is represented by one of the icons shown below, which appears next to your loan listing on your My Accounts page. Investors can also see your loan's Verification Stage within your Listing Summary, Browse Listings and search results pages.
Verification Stage 1The borrower needs to submit documentation for Prosper to verify. The further along in verification, the higher the Verification Stage and the more likely the loan will originate. The borrower can advance to a higher Verification Stage by promptly submitting requested documents.
Verification Stage 2Prosper has verified most of the information provided by the borrower. Additional documentation may still be required, but loans in Verification Stage 3 are very likely to originate.
Verification Stage 3Prosper has verified most of the information provided by the borrower. Additional documentation may still be required, but loans in Verification Stage 3 are very likely to originate.
Remember: You can improve your Verification Stage
Keep an eye out for messages from Prosper regarding information and document requests, and submit your answers or documents as soon as possible. The faster you advance your Verification Stage, the faster you can get your money. Loans that reach Verification Stage 3 are 63%** more likely to originate.
Does reaching Verification Stage 3 guarantee that I'll receive a loan?
Reaching Verification Stage 3 only indicates that Prosper has verified most of the information and documents you have submitted and does not guarantee that your loan will be funded. But, the sooner your loan reaches Verification Stage 3, the sooner Prosper can complete processing, and the more likely it will be that the loan will originate.
Is my loan application complete when it reaches Verification Stage 3?
Your loan application process is not necessarily complete when you reach Verification Stage 3; we may need more documentation. And please note that your Verification Stage can go backward if during our review we discover that we need additional information. For example, if we can only verify partial income for the year, we may have to request additional documents for a full year's income.
How is the Verification Stage different from the Prosper Rating?
The Prosper Rating is a proprietary system used to maintain consistency when evaluating each loan application. Prosper Ratings allow potential investors to easily consider your loan application's level of credit risk because the rating represents an estimated average annualized loss rate range. Learn more about Prosper Ratings.
In contrast, the Verification Stage is not a measure of potential credit risk. It is an indication of the progress of your loan application based on verification of required information and documents. Since the Verification Stage lets you know where your loan application stands in the verification process, consider it a helpful reminder to submit documents promptly, which will help you get your money faster.
APR starting at
* Based on one year personal loans made to first time borrowers with an AA Prosper Rating. To qualify for an AA Prosper Rating, applicants must have excellent credit and meet other conditions. APRs by Prosper Rating range from 6.38% (AA) to 35.36% (E) for first time borrowers. Repeat borrowers may qualify for discounted rates. Rate offered is based on Prosper Rating and other factors, and your actual rate may differ. Eligibility for a loan is not guaranteed and requires that a sufficient number of investors commit to fund your loan. Refer to Borrower Registration Agreement for all terms and conditions. All loans made by WebBank, a Utah-chartered Industrial Bank.
** Based on statistical analysis of loan origination data as of December 28, 2011.