Personal loans through Prosper, trusted since 2005
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Safely share your basic income & expense information with us to see what interest rate you may qualify for
Choose the loan length to customize your monthly payment and rate that work best for you to pay off over 2 to 5 years.3
Receive your money lightning-fast2 through direct deposit
Find answers to our community’s questions below, or visit our Help Center to learn more.
A personal loan is money that you borrow from a lender and pay back in fixed monthly payments over a set period, such as 2 to 5 years. Most personal loans have a fixed interest rate.
Personal loans through Prosper are unsecured, which means they’re not backed by collateral like your home. Instead, our partner, WebBank, issues personal loans based on creditworthiness.
Personal loans through Prosper have fixed interest rates. For personal loans through Prosper, borrowers have the option to pay back their personal loans in 2- to 5-year terms.3
Prosper borrowers can use their personal loan for a variety of expenses. Some choose to use their loan for home repairs or debt consolidation, while others use it to fund big purchases.
Prospective borrowers can quickly and easily apply for a personal loan with nothing more than some basic personal and financial information.
Prosper makes it easy to apply for a personal loan and to check your rate and estimated monthly payments without affecting your credit score.
If you’re eligible for a personal loan, you’ll review your offers and choose loan terms that work best for you. Once you accept an offer, you’ll receive your money as soon as 1 business day after completing the necessary requirements.2
If you’re applying by yourself, you can also call us at 866-615-6319 to apply for a personal loan by phone. If you’re applying with another person, follow the steps above.
Your loan may be subject to 4 types of fees:
More information about these fees can be found in Prosper’s Help Center article. Current borrowers can also refer to your Borrower Registration Agreement and Promissory Note (stored in your online account) for more details about fees.
If you don’t qualify for a personal loan through Prosper, consider applying with a co-applicant.
Applying with a co-applicant could improve your chances of getting an offer. Plus, it might lower your rate. Your co-applicant should be someone you trust with strong credit and a steady job. Our partner WebBank issues personal loans based on creditworthiness. Borrowers who accept a personal loan through Prosper must have a credit score of 640 or higher to qualify for a loan.
You can’t deduct the interest you pay on an unsecured personal loan from your taxes unless you use the loan proceeds for business expenses, qualified higher education expenses, or taxable investments.
Business expenses are defined by the IRS as costs associated with forming or running a business. The interest that is associated with the loan taken out to form or run your business may be deductible, regardless of the size of your business.
Qualified educational expenses can be tax deductible if you use a personal loan to refinance a student loan or pay for eligible educational costs or expenses like tuition. Under these circumstances the personal loan may be eligible for the student loan interest deduction. You can read more about the student loan interest deduction and how it works here.
Taxable investments are defined as stocks, bonds, or mutual funds. Taxable investment deductions are not eligible with tax-advantaged investments, like tax-exempt bonds.
Remember that the interest from the loan is what is deductible, you can subtract the interest amount as an expense income, which can reduce your total tax liability for that year.
Most of these options require itemized deductions, which may not always make sense for everyone. You can read more about personal loans and tax deductions here.
Please note that this is not to be construed as tax advice, and we recommend seeking the advice of a tax professional for more information.
Every individual has a different and unique financial situation. That said, if your credit score is under 600, you might not qualify for a loan through Prosper.
The best way to know if you are eligible to receive a personal loan through Prosper is to apply. Checking your eligibility and rate will not affect your credit score.
If you are not eligible to receive a personal loan through Prosper on your own, you could consider adding a co-applicant. Adding a co-applicant could improve your chances of having your personal loan application approved.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
1 Eligibility for personal loans up to $50,000 depends on a number of factors, including (but not limited to) your financial history, credit score, monthly income, and monthly expenses. Eligibility for personal loans is not guaranteed, and requires sufficient investor commitments to fund. All personal loans made by WebBank.
2 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.
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 9.38% and a 9.99% origination fee results in a 16.74% APR. You would receive $9,001.00 and make 36 scheduled monthly payments of $319.77. A five-year $10,000 personal loan with an interest rate of 11.14% and a 9.99% origination fee results in a 15.84% APR. You would receive $9,001.00 and make 60 scheduled monthly payments of $218.12. 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 loans with a 3-year term funded between January 1, 2024, and July 31, 2024, was 24.79%.
Prosper and WebBank take your privacy seriously. Please see Prosper’s Privacy Policy and WebBank’s Privacy Policy for more details.
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