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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.1
Receive your money lightning-fast2 through direct deposit
Find answers to our community’s questions below, or visit our Help Center to learn more.
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.1
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.
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.
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.
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.
The best way to know if you are eligible to receive a personal loan through Prosper is to visit our personal loans page and 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. You can learn more about joint personal loans here.
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 For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 1% and 5%. Personal loan APRs through Prosper range from 6.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Your actual rate depends on credit history, income, loan term, and other factors. The average APR for a funded 3-year personal loan between January 1, 2022 and December 31, 2022 was 22.48% APR. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions.
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 ability to quickly process the transaction.
All personal loans made by WebBank. 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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