Stress less with low-interest online Personal Loans

Checking your rate won’t affect your credit score

2,000 - 40,000Enter from $2,000 - $40,000
Check your rate

Checking your rate won't affect your credit score

Borrow from $2,000 to $40,0001

Get your funds as soon as 1 business day2

No pre-payment penalties

Checking your rate won't affect your credit score

People trust Prosper people

Since 2005, over 1 million people have chosen Prosper to access low interest online personal loans.4

804 reviews on

We’ve got the best personal loan for you

Whether you want to consolidate debt to lower your monthly payments, finish a home improvement project, pay off medical debt, buy a car, or take a vacation, you can apply for a fast, easy personal loan through Prosper today!

Q: What makes a personal loan through Prosper different?

A: Your experience

Prosper is the FIRST peer-to-peer personal loan lending platform in the US. This means that a personal loan through Prosper comes from traditional investors and a unique group of real people choosing to invest in YOU.

3 quick steps to get your personal loans

  • Icon: Lock with check-mark

    1. Check your rate

    Safely share your basic income & expense information with us to see what interest rate you may qualify for

  • Icon: Fingers snapping

    2. Choose your monthly payment

    Choose the loan length to customize your monthly payment and rate that work best for you to pay off over 3 years or 5 years.3

  • Icon: Stack of coins

    3. Get your funds

    Receive your money lightning-fast2 through direct deposit

Check your rate

Checking your rate will not affect your credit score

Prosper is always there when I need a lending hand. I am grateful for being able to get a loan from your business. When [it] gets tough for me to take care of my financial problems, you are there to lend a hand. —Emerita S, May 2022

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Getting your estimate will not affect your credit score

1 / 5

What’s your estimated credit score?

If you don’t know it, give us your best guess.

680-699

600
850
2 / 5

How much would you like to borrow?

You can choose up to $40,000.

$8,000

$2,000
$40,000
3 / 5

How do you earn your income?

4 / 5

What’s your estimated annual pre-tax income?

$96,000

$0
$300,000
5 / 5

Do you own or rent your home?

Questions? We’re here to help

Find answers to our community’s questions below, or visit our Help Center to learn more.

What is a personal loan?

A personal loan is money that you borrow from a lender and pay back in fixed monthly payments over a set period, such as 3 or 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 3- or 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.

How do I get a personal loan?

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.

Will I have to pay any fees on a personal loan through Prosper?

Your loan may be subject to 4 types of fees:

  1. Origination fee
  2. Check payment fee
  3. Late fee
  4. Insufficient funds fee

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.

What if I don’t qualify for a personal loan?

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.

Is personal loan interest tax deductible?

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.

Are personal loans taxable?

Personal loans are not typically taxable because the money you borrow isn't considered income.

Unlike wages or investment earnings, which you earn and keep, you need to repay the money you borrow through personal loans. Because money you borrow is not considered a source of income, you are not required to report personal loans on your tax returns.

According to Experian, there are other situations that change whether a personal loan comes with tax requirements, such as receiving a personal loan from a friend or family member or receiving money from a personal loan as a gift. If a personal loan is forgiven, the borrower may need to pay income tax on a portion of the personal loan that was forgiven. To learn more about personal loans and your taxes, you can check out articles from the following sources:

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.

Where personal loans meet financial well-being

Not sure if a personal loan is right for you? Learn more about borrowing money, managing debt, and keeping your finances in check.