Prosper Funding LLC

Prosper is one of the original peer-to-peer lending platforms in the United States, having launched in 2005. While it started by connecting individual investors directly with borrowers, it now operates primarily as a marketplace lender working with institutional funding partners. Prosper offers unsecured personal loans for purposes including debt consolidation, home improvement, medical expenses, and other major costs.

The application process is completed online. Prosper performs a soft credit check for pre-qualification, which does not affect your credit score, so you can view estimated rates and terms before formally applying. A hard credit inquiry is made when you submit a full application.

Prosper charges an origination fee on its loans, which is deducted from the loan amount before funds are deposited. This reduces the actual amount you receive, so factor it into your calculations when deciding how much to borrow. There are no prepayment penalties if you want to pay off the loan early.

Prosper accepts joint loan applications, which means a second applicant can be added to the application. A joint applicant with stronger credit or higher income may help improve the terms offered.

Rates and approval criteria depend on credit score, income, debt-to-income ratio, and other factors. Prosper serves a range of credit profiles, but borrowers with lower credit scores will typically see higher interest rates. As with any personal loan, understand the total repayment cost including interest and fees before committing.

Compare Prosper's offer against quotes from banks, credit unions, and other online lenders before making a decision. Prosper loans are originated by WebBank, which is FDIC-insured.