Prosper’s platform allows borrowers access to personal loans between $2,000 and $40,000 and borrower qualifications are more affordable than many other online lenders.
It is ideal for borrowers with fair credit scores who want to borrow a small amount of money, as loans start at $2,000 and borrowers need a minimum credit score of only 600.
Other details
Several factors are used by Prosper to determine an applicant’s eligibility. Each lender has specific underwriting requirements, but it is common for these to include information about the applicant’s credit profile and other factors such as income, which will demonstrate their ability to repay the loan.
Prosper assesses the creditworthiness of each loan applicant based on information provided by TransUnion.
A minimum credit score of 600 is required by Prosper, but – between January and May 2021 – the average FICO score of a Prosper personal loan borrower was 726. Either way, Prosper is a good choice for anyone with credit. fair and need access to a small and medium-sized loan.
There is no minimum income required for Prosper personal loan applicants. However, as of May 2021, the average annual income of a personal loan borrower was $113,000. Also, it is important to know that eligibility for personal loans is determined by the number of investors who deposit funds into an applicant’s loan account.
Learn more about Prosper Personal Loans
In addition, Prosper allows for joint applications and it is possible to include a joint applicant when checking their rate online.
Adding a co-borrower with good credit can make it easier to get approved for a better APR or even a higher loan amount. If co-borrowers are married or related and have good credit scores and regular income and employment, they will have a better chance of approval. Once loan funds are disbursed, each party has access and both parties are responsible for making payments.
Other Benefits
- Joint Loan Option: Prosper offers the option of a joint application, of two borrowers together as joint applicants. Your chances of getting a loan or a lower annual rate can go up by including a co-borrower with stronger credit.
- Wide range of loan amounts: Prosper offers a range of loan amounts between $2,000 and $40,000, enabling borrowers to cover expenses of any size
- Home equity line of credit: Get access to a home equity line of credit. See personalized offers without affecting your credit score and receive financing within weeks.
- Hardship Program: Assistance for borrowers affected by the Covid-19 pandemic. Request relief by contacting the dedicated helpline.
Is this loan for you?
Prosper is ideal for people with fair credit scores who want to borrow a small amount of money, as loans start at $2,000 and borrowers need a minimum credit score of only 600.
Most specifically, is perfect for borrowers who have fair or good credit (630 to 719 FICO) and two years of credit history. It will also be useful for those who want a mortgage and want to add a co-borrower to their application.
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