Prosper Borrower Help
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Applying for a loan
Who can borrow money on Prosper?
A new Prosper borrower must be a U.S. resident in a state where Prosper loans are available, and must have a bank account, a Social Security number, and a credit score of at least 640.
uses Experian to obtain credit scores.
Depending on their qualifications, approved borrowers can request unsecured loans from $2,000 to $25,000.
What states are open for borrowing on Prosper?
is available to borrowers in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
At this time, Prosper
is not available to borrowers in the following states: Iowa, Maine and North Dakota.
States open for borrowing
What kinds of loans are available on Prosper?
Loan interest rates are set by Prosper
and are based on factors including:
There are no fees for posting a borrower listing on Prosper
This can be due to insufficient funds, a closed account, account changes that were not reported to Prosper
, or for any other reason (other than an error by us).
This fee is retained by Prosper
Late payment fee: If a monthly payment is 15 days late, you'll be charged a late fee.
Late fees are passed on to lenders.
does not retain late fees.
If you select electronic funds transfer, Prosper
will electronically deduct your monthly payment from your bank account on the due date.
If you select bank draft as your method of payment, you are authorizing Prosper
to write a check on a monthly basis on your behalf to cover your payment each month.
How quickly will I get my money?
Your listing will end as soon as it is 100% funded or after 14 days, whichever comes first.
Once the listing ends, Prosper
must complete a loan review process before the loan is approved.
may require additional documentation from you as part of this review.
When you join Prosper
, we send an email to the address you gave us.
For the safety and security of the marketplace, it is important that Prosper
verifies that each member is 1) a real person, and 2) the same person they say they are.
You will be required to provide your name, date of birth, Social Security number, address, and telephone number.
Based upon this and other data, Prosper
will verify your identity.
The Verification Stage icons tell you and prospective investors how far along Prosper
is in verifying the information you submitted, in order to process your loan application.