Prosper Loans: Products Offered and How it Works

Prosper logoTouted as the first peer-to-peer, or marketplace lender, Prosper Funding LLC (Prosper) was established in 2006 and is currently headquartered in San Francisco. The company strives to provide individual consumers with a different method to obtain financing for life’s expenses, far removed from the traditional bank lending landscape. Prosper focuses on making lending both simple and affordable by allowing individuals to connect with investors who are willing and able to fund personal loans, facilitated through the company’s online platform. Prosper serves more than 2 million members and has successfully funded more than $5 billion in loans.

How it Works

Similar to other marketplace lenders, Prosper allows individuals to place loan requests online through a short application process. A personal loan listing can be submitted for any amount between $2,000 and $35,000 by providing basic information about the borrower, loan purpose and amount requested. Once a loan request is listed, Prosper makes it available to a pool of qualified investors through the site, and interested investors come together to fund the loan. Prosper manages the process, from vetting the credit risk of the borrower, the interest rate applied to the loan, and ongoing repayment and service.

Products Offered through Prosper

A broad range of personal loans are available to individuals through the Prosper platform, including debt consolidation, home improvement, short-term or bridge, auto and small business loans. In addition to conventional loan needs, individuals may also utilize Prosper to obtain baby and adoption loans, engagement ring financing, special occasion loans, friends and family loans, green loans and military loans. For financing up to $35,000, borrowers may qualify for a repayment term of three or five years, with interest rates starting as low as 5.99%.

Personal Loans up to $35,000 at PersonalLoans.com

Get a Personal Loan up to $35,000

  • Choose from peer-to-peer loans, installment loans, and traditional bank loans
  • Simple and secure online loans from a vast network of trusted lenders
  • Use for a vacation, to pay off medical expenses, debt consolidation or something else
  • Get approved within minutes and receive next-day funding

Prosper focuses solely on providing individual loan products, and as such does not directly offer mortgage loans, business loans, or other types of financing that may exceed the loan maximum of $35,000. However, Prosper is currently partnered with other marketplace lenders who provide more robust loan products to individual borrowers. LendingTree, a top peer-to-peer lender in the mortgage market, is listed as a partner of Prosper. And OnDeck, a leading marketplace lender in the small business loan space, also makes an appearance on the company’s partner list.

To further understand how Prosper may fill individual borrower needs as a marketplace lender, we will next review the specific lending products the company has to offer through its online portal.

Posted on August 1, 2017 by in Personal Loans,

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