Prosper debt consolidation loan, reviewed
Prosper lends $2,000 to $50,000 and asks for a 640 score. Its rates, its fee, and what that fee does to the APR.
$373 to $594 a month with Prosper on $15,000 over four years
$489 a month to clear the same $15,000 on 24% cards in four years
| APR range | 8.99% to 35.99% |
|---|---|
| Loan sizes | $2,000 to $50,000 |
| Terms | 2 to 6 years |
| Fee | Origination fee of 1% to 9.99% |
| Bank average, 24-month loans | 11.9% |
A Prosper debt consolidation loan replaces several card payments with one fixed payment. Its own example shows a 17.29% rate becoming a 24.19% APR once the fee is counted.
Below are its rates, sizes and fees from its own disclosure, and who it suits.
Rates and loan sizes
Prosper lists APRs from 8.99% to 35.99%, terms of two to six years, and loans of $2,000 to $50,000 (Prosper).
The bank average for a 24-month loan is 11.9% (Federal Reserve G.19).
Credit score needed
Prosper states that borrowers need a credit score of 640 or higher (Prosper).
Below 640, look at lenders that publish a lower floor.
Fees
Prosper’s origination fee runs from 1% to 9.99% (Prosper).
In Prosper’s own example, a three-year $10,000 loan at 17.29% interest with an 8.99% fee has a 24.19% APR. The fee adds almost 7 points.
How the money reaches your cards
That example is why the APR, not the interest rate, is the number to compare with your cards.
Who the Prosper debt consolidation loan fits
It fits a borrower with a score of 640 or more and $2,000 to $50,000 of cards.
It is a poor pick if your score is under 640 or a no-fee lender approves you.
Complaints about Prosper are public in the CFPB database: 197 personal loan complaints under Prosper.
Other choices
Put a Prosper offer next to two others before you sign. The best loans page lists all 16 lenders with their fees.
Run the offer through the debt consolidation calculator to see the payment next to what your cards cost.Compare Prosper with
Lender APR Loan sizes Fee 
PenFed6.39% to 17.99% Up to $50,000 No origination fee 
LightStream9.99% to 23.94% with autopay $5,000 to $100,000 No origination fee 
Discover6.99% to 24.99% $2,500 to $40,000 No origination fee 
Wells Fargo6.74% to 26.74% $3,000 to $100,000 No origination fee 
SoFi6.99% to 35.49% $5,000 to $100,000 Optional fee of 0% to 7% 
LendingClub5.96% to 35.99% $1,000 to $75,000 Origination fee of 0% to 8% 
Reach Financial5.99% to 35.99% $3,500 to $40,000 Origination fee of 0% to 8% 
Achieve6.25% to 35.99% $5,000 to $50,000 Origination fee of 1.99% to 9.99% 
Upstart6.3% to 35.99% $1,000 to $75,000 Origination fee, 8.15% in Upstart’s own example loan 
Best Egg6.99% to 35.99% $2,000 to $50,000 Origination fee up to 9.99% 
Upgrade7.74% to 35.99% $1,000 to $50,000 Origination fee of 1.85% to 9.99% 
Happy Money8.95% to 35.99% $5,000 to $50,000 Origination fee set by amount, term and credit 
Avant9.95% to 35.99% $2,000 to $35,000 Administration fee up to 9.99% 
Universal Credit11.69% to 35.99% $1,000 to $50,000 Origination fee of 5.25% to 9.99% 
OneMain Financial11.99% to 35.99% $1,500 to $30,000 Flat $25 to $500, or 1% to 10%, by state
Related topics
- Personal loan for debt consolidation
- Wells Fargo
- Payday loan consolidation
- Debt consolidation loan calculator
About this lender
What credit score do you need for Prosper?
Prosper states 640 or higher.
What are Prosper’s rates?
Prosper lists APRs from 8.99% to 35.99%, with a 1% to 9.99% origination fee.
How much can I borrow from Prosper?
From $2,000 to $50,000, on terms of two to six years.
Check your Prosper offer today
You hold a Prosper offer, or you are about to apply. The fee and the term change what it really costs. Call and a specialist goes through the offer line by line against your cards.