How Do You Apply for a Prosper Personal Loan?


Quick Answer

To apply for a Prosper personal loan, create a loan listing on the Prosper website, and then wait for your credit to be evaluated and an interest rate assigned. There are no guarantees of obtaining a loan through Prosper.

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Full Answer

The Prosper loan listing includes basic personal information used to verify one's identity and to establish a credit rating, as well as a description of the borrower's financial situation and the purpose of his or her loan. Investors scan listings looking for loans to fund. Therefore, asking family and friends to offer recommendations on your listing improves the likelihood of getting funding.

Borrowers whose listings personally address their requested loan amount, along with their reasons for asking for a loan, have a greater chance of being approved. Other ways of improving one's chances of obtaining a loan include promptly submitting requested documents and responding to requests for information.

Interest rates range from 6.73 percent for prospective borrowers with AA Prosper Ratings to 35.36 percent for first-time borrowers. The average interest rate for borrowers through the Prosper network is 17.87 percent. To obtain an AA Prosper Rating, applicants must have excellent credit. All Prosper loans are ultimately made by WebBank, a Utah-based, FDIC-insured financial institution.

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