Prosper Personal Loans: Rates, Fees and Terms for 2026
Prosper is an online lending marketplace that offers unsecured, fixed-rate personal loans from $2,000 to $50,000. Its annual percentage rate (APR) ranges from 8.99% to 35.99%, and Prosper deducts an origination fee of 1% to 9.99% from the loan proceeds before disbursement. WebBank, a Utah-chartered industrial bank, makes all Prosper personal loans.
Key Takeaways
Loan amounts run from $2,000 to $50,000: Repayment terms range from two to six years, and the advertised APR spans 8.99% to 35.99%.
The origination fee cuts into your proceeds: Prosper charges 1% to 9.99% of the loan amount, so you receive less than you borrow while still repaying the full principal.
Joint applications are allowed: Both borrowers share equal responsibility for repayment, and adding a stronger co-borrower could improve your offer.
The Prosper Rating isn't your credit score: It's Prosper's own risk rating, used mainly to help potential investors evaluate a loan listing.
A 640 credit score is a common benchmark: Prosper's current materials point to that figure for accepted loans, though your full application still determines approval.
Prosper loans aren't available everywhere: Prosper's current compliance page excludes Iowa and West Virginia.
What Is Prosper and How Does It Work?
Prosper runs an online marketplace that connects loan applicants with individual and institutional investors, which makes it a form of peer-to-peer lending rather than a traditional bank loan. The setup is more layered than a direct loan from investors to borrowers.
Three parties are involved in every Prosper loan:
WebBank: A Utah-chartered industrial bank that originates each personal loan.
Prosper Funding LLC: Operates the marketplace and services the loans, sometimes using third-party servicing agents.
Investors: Buy Prosper-issued notes whose payments depend on what Prosper collects from the matching borrower loan, rather than lending to the borrower directly.
Prosper loans are unsecured, so you generally don't pledge a house, vehicle or other asset as collateral.
Prosper Personal Loans at a Glance
Feature | Detail |
|---|---|
Loan amount | $2,000 to $50,000 |
APR | 8.99% to 35.99% |
Repayment terms | 2 to 6 years |
Origination fee | 1% to 9.99% |
Check-processing fee | Lesser of $5 or 5% of the payment |
Late fee | Greater of $15 or 5% of the unpaid monthly payment after 15 calendar days |
Insufficient-funds fee | $15 |
Prepayment penalty | None |
Joint applications | Available |
Originating bank | WebBank |
Availability | All states except Iowa and West Virginia |
*Terms reviewed Oct., 2026. Rates and loan terms are subject to change.
Prosper Pros and Cons
Pros | Cons |
|---|---|
Offers loan amounts up to $50,000 | Charges an origination fee on every funded loan |
Allows joint applications | Highest advertised APR is 35.99% |
Offers terms from two to six years | Origination fee reduces the amount received |
No prepayment penalty | Funding requires enough investor commitments |
Lets applicants check potential rates before committing | Not available in Iowa or West Virginia |
Fixed-rate, fully amortizing loans | Check, late-payment and returned-payment fees can apply |
What Are Prosper's Rates, Loan Amounts and Terms?
Here's what to know about Prosper loan rates, amounts and repayment terms before you apply.
Interest Rates and APRs
Prosper advertises APRs from 8.99% to 35.99%. APR represents the annual borrowing cost after accounting for the interest rate and applicable finance charges, including the origination fee. It isn't the same as the contractual interest rate used to calculate your monthly payment.
Prosper's current representative example is a $10,000, three-year loan with:
Interest rate: 17.29%
Origination fee: 8.99%, or $899
APR: 24.19%
Net proceeds: $9,101
Payments: 36 monthly payments of $357.97
The payment is calculated using the 17.29% interest rate, not the 24.19% APR. Prosper separately reports that the average APR for three-year loans funded from Jan. 1 through March 31, 2026, was also 24.19%. Those identical figures describe two different things: One is a representative loan example, and the other is a historical average for loans funded that quarter.
Loan Amounts
Prosper offers loans from $2,000 to $50,000. Eligibility for a particular amount depends on factors like credit history, credit score, monthly income and monthly expenses. Your full application determines whether you're approved. Prosper markets its loans for purposes including debt consolidation, home improvement and medical expenses. Review the loan agreement before accepting an offer to confirm your intended use is allowed.
Repayment Terms
Prosper offers terms of two, three, four, five or six years. A longer term can lower your monthly payment but typically increases the total interest you pay.
The estimates below are comparison tools, not predictions of your actual payment:
Loan amount | Term | APR used | Estimated monthly payment |
|---|---|---|---|
$2,000 | 2 years | 35.99% | $118.08 |
$10,000 | 3 years | 24% | $392.33 |
$15,000 | 4 years | 16% | $425.10 |
$30,000 | 5 years | 14% | $698.05 |
$50,000 | 6 years | 8.99% | $901.03 |
Estimates use standard fixed-payment amortization with APR divided by 12. Your actual payment depends on the contractual interest rate, origination fee, loan amount and term.
What Fees Does Prosper Charge?
Fee type | Amount |
|---|---|
Origination fee | 1% to 9.99% of the loan amount |
Check-processing fee | Lesser of $5 or 5% of the payment |
Late fee | Greater of $15 or 5% of the unpaid monthly amount after 15 calendar days |
Insufficient-funds fee | $15 per returned or failed payment |
Prepayment penalty | None |
Prosper deducts its origination fee before transferring your proceeds. For example, a $2,000 loan with a 9.99% fee would net you $1,800.20, although you'd still repay and pay interest on the full $2,000 principal.
Prosper doesn't charge a penalty for extra principal payments or paying the loan off early. Its current fee materials don't promise a refund of the upfront origination fee after early payoff, so don't count on getting that portion back.
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.
Do You Qualify for a Prosper Loan?
Prosper's public eligibility materials confirm that an applicant and any co-applicant must:
Be a U.S. resident: You must live in a state where Prosper loans are available.
Have a personal bank account: A business bank account doesn't satisfy this requirement.
Provide a Social Security number: Prosper uses it for identification and verification.
Meet underwriting requirements: Approval and terms depend on your full application, including credit and financial information.
Prosper's own personal loan requirements page points to a credit score of 640 or higher for accepted loans, though Prosper's broader materials aren't fully consistent on debt-to-income, inquiry, bankruptcy, open-account or recent-denial limits, so treat 640 as a benchmark, not a firm cutoff.
For a joint application, both borrowers are equally responsible for repayment. Prosper said adding a second applicant with strong credit could improve your odds of an offer or lower your available rate, though neither result is certain.
What Is a Prosper Rating?
The Prosper Rating is Prosper's own risk-rating system, expressed as a letter grade. Every application gets a rating so Prosper can evaluate applicants consistently and give potential investors information they may use when deciding whether to fund a loan listing.
The Prosper Rating isn't your credit score. Credit information can feed into underwriting, but the rating is a separate Prosper measure. It shouldn't be read as a stand-in for your FICO score or as the sole factor behind your APR.
Profile of Recent Prosper Originations
Prosper's August 2026 performance update describes loans originated through its Standard Platform that month, not every applicant or every person who has ever borrowed through Prosper. For August 2026 originations, Prosper reported:
Average loan size: $16,510
Weighted average borrower interest rate: 16%
Dollar-weighted average FICO score: 710
Median monthly payment-to-income ratio: 5.1%
Weighted average term: 58 months
These figures were measured at origination, and the 16% figure is the borrower interest rate, not APR. Prosper also notes that this data and its calculations weren't independently verified.
How Does Prosper Compare to Other Lenders?
Feature | Prosper | Happen Bank | Upstart | SoFi® |
|---|---|---|---|---|
APR | 8.99% to 35.99% | 5.96% to 35.99% | 6.3% to 35.99% | 6.99% to 35.49% |
Loan amounts | $2,000 to $50,000 | $1,000 to $75,000 | $1,000 to $75,000 | $5,000 to $100,000 |
Terms | 2 to 6 years | 2 to 7 years | 3 or 5 years | 2 to 7 years |
Origination fee | 1% to 9.99% | 0% to 8% | 0% to 12% | 0% to 7% |
Marketplace or originator | WebBank originates, Prosper operates the marketplace | Happen Bank | Partner financial institutions | SoFi |
*Terms reviewed Oct., 2026. Offers vary by applicant and state and may change without notice.
Happen Bank is the new name of LendingClub Bank, National Association. The company and its banking subsidiary adopted the Happen names on June 22, 2026. Happen advertises personal loans from $1,000 to $75,000 with terms from 24 to 84 months, and its fee page lists an origination fee of 0% to 8%. If you're weighing Prosper against its former identity, MoneyLion's Prosper vs. LendingClub comparison still applies to the renamed Happen Bank product.
Upstart is a lending marketplace rather than the lender itself. Its current personal-loan page lists APRs of 6.3% to 35.99%, amounts from $1,000 to $75,000 and three- or five-year terms. It said its model may consider education and employment in addition to credit history, and checking a rate uses a soft inquiry.
SoFi's official disclosures list APRs of 6.99% to 35.49%, including specified autopay and member-rate discounts, for amounts from $5,000 to $100,000. Terms run from two to seven years, and the APR may include an origination fee of 0% to 7%.
A couple of other lenders are also worth a look, depending on what you need:
Chime®: Doesn't currently offer traditional installment personal loans the way Prosper does, but its Chime personal loans page covers the short-term borrowing tools it does offer, which may suit smaller, shorter-term needs.
Mariner Finance: Focuses on smaller installment loans and in-branch service. See MoneyLion's Mariner Finance personal loans review if you want a loan below Prosper's $2,000 minimum or a more hands-on application process.
Why It Matters
Prosper offers broad loan amounts, several repayment terms and joint applications. The main trade-offs are the mandatory origination fee, potentially high APR and the requirement that enough investors commit funds before the loan can be funded. Compare the APR, net proceeds, monthly payment and total repayment, not only the advertised interest rate, before accepting any personal-loan offer.
Is Prosper Legit and Safe?
Prosper is an established online lending marketplace, and WebBank originates its personal loans. Prosper services the loans after origination. A few trust signals worth knowing:
Better Business Bureau: Lists Prosper as accredited with an A+ rating. Its separate BBB customer-review score was 1.02 out of 5. BBB notes that reviews are customer submissions and aren't endorsements.
Trustpilot: Listed Prosper at 4.6 out of 5 when checked Oct., 2026. Trustpilot states that it doesn't fact-check individual reviews, so the score should be treated as customer sentiment rather than an independent measure of loan quality.
Prosper's 2025 Security Incident
Prosper discovered unauthorized activity on Sept. 1, 2025. Its investigation found that personal information was accessed through queries against customer and applicant databases between June and August 2025. Depending on the person, affected information included Social Security or national identification numbers, dates of birth, bank-account numbers and other financial or credit-application information.
Prosper said it found no evidence of unauthorized access to customer accounts or funds. It began notifying affected Iowa residents on Dec. 9, 2025. It offered notified people two years of Experian credit monitoring and identity-restoration services. The Iowa filing reported about 1,008 affected Iowa residents but didn't establish a nationwide affected-person total.
If you received a breach notice, review your financial accounts and credit reports, consider a fraud alert or security freeze, and use a unique password for your Prosper account.
How To Apply for a Prosper Loan
Check your potential rate online: Prosper said its initial rate check doesn't affect your credit score.
Review the available offer: Compare the APR, interest rate, origination fee, term, monthly payment and net proceeds.
Add a co-borrower if appropriate: Joint applications begin through Prosper's website, and both borrowers become equally responsible if approved.
Complete verification: Provide requested identification, income and bank information.
Review the loan agreement: Confirm the allowed use, fees, payment schedule and credit-inquiry disclosures before accepting.
Receive the proceeds: Prosper advertises funding as soon as one business day, but timing depends on verification, investor commitments and bank processing.
Common Mistakes To Avoid With a Prosper Loan
Comparing interest rates instead of APRs: APR accounts for the origination fee and is the better comparison measure.
Ignoring net proceeds: The origination fee is deducted before disbursement.
Treating APR as the payment rate: The contractual interest rate, not APR, determines the scheduled payment.
Missing the late-fee window: Prosper may charge a late fee if the full payment remains unpaid for more than 15 calendar days.
Assuming approval or funding is certain: Offers depend on underwriting and enough investor commitments.
The Bottom Line
Prosper may be worth considering if you want a fixed-rate loan from $2,000 to $50,000, need a term between two and six years or want to apply with a co-borrower. However, every funded Prosper loan carries an origination fee, and APRs can reach 35.99%.
Check your potential rate, calculate the amount you'd receive after fees and compare several offers before accepting a loan.
FAQ
Here are quick answers to common questions about Prosper personal loans.
What credit score do you need for a Prosper personal loan?
Prosper doesn't publish a clear, consistently supported universal minimum in its current first-party materials. Approval and available terms depend on the full application, including credit and financial information.
How much does a Prosper loan cost?
Prosper advertises APRs from 8.99% to 35.99% and charges an origination fee of 1% to 9.99%. Additional fees may apply for check payments, payments more than 15 calendar days late and returned payments.
How long does it take to get money from Prosper?
Prosper advertises funding as soon as one business day. Actual timing depends on verification, enough investor commitments and the receiving bank's processing policies.
Does Prosper allow co-borrowers?
Yes. Prosper allows joint applications with a friend or family member. Both applicants are equally responsible for the loan if approved.
Can you pay off a Prosper loan early?
Yes. Prosper doesn't charge a prepayment penalty. Paying early can reduce interest that would otherwise accrue, but Prosper's current fee materials don't promise a refund of the origination fee.
Key Terms
APR: The annual cost of borrowing, including the interest rate and applicable finance charges.
Interest rate: The percentage applied to the loan principal to calculate interest and scheduled payments.
Origination fee: An upfront fee deducted from the loan proceeds before disbursement.
Prosper Rating: Prosper's proprietary applicant-risk rating used for consistent evaluation and investor review.
Co-borrower: A joint applicant who shares access to the loan and equal responsibility for repayment.
Payment-to-income ratio: The monthly loan payment divided by the borrower's monthly income.
Peer-to-peer lending: A lending model that connects borrowers with individual or institutional investors instead of a single traditional lender.
Sources
Iowa Attorney General: Prosper Marketplace Security-Incident Notice
U.S. Securities and Exchange Commission: Happen Inc. Form 8-K
Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.
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