SummaryProsper is still a formidable alternative. It appears even with the new underwriting process, Prosper loans are slightly risker. This isn’t necessarily a bad thing; it’s something to be aware of when picking loans.
Minimum Credit Score640
Maximum Loan Amount$35,000
Loan Duration60 months
APR5.99% - 36.0%
Origination Fee1.0% - 5.0%
Days to Close30 days
My overall experience with Prosper was great. I applied on Monday evening and the money was in my account by Friday morning. Prosper communicated to me the whole process. If they were missing anything I received an email stating what they needed, in which case I would get to them as soon as possible. I would definitely use them again.
Simple easy loans at low interest rates. Fees could be communicated better.
The application for Prosper is by far the easiest and most efficient that I've seen. The day I submitted my application, I also submitted a voided check using my smartphone. I wasn't quite sure what a peer to peer lender was, and was slightly skeptical, but decided to give it a try after a friend applied for a loan with this company. I received the loan straight to my bank account in two days, and it couldn't have been easier. So pleased.
Overall Prosper is a decent P2P investment service, although it has limitations similar to Lending Club. The biggest limitation to their service is a smaller selection of investment notes.