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WiseIQ Editorial Team
Reviewed by certified financial experts  ·  Updated April 2026
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Prosper is one of the original peer-to-peer lending platforms, founded in 2005. It accepts borrowers with credit scores as low as 560 — lower than most mainstream lenders — and offers loan amounts from $2,000 to $50,000. For borrowers with fair or poor credit who need more than a few thousand dollars, Prosper is one of the few options available.

The peer-to-peer model means your loan is funded by individual and institutional investors rather than a bank. This can result in slightly longer funding times (3–5 days vs. 1–2 days at some competitors), but it also means Prosper can serve borrowers that traditional banks would decline.

Prosper Personal Loan

560+ credit score accepted · $2,000–$50,000 · Rates from 8.99% · Check rate without affecting credit

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Rates, Fees & Key Terms

WISEIQ TOP PICK
PERSONAL LOANS
Upstart logoUpstart
Best for fair & thin credit · AI-powered approval
APR RANGE
7.80%–35.99%
LOAN AMOUNT
$1K–$50K
MIN. CREDIT
300
✓ No prepayment penalty ✓ Funds in 1 business day ✓ Soft pull pre-qualification ✓ Considers education & job history
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No credit score impact
WiseIQ may earn a referral fee if you apply through this link. Rates shown are representative and may vary. See Upstart's website for full terms.
FeatureDetails
APR Range8.99% – 35.99%
Loan Amount$2,000 – $50,000
Loan Terms24, 36, 48, or 60 months
Origination Fee1% – 9.99%
Late Payment Fee$15 or 5% of payment (whichever is greater)
Prepayment PenaltyNone
Minimum Credit Score560
Funding Speed3–5 business days
Joint ApplicationsNo

✓ Pros

  • Accepts credit scores as low as 560
  • Loan amounts up to $50,000
  • No prepayment penalty
  • Soft pull to check rate
  • Established platform with $25B+ funded
  • Transparent rate check process

✗ Cons

  • Origination fee of 1%–9.99% adds to total cost
  • Funding takes 3–5 days — slower than some competitors
  • No joint applications
  • Not available in all states (Iowa, Maine, North Dakota, West Virginia excluded)
  • Higher rates for lower credit scores (up to 35.99%)

Prosper — Check Your Rate Today

No credit score impact · 560+ accepted · Rates from 8.99% · Up to $50,000

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Frequently Asked Questions

What credit score do you need for a Prosper personal loan?

Prosper requires a minimum credit score of 560, making it one of the most accessible personal loan lenders for fair and poor credit borrowers.

How does Prosper's peer-to-peer lending work?

Prosper connects borrowers with individual and institutional investors who fund the loans. This model allows Prosper to offer loans to borrowers who might not qualify at traditional banks, though rates can be higher for lower credit scores.

Does Prosper charge an origination fee?

Yes. Prosper charges an origination fee of 1%–9.99% of the loan amount, which is deducted from your loan proceeds before disbursement.

How fast does Prosper fund loans?

Prosper typically funds loans within 1–3 business days after the loan is fully funded by investors, which can take 1–5 days. Total time from application to funding is typically 3–5 business days.

Is Prosper a legitimate lender?

Yes. Prosper is one of the original peer-to-peer lending platforms, founded in 2005. It has facilitated over $25 billion in loans and is a legitimate, licensed lender operating in most U.S. states.

Sources & Methodology

WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.

Last reviewed: April 3, 2026  |  How we rank products