Personal Loans review

Prosper review

Name: Prosper review
Item: Prosper
Rating: 8
Author: ChoosyOwl

Best for co-applicants

Long-running online lending marketplace with joint applications and a soft-pull rate check. Borrowers who want to apply with a co-borrower and compare a marketplace lender's offer with others. We rank it #9 of 10 in our personal loans comparison, with an editorial score of 8.0 out of 10.

Updated November 14, 2026By the ChoosyOwl editorial teamHow we rank

8.0/10

Our editorial score

Prosper scores well on Rate-check experience with a soft-pull rate check and on Borrower flexibility because it accepts co-applicants and offers terms of two to six years. It publishes worked cost examples, but scores lower on Cost transparency because loans carry an origination fee, and on Eligibility clarity because its marketplace funding model is less straightforward than a direct lender's.

How we score personal loans

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Lending disclosure.

We are not a lender and do not make credit decisions. We do not broker loans or arrange credit on your behalf. Rates, APRs, fees and terms are set by each lender and depend on your credit profile, income, loan amount, loan term and state of residence. Not all products are available in all states.

Checking your rate usually uses a soft credit inquiry that does not affect your credit score. Submitting a full application typically triggers a hard credit inquiry, which may affect your credit score. Approval is never guaranteed, and the rate you are offered may differ from any rate a lender advertises.

Representative example: Happen Bank (formerly LendingClub) shows this example on its site (https://www.happen.com/personal-loan): a borrower receives a loan of $15,262 for a term of 36 months, with an interest rate of 13.99% and a 6% origination fee of $916, for an APR of 18.40%. In this example, the borrower receives $14,346 and makes 36 monthly payments of $522. This example is as published on Happen Bank's site in November 2026; rates change, check your rate on the lender's site. It is an illustration from one lender, not an offer, and your own terms will differ.

Borrow only what you can repay. Missing payments can lead to late fees, collection activity and damage to your credit.

Quick facts

Our rank#9 of 10

Best forBest for co-applicants

Lender typeOnline marketplace lender via partner bank

Soft-pull rate checkYes, soft-pull rate check

APR range (as published)8.99%-35.99% APR

Loan amounts (as published)Up to $50,000

Terms (as published)2-6 years

Fees (as published)Origination fee 1%-9.99%

Facts checkedNovember 14, 2026

Details are general and can change. Check current plans, prices and terms on the Prosper site. See the Prosper company profile in our brand directory.

Overview

Prosper is one of the original US peer-to-peer lending marketplaces. Its personal loans are funded through its marketplace and issued by a partner bank. For borrowers, the experience is similar to other online lenders: check your rate with a soft inquiry, review your offer and submit a full application.

Prosper accepts co-applicants, and its site suggests applying with one if you do not qualify alone. Its loans are commonly used for debt consolidation, home improvement and other large expenses.

As published on Prosper's site in November 2026, APRs range from 8.99% to 35.99%, terms run from two to six years, the origination fee ranges from 1% to 9.99% and loans go up to $50,000; rates change, check your rate on the lender's site.

Pros and cons

Pros

Co-applicant option
Rate check does not affect your credit score
Publishes worked examples of loan costs
Long track record in online lending

Cons

Loans carry an origination fee
Marketplace model is harder to understand
Fewer published hardship details

Key features

Soft-pull rate check before you apply
Co-applicant (joint) applications accepted
Terms of two to six years
Marketplace funding model
Mobile app

Who Prosper is for

A good fit if

Borrowers who want to apply with a co-borrower and compare a marketplace lender's offer with others.

Look elsewhere if

Anyone who wants to avoid origination fees.

How we scored Prosper

Our personal loans score weighs cost transparency (25%), rate-check experience (25%), borrower flexibility (20%), customer protection & hardship options (20%), eligibility clarity (10%). See the methodology.

Prosper alternatives

#1
SoFi
Best overall
Online bank with a soft-pull rate check, autopay discount, co-borrower option and published unemployment protection.
- Soft-pull rate check before you apply
- Autopay and member rate discounts (check current terms)
- Unemployment Protection Program (check eligibility)
- Co-borrower applications accepted
9.3/10
Editorial score
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#2
PenFed Credit Union
Best for no origination fee
Federal credit union with a soft-pull rate check, no origination fee and an autopay discount.
- Soft-pull rate check before you apply
- No origination fee, early payoff fee or balance transfer fee
- Rate discount for autopay set up before funding (check current terms)
- Loans for debt consolidation, home improvement and personal use
9.1/10
Editorial score
Visit site (PenFed Credit Union, opens in a new tab) Read review Compare
#3
Upgrade
Best for debt consolidation
Online lender with a soft-pull rate check and direct payment to creditors for debt consolidation.
- Soft-pull rate check before you apply
- Option to pay creditors directly for debt consolidation
- Joint applications accepted
- Discounts for autopay, direct payoff and secured options (check current terms)
8.9/10
Editorial score
Visit site (Upgrade, opens in a new tab) Read review Compare

Head-to-head

Happen Bank (formerly LendingClub) vs Prosper

See all 10 personal loan options compared

Prosper FAQ

Is Prosper a peer-to-peer lender?

Prosper operates a lending marketplace. Loans are issued by a partner bank and funded through its marketplace. For borrowers, applying works much like any other online lender.

Can I apply for a Prosper loan with a co-borrower?

Yes. Prosper accepts joint applications. Approval and rates depend on both applicants' profiles and are not guaranteed.

Does checking my rate on Prosper affect my credit?

Checking your rate uses a soft credit inquiry, which does not affect your credit score. A full application typically involves a hard inquiry.

Sources and fact check

We checked the facts on this page against Prosper's own website on November 14, 2026. Published ranges are quoted as shown on the provider's site on November 14, 2026; they change, so check the current figures before you apply.

https://www.prosper.com/personal-loans