Is Prosper a scam?- Get The Answers In My Review!

Is Prosper A Scam?- Get The Answers In My Review!

Name: Prosper

Owners: Ron Suber & Aaron Vermut

Website: prosper.com

Overall Rank: 6 Out of 10

Verdict: Legitimate

There has been a lot of noise about Prosper. Some say it’s legit while others call it as a scam.

You must have heard about this opportunity from a blog or got some information on the social media about this company.

The company claims that it connects the borrower to the investors and offers a fixed rate loan up to $35,000 for the applicant that qualifies.

But is this company real? Or is Prosper another scam that won’t deliver what they promise at the end of the day?

Because of a lot of requests and the noise surrounding this company, I have decided to do a thorough research to know what they will offer you.

So let’s get right to it!

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What Is Prosper All About?

Prosper is one of the online loan services that is gaining popularity today, especially when it’s coming from a lender that offers you a very low-interest-rate compared to the higher interest rate of the most financial institution.



Prosper is a pioneer in U.S. peer-to-peer lending and it allows investors to offer loans directly to borrowers and earn an interest rate on these loans.

Prosper was founded on March 22, 2006, by Ron Suber out of San Francisco, CA   U.S.A. and it has been one of the leaders of the peer-to-peer lending market. The firm now has over 1.6 million members and over $400,000,000 in funded loans.

The Prosper website domain ”prosper.com” was initially registered on April 26, 1996, and the registration was last updated on August 11, 2016.

Prosper had shut down in 2009 to go through the SEC filing process and re-opened on July 1, 2009, after SEC registration.

Prosper has an A+ rating with the Better Business Bureau. BBB ranks companies on an F to A+ scale; so Prosper’s rank is an excellent rating. Receiving an A+ from the Better Business Bureau is a sign of a very trustworthy company.

See BBB Rating Here

Note: Prosper is NOT a member of FDIC – it is not a bank. All Prosper personal loans are unsecured, fully amortized personal loans.


What Types Of Loan Prosper Offer?

Prosper offers a wide range of loan.

Loan types include:

  • Debt Consolidation Loans
  • Home Improvement Loan
  • Short Term & Bridge Loans
  • Auto & Vehicle Loans
  • Small Business Loans
  • Baby & Adoption Loans
  • Engagement Ring Financing
  • Wedding Loans
  • Friends & Family LoansGreen Loans
  • Military Loans

If you are desperately in need of money in the future and don’t want to go through the long process of banks. Prosper is here to help you out as long as it’s not beyond $35,000.


The Qualification Process

You’ll have to go through 3 steps to get a loan.

Check Your Rate

You’ll want to check your rate to see if you’re eligible for the lowest rates possible. Rates range from 5.99-35.99% APR.

You will be required to enter your zip code, the amount you need, the purpose of the loan, create your account.

They will also need your personal details to proceed with the qualification process which includes your home address, date of birth, Email address, your yearly Income.


You will have to agree to their terms and conditions and the other disclosure agreement.
Once you click on “View Your Offer,” it will process your information and determine whether or not you qualify for a loan.

Choose your loan

You’ll want to select your amount and repayment terms usually between 3 and 5 years, but you can pay it off anytime without penalty.

Get your funds

Your money goes straight to your bank account via direct deposit and you’ll get it within a few business days.


Am I qualified For The Prosper Loan?

You are not entitled to this loan if you have a FICO credit that is below 640, but higher credit score is also not an automatic qualification.

They must also be sure that you have a consistent job or wages for you to be considered at all for the loan.

This means that your FICO score must be good and you must have a job that is actually earning you money to fund the loan.

The credit score

This is obtained from an official credit reporting agency and new prospective borrowers are required to have a FICO 8 credit score of at least 640 while returning borrowers only need a score of 600 to request a loan.

See The Screenshot Of Credit Score Range Below.

The Prosper Score

This is “Prosper Rating” for prospective borrowers based on the company’s estimation of that borrower’s “estimated loss rate.”

Prosper Ratings, from lowest-risk to highest-risk, are labeled AA, A, B, C, D, E, and HR (“High Risk”).

See The Screenshot Of Prosper Rating Chart Below.



I will advise you to estimate. It is important for the ideal amount you need and how fast you will be able to pay the money back will always help you to make the right decisions for the healthy financial habit.


What I Like About Prosper

  • The lending process of Prosper is very clean and it’s legit.
  • Their method of application is very easy.
  • The company has a good rating from Better Business Bureau (BBB).
  • Their interests are very low and they also have some fixed rate that is the same.
  • They also offer you the opportunity of paying the loan on time to reduce the interest.


What I Don’t Like About Prosper

  • Some loan application are denied. This is the main complaints borrowers have with them.
  • They have ton of complaints (202 customers complaints on BBB alone)
  • The loan is not available in some states.


Here Is What I Really Think

In my own opinion, Prosper is not a scam and it’s a network that offers people loan at a very good interest rate.

This might just be the network that you will need to pay for your debt and every other expense at a very attractive interest rate.

If you want a loan that is not more than $35,000 with a very low-interest rate, then Prosper will be the right choice for you.

Keep in mind that you are only qualified for the loan if you have a good FICO score and have a good Prosper rating score.

Do you happen to have any previous experience with this company that you would like to share with everyone else here today?

If you do so, tell me all about it in the comment box below!

Thanks for reading.

All the best!





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