What kinds of loans are available on Prosper?
Borrowers can request three-to-five-year, closed-end, unsecured, fully-amortizing fixed-rate Loans, with payments due monthly. Borrowers can repay the full amount of the Loan or make partial prepayments of principal at any time; there are no early payment or prepayment penalties associated with the Notes. Q: What Loan amounts are available on the Platform? A: Borrowers may currently request Loans in amounts ranging from $1,000 to $25,000, with some variations based on applicable state laws and Prosper’s lending authority in a particular state. Q: Can Borrowers have more than one Loan outstanding at any one time? A: Borrowers may have up to two Loans outstanding at any one time, provided that the aggregate outstanding principal balance of both Loans does not exceed the maximum Loan amount for the Borrower’s state of residence. To be eligible to obtain a second Loan, Borrowers must be current on their existing Loan, and must not have been delinquent in making their two most recent monthl
Borrowers can request 3-year, fully amortized, unsecured loans up to $25,000. In other words, you will have three years to pay off the loan in full with set monthly payments. You don’t have to offer any collateral, like a car or your house, to guarantee the loan. There are no penalties for paying off your loan early or for making partial prepayments.
Borrowers can request 3-year, fully amortized, unsecured loans up to $25,000 (may vary by state). In other words, you will have three years to pay off the loan in full with set monthly payments. You don’t have to offer any collateral, like a car or your house, to guarantee the loan. There are no penalties for paying off your loan early or for making partial prepayments.
Borrowers can request 3-year, unsecured, fully amortized loans up to $25,000. Borrowers can repay the full amount of the loan at any time; there are no early payment penalties. Learn about creating a loan listing. What is the collateral for these loans? There is no collateral on Prosper loans—they are all unsecured loans. In this way, a loan from Prosper is a lot like a personal loan from a bank or a credit card. Lenders base their lending decisions on borrowers’ credit grades and other factors. Learn about credit grades. How quickly will a borrower receive money once a loan is matched? Borrowers typically receive their loan within 2 to 7 days of the end of a successful listing. How are interest rates and payments calculated? Interest rates are based on the rate selected by the borrower which is then matched (and possibly bid down) by participating lenders. Payments are due once a month, based on a fully-amortized repayment schedule over a 3-year period. Each monthly payment is the sam
