Prosper Reviews

I currently have a loan with Prosper and have had 4 others in the past. The same bank account was used on all loans. I applied for a second loan and was made to do a bank verification over the phone which took well over an hour to complete. During the call, Prosper reached out to my bank and did a 3 way call to verify bank details. After completing the bank verification, the representative from Prosper started to provide my full social security number to the bank representative when I had to stop her. This is completely inappropriate to provide that number to a stranger without my consent and even the bank representative was shocked.

Like others on here, I was preapproved, mine was $8,000. My Credit Score WAS 815. For reasons known only to scammers like Prosper, they hard-pulled my credit THREE TIMES. No, they were not given permission. Said I was approved, "Just sign these loan docs, here's your rate, amount financed, oh wait, it MUST be paid from your personal bank account, so you have to supply us with that. Don't worry, we'll deposit the funds in that account." Sounds legit. Input my personal banking. I've got everyone on here beat! Not 2 minutes, but 5 seconds later! Email came thru, they couldn't verify who I was or where I work or some other made-up **. On a Sunday. I worked as a Fraud Analyst for MC, Visa, Discover - there is absolutely NO WAY for the system to verify, all by itself, anything about you, such as your employer or income, in 5 seconds! Not even 5 minutes.

After spending over three hours going through technical glitches in the application process for a personal loan which I was preapproved for, I just got denied! I know I stated in in the preapproval process I had fair credit and I think I got denied because my score was below 640. Lucky I don't need their money but beware!!! You may not have a good chance even you're preapproved. I don't need their 35% APR so Prosper did me a favor actually. Strange with a good income and no late payments in 4 years or so. Just save money instead of trying to get a loan from sharks. Lesson learned.

Do not apply: very hard to understand the loan officer or customer service on the phone, they ask for all of these docs, and request for more docs & after denial, you're told to re-apply & upon trying to do so, they ask for more information than before. APR is so high & I'm glad I dodged this bullet of death. No one speaks good understanding English. Not worth it.

9/1/2022 Absolutely horrible. I sat and applied for the loan. Put my SS # and my bank info. I clicked submit. In less than 2 minutes I get an email saying my account was suspended and unable to obtain a loan. The reason was unable to verify my identity and employment.... How did this company even try to verify anything in under two minutes. My credit score is 720. AVOID THIS COMPANY. DO YOURSELF A FAVOR.

I was pre-approved for a loan. I filled out the paperwork and had the loan offer. I took two days to shop around for a lower rate. Upon returning to prosper I completed and signed my loan agreement. They ran my credit for a SECOND time and then denied me based on one issue: Too many credit inquiries in the recent year from similar companies. They were the ones who fill out my credit inquiry list. Web bank times 4 during the time I shopped for credit. This company needs to be avoided as they ruined my chance at receiving a personal loan from almost any company with all their extra inquires.

I made a 0.8% return on my investment over a 3 year period when I first tried investing with Prosper. Many of the loans were sent to collections and I did not receive my investment back. I chose to mostly invest with lendees with at least a "B" rating, but even some of the "A" rated lendees did not pay and went to collections. I do not know how Prosper is investigating the lendees, but it does not reflect how likely they are to pay. The lender interface to view the investments is also misleading and make your investment return look better than it is. At the end of the 3-year period, the interface stated I made 3% on my money (still a horrible rate over 3 years), but when I did the calculation manually, I had only made .8%. You are much better off with traditional investments than trying to profit off of the debt of your fellow citizens.

Please let this sink in. You need financial assistance and you take your chance with Prosper. You apply, and after a hard pull on your credit, Prosper tells you, "approved". You allow them access to your bank account and then provide a copy of your driver's license electronically, per their request. You wait. Two days later your loan is cancelled and you receive an email saying, "We could not verify identity". It is a scam to get your information. They know everything about you now. And, the sad thing is, they get away with it. Read the negative reviews. They are real.

DO NOT APPLY! I applied for a personal loan and agreed to ONE hard credit pull and now I am getting alerts that my credit has dropped 15-20 points due to multiple hard credit pulls from Prosper. Additionally, the company definitely should be investigated for falsely advertising. They sent me an email saying I was "approved" for a loan. NOT "pre-approved" or "pre-qualified", "APPROVED". Then, after submitting all my documents and information needed for a hard pull, I find out I wasn't actually approved yet and that everything I submitted was not meant to verify my information, but instead meant to be used for a loan approval process. NOT OKAY!

A short 3-year $8,000 loan is costing me total $19,226. Contract didn't list that!? Scam. Confusing victimizing contract. Loan shark. Victimizes low income people. Contacted Attorney General. Now spending $1,000+ on a lawyer. VERY ANGRY!!!