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      July 12, 2020

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Credible vs Prosper

Best Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of Credible and Prosper.

To see ALL of our reviews for the Best Personal Loans, please Click Here

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

Continue reading below reviews

Best Reviews

2020

Personal Loan Reviews

4 stars
Credible

CREDIBLE

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Loan:

From $1,000 to $100,000

Getting a personal loan can be a hassle, but it doesn't have to be. Credible simplifies the process by giving you access to more than a dozen lenders with a single application. Since 2012, this service has connected consumers with the loans they need, with fully-vetted partners that meet the highest criteria for transparency and fairness. In fact, almost all of the lenders in Credible's network are included in our personal loan reviews.

Lender connections

So, to be clear, you can't get a personal loan from Credible. Instead, your application (which only takes 5 minutes or less to complete) is used to give you a results list of lenders that meet your needs, with loans ranging from $1000 to $100,000. During the application process, you'll provide critical details like your employment status and credit score range, educational background, and your Social Security number.

Soft credit pull

Credible performs a "soft pull" - which will not impact your credit score, as you may already know - and then matches you with lenders who are willing to give you a loan. It's up to you to determine which lender has the personal loan that is the best fit for your situation. Terms vary depending on which one you choose, but in general you can expect interest rates ranging from 5.99% up to 35.99%

Best Personal Loans

Best rate guarantee

One perk that Credible offers is a Best Rate Guarantee. If you find better rates with another lender and close on a personal loan with that provider, you could be eligible for a $200 payment from Credible! We recommend that you read the terms and conditions (by clicking on the Learn More button in the Best Rate Guarantee pop-out), because there are certain criteria that have to be met (like submitting your request within 7 days of closing on your personal loan with someone else).

Easy to use and reliable

We were very happy to see that Credible has a strong, positive reputation. They've earned an "A+" and accreditation from the BBB, and more than 3,000 customers have given this service a flawless 5-star rating. Compliments include praise for Credible's reliability and easy-to-use website.

Saves time

Credible saves you time with a one-application-fits-all process that sends your application to multiple lenders. Remember you'll still want to make sure that the lender you ultimately select is giving you a loan that you can pay back on time and with interest rates you can afford.

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3.5 stars
Prosper

PROSPER

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Loan:

From $2,000 to $40,000

Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. This California based company currently holds a decent Better Business Bureau rating of B+.

Social lending network

Prosper is also a social lending network that brings together those that need a loan and those willing to lend money. The loan size must be between $2,000 and $40,000.

Step by step

The website is easy to navigate through the application process. The loan application process consists of the following steps:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Input your name, address, income, and date of birth and social security
  • Prosper will verify your identify and pull your credit score. Prosper will also assign a loan rate based on your creditworthiness
  • Investors will begin funding your loan which you may view online
  • Once fully funded, Prosper will do a final verification of your identity
  • Funds are deposited into your bank account direct

8 day turnaround

Most loans are funded within an average of 8 business days. Prosper does charge a fee to facilitate the lending process. A fee between .5 and 4.95% is taken from the loan upfront before you receive payment.

Worth consideration

Prosper provides a simple lending process and a website that's easy to navigate. Loan rates can range a little higher at Prosper but the associated loan fees, to cover credit checks and administrative costs, are slightly lower. If you are in the market for a loan from $2,000 to $40,000, Prosper is worth your consideration.

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Continued from above

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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