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      January 26, 2020

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Prosper vs Personal Loans

Best Personal Loans

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

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.

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Best Reviews

2020

Personal Loan Reviews

3.5 stars
Prosper

PROSPER

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Loan:

From $2,000 to $25,000

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+.

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 $25,000.

The current loan rates at Prosper range from 5.99 to 36%. 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

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.

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 $25,000, Prosper is worth your consideration.

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3.5 stars
Personal Loans

PERSONAL LOANS

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Loan:

From $1,000 to $35,000

Personal Loans works to connect their customers with a reputable, qualified lender that can help with their personal loan needs. Personal Loans provides access to peer to peer loans, personal installment loans, and personal bank loans for customers located in all U.S. States except North Dakota and Maine. For those seeking a loan between $1,000 and $35,000 this company provides a lot of flexibility to suit the needs of many. Unfortunately we were unable to verify the current Better Business Bureau score of Personal Loans.

Personal Loans does require all customers be at least 18 years old, have a social security number, and be a legal U.S. citizen or permanent resident. Additional requirements include full time employment, self-employment or the receipt of Social Security benefits and/or disability. Customers are more likely to be accepted for a personal loan if they have a credit score of at least 580 or greater and a decent payment history.

The current loan rates through Personal Loans are not publicized due to the varying types of loans and number of lenders that are utilized. Requesting a loan at Personal Loans is rather straightforward:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Input your name, address, income, date of birth, driver's license number and bank account information
  • Personal Loans will verify your identity and creditworthiness and pass on your information to lender partners
  • If a lender is interested in working with you, you'll be immediately directed online to their loan terms which you may choose to accept or deny.
  • The personal loan will be paid directly to your bank account within 1 to 5 business days.

Personal Loans does not charge you, the customer, for the lender connecting process. Any related fees are accessed directly to their lender partners. The website is informative and easy to navigate with the option to email or call if questions occur.

The benefits of working with Personal Loans is the variety of loan options, the quick approval process and the payment turnaround. Despite finding several positive customer reviews online we would have liked to have validated their BBB rating and found more history on the company to feel more confident. However, if you're looking for a personal loan, Personal Loans may be worth looking into when flexibility and speed are important.

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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!

I took out a $2,000 personal loan even though I didn't need the money, and it bumped my credit score from 'good' to 'very good'

Initially I worried that taking out a personal loan would complicate my life. However, being strategic about my loan has actually made my life easier.

Published:  Fri, 24 Jan 2020 15:18:00 GMT



Secured personal loans: What you need to know

If the loan isn't paid, the lender can take the asset as a form of payment. The most common types of secured loans are mortgages, vehicle loans, personal loans and secured credit cards. How you plan ...

Published:  Fri, 24 Jan 2020 11:08:00 GMT



Demand for Credit Card and Personal Loan Soars, Defaults Also Rise: Cibil

The ongoing slowdown has hit credit growth in most consumer segments, barring the lending categories of personal loans and credit cards, shows the TransUnion CIBIL's Q3 2019 Industry Insights Report ...

Published:  Mon, 20 Jan 2020 09:42:00 GMT



Thinking of consolidating your debt with a personal loan? There might be better options

Personal loans are unsecured debts with a typical term of three to five years. While it's important to always be careful of taking on new debt, they can be part of a savvy financial plan and help save ...

Published:  Thu, 16 Jan 2020 11:01:00 GMT



Credit cards and personal loans trebles in five years

Unsecured loans such as credit cards and personal loans have grown at a scorching pace over the past four years. The outstanding loan amount for credit cards stood at a1.05-lakh crore as of November, ...

Published:  Sat, 25 Jan 2020 01:00:00 GMT



Can you get a personal loan without a credit check?

When it comes to handling money, few of us can claim a perfect track record. Whether it's due to a situation out of your control, such as a job loss, or a lapse in judgment, low credit scores happen ...

Published:  Wed, 22 Jan 2020 11:59:00 GMT



Personal loans can help consolidate debt

Personal loans are the fastest-growing debt category in the country. The outstanding amount has nearly tripled, growing from $55.3 billion to nearly $160 billion in the last decade. Just as in every ...

Published:  Thu, 23 Jan 2020 13:49:49 GMT



Using personal loans to clear debt: is it a good idea or a disaster

In an ideal world, no one would consider personal loans as an option for getting out of debt. After all, such moves don't get you out of debt outright; instead, they only compound your debt burden. In ...

Published:  Thu, 23 Jan 2020 00:30:00 GMT



Sallie Mae's foray into personal loans proves short-lived

Less than two years after hopping into the personal loan business, SLM Corp. is getting out. The company known as Sallie Mae, which is best known for offering student loans, announced this week that ...

Published:  Fri, 24 Jan 2020 13:42:00 GMT



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