Prosper Review 2020: Consolidation Loan Opportunities Available

Why should you consolidate your loans with Prosper?

• Terms of up to five years - There’s a wide range of financial predicaments that lead people to consider taking out a consolidation. Though, in most cases, it’ll be because people feel overwhelmed by the number and cost of their monthly payments. This is why terms are so important, and some competing businesses provide terms no longer than two years. A five-year option could really ease the pressure by significantly reducing monthly payments and spreading them over a long period.
• No prepayment fees - Such charges come when the customer pays off a part or all of a loan early. If you have the good fortune to be able to do this, you could save a huge amount of money in interest payments. It’s great that Prosper doesn’t financially punish those who pay off debts ahead of schedule.
• A potential of low APRs - For those with excellent credit scores, a reasonably low APR may be available. To access rates under 10%, those who apply will need a long history of both regular income, and paying bills in a timely manner.

What are the eligibility requirements?

• A credit rating of at least 640
• A minimum of two years of credit history
• Debt/income ratio must be 50% or less, not including mortgage payments
• Less than five credit checks taken within the past 6 months
• No bankruptcy applications made within the past 12 months

How to apply for a Prosper consolidation loan? 

There are three steps in order to apply online for a loan with Prosper.

Customer Service

• Call between 9 am and 8 pm from Monday to Friday
• Email
• Online help center

What types of debt can be consolidated with Prosper?

There are four types of consolidation loan available - 

1. Personal loans
2. Standard debt consolidation loans
3. Home improvement loans
4. Home equity line of credit (HELOC)

Bottom line

There’s no doubt that Prosper has some positive aspects worth considering when choosing a loan agent. The terms are extensive, and there aren’t any prepayment fees. Yet, the origination fees are exceedingly high, and the minimum credit score required simply won’t be realistic for a lot of people.

If you’re not satisfied with Prosper as an option, consider applying with Upgrade. It offers APR as low as 5.99% and charges absolutely no origination fees. Avant would be another great choice. It offers great customer service and rapid funding, sometimes within an impressive two days.