How Long It Takes to Get Money From Prosper (2024)

FAQs

How long does it take to get an answer from Prosper? ›

Prosper may approve you within one day of your application for a personal loan or in less than five business days. After your application is approved and you accept the offer, it takes one to three business days to receive your funds, which Prosper will send to you by electronic bank transfer.

It typically takes about three days to receive funds after you're approved for a Prosper personal loan. However, you may receive your loan proceeds as soon as the next business day after your loan is approved. Make payments.

You can easily check the status of your application anytime by logging into your Prosper account and viewing your Account Overview page, which will list, among other things, any documents still required to complete the verification as well as the percentage of funds committed by investors.

Each payment is comprised of principal, interest, and any applicable fees. Investors receive a portion of those payments that are proportional to their pro rata share of the loan. These funds are deposited directly into investors' Prosper Accounts as uninvested available cash.

To verify a borrower's employment, we may contact the borrower's employer or use other databases. In some cases, we may delay investor funding of a loan to verify the information provided by a borrower. Loans will not originate unless we complete verification.

If you have a credit score above 600 and access to financial documentation like pay stubs and tax returns, you are likely to be approved for a Prosper loan. The company's online tool lets you estimate the terms of your loan based on your credit score and other financial information like your income.

How often do I get paid? Our teammates are paid every 2 weeks.

2 You may receive your funds one business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank's ability to quickly process the transaction.

As part of its verification process, Prosper may contact your employer to ensure you have the income you claim on your loan application. Generally, they will request documentation to verify income, such as paystubs, tax returns, bank statements, etc. They may also search databases to confirm your income.

Borrowers will either receive a call or email stating that their mortgage loan has been approved. The good news will usually come from a loan officer.

What is the minimum credit score for a loan from Prosper? ›

Does Prosper have a credit score requirement? You'll need a credit score of at least 640 to be considered for a personal loan through Prosper. Keep in mind that the lowest interest rates are generally reserved for borrowers with good or excellent credit scores.

Prosper does not offer personal loans for bad credit since the company requires a minimum credit score of at least 640 to get approved. Prosper unfortunately does not offer credit cards for people with bad credit, either.

After accepting a loan through Prosper, we recommend making 6 complete months of on-time payments before you and/or your co-applicant consider applying for another loan. Eligible borrowers can receive up to a maximum of $50,000 between 2 loans.

Each month, the first withdrawal from your general investment account can be any amount you'd like, but each additional withdrawal requires a minimum of $25. There are no fees to transfer funds in or out of your Prosper account.

Any natural person at least 18 years of age who is a U.S. resident in a state where loans through our marketplace are available with a U.S. bank account and a Social Security number may apply to become a borrower.

Prosper has a minimum credit score requirement of 560. On average, Prosper borrowers' score is 685.

A hard inquiry will only occur once you accept an offer and formally request a loan through Prosper. Similarly, if you have received a pre-approved offer through the mail, a soft pull has likely been made that should not impact your credit score.

For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company. You need a credit score of 640 or higher to get the Prosper® Card.