Prosper Personal Loans Review 2024: Rates, Fees & Customer Experience

If you’re looking for the best personal loan, you have a lot of options to choose from. In addition to more traditional funding sources, such as banks and credit unions, peer-to-peer lending marketplaces have become a leading contender for those who are looking to borrow.

With peer-to-peer lending, funding for loans is not provided by banks. Rather, the money comes from individuals who invest funds to be lent, in return for making profits through interest payments. This makes peer-to-peer lending more flexible than what can be found with traditional banks.

This trend started with the launch of Prosper in 2005, the first peer-to-peer lending marketplace in the U.S. Since then, Prosper has gotten more than 1 million loans off the ground and continues to grow, having recently gotten into home equity lines of credit (HELOCs).

This guide will help you evaluate Prosper as you research your borrowing options in the financial marketplace.