How To Get A $10k Personal Loan No Credit Check From Prosper.com Review 2020 Bad Credit Loans 👉
***THEY DO A SOFT PULL SO IT WILL NOT AFFECT YOUR CREDIT SCORE***
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The minimum credit score to borrow is 640, but that’s not the only factor Prosper considers in evaluating an application. Would-be borrowers must also have:
A debt-to-income ratio of less than 50 percent
Minimum two years of credit history
No bankruptcies within the last 12 months
You also may be turned down if you have seven or more credit inquiries within the last six months or fewer than three open credit cards or loans.
Borrowing with Prosper
If you’re a borrower, you can get personal loans up to $40,000 with a fixed-rate and a fixed-term of either three or five years. Your monthly payment is fixed for the duration of the loan. There are no prepayment penalties, either, so if you can pay it off early, you won’t be penalized. You can get an instant look at what your rate would be and, once approved, the money gets deposited directly into your bank account.
Fees and penalties
Prosper charges an origination fee of 2.4 percent – 5 percent depending on creditworthiness.
You’ll be charged $15 if you don’t have enough money in your bank account to cover your monthly installment.
A late payment fee is either 5 percent of the unpaid installment amount or $15, whichever is greater.
You won’t be penalized for paying off your loan early.
Prosper then will conduct a soft credit check, which won’t impact your credit rating.
If you’re approved, Prosper, like all lenders, will perform a hard inquiry, which will be noted on your credit report and can impact your credit score.
Prosper gives your loan a letter grade, AA, A, B, C, D, E, or HR for high risk. The higher the letter, the higher the corresponding risk and interest rate on the loan.
How to qualify:
Minimum credit score: 640, but average is 717.
Minimum credit history: Two years, but average is 11.
Minimum annual income: None, but average is $89,000.
Maximum debt-to-income ratio: 50% (excluding mortgage).
Prosper Loans: 2019 Personal Loan Review
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