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#27
prosper_review

Prosper Debt Consolidation Reviews

Reviews of Prosper Debt Consolidation from real customers
(0 verified)

Our Score
1.6
User Score
--

See Top Rated

Our Score
1.6
User Score
--
Rank this Company

Ratings Breakdown

Price

Monthly Interest Rate
Undisclosed

Up-Front Fees

setup & activation fees
Undisclosed

Free Consultation

is one included?
Yes

Credit Counseling

do they offer credit counseling services?
No

Certified Counselors

are there certified counselors on staff?
No

ISO Certified

is this business ISO certified?
No

Number of Reviews

User reviews here on BDC
0

Overall Score

Based on ranking criteria
1.6 /10

Consolidated Credit

Compared to industry leader
9.3 /10

This Review is maintained by Chase Sagum

Review Last Updated: November 14, 2018

Prosper Debt Consolidation has funded over $5 billion in personal and consolidation loans to more than 250,000 customers. Prosper offers a free consultation to potential borrowers who would like to see if Prosper’s services are a good fit for their circumstances. However, Prosper is lacking a great deal of transparency on their website. 

Rank Chart
Monthly Price
Accreditations
Review

#1

Up to $69
FCAA & ISO

#2

$10-$40
AFCC & IAPDA

#3

$10 - $49
ISO

#27
prosper_review

Undisclosed
None

The Good

  • Free consultation
  • Easy online applications
  • Investment opportunity

Free Consultation

Prosper offers an easy online application for potential clients to fill out and quickly see the cost of consolidation. Pulling a credit report or checking your rate will not affect your credit score. This easy online form can give you answers to questions you may have in minutes. Additionally, users can call to speak with a counselor for a free debt consultation. This consultation can be used to find what debt program or credit counseling, if any, will fit the needs of your circumstances.

Prosper also provides a way to earn money and become diversify your portfolio by becoming an investor. Investors have the potential to earn a return on Prosper loans by selecting individual loan applicants or using an auto invest tool. Investors are thereby essentially lenders through peer-to-peer lending. Monthly returns are deposited directly into your bank account.

Best Debt Consolidation Companies

The Bad

  • Lack of transparency
  • High interest rates 6.73-35.36 percent
  • No accreditations

Lack of Transparency

Most of the drawbacks with Prosper arise because it is a personal loan company first, and a debt consolidation company second. Interest rates (7 to 36 percent) seem to be higher than most of the competition. Prosper’s upfront and monthly fees are undisclosed, whereas most of the industry charges a flat rate between $30-$70. Those with a large amount of credit card debt will pay a high cost to work with Prosper.

No Accreditations

Finally, the company’s expertise lies in getting loans approved, rather than debt counseling. Prosper does not have any industry accreditations or certified debt counselors on staff, and it doesn’t provide any sort of ongoing credit and debt counseling as part of their programs, just cash. Accreditations show a commitment to business best practices and guarantee a certain level of quality in services rendered.

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The Bottom Line

Prosper Debt Consolidation might make a great company to go to for an unsecured personal loan, but when it comes to consolidating credit card debt at a lower interest rate, it simply does not offer as much as the competition. Their up-front and monthly fees are undisclosed, their possible interest rates are high, and they lack the accreditation we look for. Their expertise and services are not geared towards reducing debt, but extending loans. We do not recommend working with Prosper Debt Consolidation for debt consolidation purposes.

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About Prosper Debt Consolidation

Prosper Debt Consolidation is an online loan provider that allows customers to obtain a loan for debt consolidation, home improvement, auto, small businesses, or special occasions. Prosper Debt Consolidation does not offer any debt consolidation plans. It offers unsecured personal loans that allow customers to consolidate all of their debt into one loan. Often times when consolidating debt, customers will be able to get a lower interest rate. On the opposite financial spectrum to borrowing money, Prosper does offer customers the opportunity to invest funds in personal loans.

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  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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Our Score
1.6
User Score
--
Rank this Company

Ratings Breakdown

Price

Monthly Interest Rate
Undisclosed

Up-Front Fees

setup & activation fees
Undisclosed

Free Consultation

is one included?
Yes

Credit Counseling

do they offer credit counseling services?
No

Certified Counselors

are there certified counselors on staff?
No

ISO Certified

is this business ISO certified?
No

Number of Reviews

User reviews here on BDC
0

Overall Score

Based on ranking criteria
1.6 /10

Consolidated Credit

Compared to industry leader
9.3 /10
Our Score
9.3
User Score
9.4
Rank this Company

Ratings Breakdown

Price

monthly price range
Up to $69

Up-Front Fees

setup & activation fees
Up to $49

Free Consultation

is one included?
Yes

Credit Counseling

do they offer credit counseling services?
Yes

Certified Counselors

are there certified counselors on staff?
Yes

ISO Certified

is this business ISO certified?
Yes

Number of Reviews

User reviews here on BDC
424

Overall Score

Based on ranking criteria
9.3 /10