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#27
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Prosper Debt Consolidation

Prosper has been in business for 12 years, offers consolidation loans as opposed to a consolidation service. The application process for a loan is relatively easy.

Our Score
1.6
User Score
--

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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

Time in Business

total # of years
12 years

Credit Counseling

do they offer credit counseling services?
No

Certified Credit 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

This Review is maintained by Chase Sagum

Review Last Updated: January 4, 2017

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 customers 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

Free Consultation

Prosper offers an easy online application for potential clients to fill out and quickly see the cost of consolidation. 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 program, if any, will fit the needs of your circumstances.

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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.

Want to see the top rated Debt Consolidation Companies? Click Here

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.

Click Here for our Top Recommended Debt Consolidation Providers.


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.

Price

Rates range from 6.73 percent to 35.36 percent APR. The interest rate you’re charged is based on a number of factors including, but not limited to, the following:

  • Prosper Rating, which is an indicator of expected loss rates
  • Loan term
  • Economic environment
  • Competitive environment

Late and failed payment fees are also possibilities, if borrowers aren’t able to keep their commitments. Prosper does not keep the late fees, they are passed on to the lender. A failed payment fee of $15 is charged if the borrow has a returned check, a failed bank draft, a failed automatic withdrawal, etc.

Up-Front Fees

Fees vary between 1.95-4.95 percent of the loan amount if the duration is three years. For five year loans, the cost is 4.95 percent across the board. Your percentage is based on the Prosper rating they will give you that basically shows how much you are trusted as a borrower.

Mobile Friendly

They offer a mobile friendly site that is easy to navigate and has a clean look.

Unsecured vs. Secured Loans

Prosper offers consolidation for unsecured loans.

Free Consultation

No

Cancellation Policy

There is no cancellation policy. Once you receive a loan from a prosper lender, you are obligated to pay it back in full.

Time in Business

12 years. Prosper opened it’s doors in 2005 and changed their business model in 2009, when they went to fixed rates based off of their algorithms.

Contact Information

Email:

[email protected]

Address:
Prosper Funding LLC
101 Second Street, 15th Floor
San Francisco, CA 94105

Services Available

Unsecured debt consolidation is the main service they offer that is applicable to BestDebtCompanys.com. They do offer multiple other loan options including: home improvement loans, auto loans and more. You can find out more about them on their website.

Money-Back Guarantee

There is no money-back guarantee with Prosper. Once you receive the consolidation loan, you have to pay back the entire balance.

Debt Education/Training & Tools

There is a blog about updates in the company, but no information specific to debt consolidation. The education side of Prosper is a little weak. We’d like to see them offering, in addition to their loans, a robust education program that helps individuals stay out of unnecessary debt.

Online Dashboard

Prosper allows their customers to login to their Prosper account and see the details of their loan. Customers can monitor their payments, balance, and see how many payments they have left on their loan.

CPFC Certified

Prosper does not have any certified financial advisors on staff.

ISO Certified

Prosper is not ISO certified.

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Poll

  • When looking for a debt settlement company, which of these two aspects is most important to you?
  • 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

Time in Business

total # of years
12 years

Credit Counseling

do they offer credit counseling services?
No

Certified Credit 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
Our Score
9.3
User Score
9.5
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

Time in Business

total # of years
24 years

Credit Counseling

do they offer credit counseling services?
Yes

Certified Credit Counselors

are there certified counselors on staff?
Yes

ISO Certified

is this business ISO certified?
Yes

Number of Reviews

User reviews here on BDC
443