- Minimum credit score: 580
- APR: 6.99%–35.99%
- Loan amount: $2,000 to $50,000
- Loan term: 24 to 60 months
Prosper is an online peer-to-peer lending marketplace, meaning your loan would be funded by individual investors. Depending on eligibility, you could access personal loans for fair credit that can be used for a variety of purposes, from home improvement projects to engagement ring financing. These loans come with a fixed rate and no prepayment penalty, so you’ll know what to expect from your monthly payments and can get ahead when you are able.
Compared with Happy Money, Prosper charges a potentially higher origination fee between 1.00% - 5.00% of the loan amount. Its maximum APR is also higher, at 35.99%. Still, if you have fair credit, you can expect your APR to be on the higher end, no matter the lender.
As is typical with peer-to-peer lending, the application process can take longer than if you worked with a direct lender. The formal loan approval decision takes up to five business days. Upon loan approval, funds can be disbursed within one to three business days after loan approval, but you can prequalify without a hard pull on your credit.