Prosper is a peer-to-peer lender, which means individual investors fund its loans instead of a bank. Peer-to-peer loans are typically easier to qualify for than bank loans, hence Prosper’s lower minimum credit score requirement. It also only requires that you make some sort of income, rather than having a hard minimum like other lenders.
Prosper also has a highly rated mobile app. You can use it to apply (without sharing your contact info). Once you’ve finalized your loan, you’ll get free monthly FICO scores via mobile app, too.
After Prosper approves you, lenders have 14 days to fund at least 70% of your loan. If they don’t, then your loan listing will expire and you’ll have to try again. Most people get their Prosper loans in one to five days, but this is something to consider — especially if you have shaky credit, which could cause investors to hesitate.