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BestMoney.com
Prosper® Card Review
Reviews 11,270
Prosper Card
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Prosper Card
Prosper Card
Excellent
Reviews 11,270
Katy Ward
Jan. 05, 2023
2 min read
Katy Ward
Prosper Card summary
Founded in 2005, Prosper began as the first peer-to-peer lending marketplace in the US. Its recently launched Prosper® Card is an unsecured product aimed at borrowers with a less-than-ideal credit history. The card, which allows you to borrow up to $3,000, doesn’t require a security deposit and offers no cost¹ ATM withdrawals.
Pros
  • No security deposit required
  • Automatic reviews for credit line increases
Cons
  • APRs of 23.24% - 34.24% may be higher than other cards
  • Doesn’t offer rewards

Prosper Card at a glance

4.4
Editorial score

Fees

Multiple fees
3.0

Eligibility (credit score)

Accepts all credit types
5.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
5.0

Customer service

Multiple communication options, wide range of hours
4.0

Online experience

Excellent site and app with detailed FAQs, help center, and transparency of rates and features
5.0

Prosper Card Prosper Card Apply Now

Overview 

Headquartered in San Francisco, Prosper has offered more than $20 billion in loans to over 1,1 million people since it entered the lending market. In December of 2021, it launched its credit card, which is issued by Coastal Community Bank, member FDIC and aimed towards borrowers with a less-than-ideal credit history.

Although the card carries a $39 annual fee, Prosper will waive this for the first year if you sign up to its AutoPay system before you receive your first statement. AutoPay deducts monthly payments from your bank account on a set due date.²

Suitable for?

Designed to help borrowers establish credit, the card is suitable for individuals who have never borrowed money before and therefore have been unable to establish a history of on-time repayments.

Prosper could also be a good choice for those who prefer to manage their finances on the go. Its app, which is available to download from Google Play and the App Store, allows you to review payments, see your available balances, and dispute transactions.

Interest Rates and Fees

If you take out a card, the following rates and fees will apply.

Rate/FeeAmount
Annual fee$39 (waived for first year if you sign up for autopay before your first statement)
APR for purchases23.24% - 34.24% (variable)†*
Foreign transaction fee1% of transaction amount
Late payment feeUp to $40 per late payment

*APR will vary with the market and is based on the Prime Rate (the interest rate banks charge their most creditworthy borrowers)

Rewards & Cash back

This card doesn’t offer rewards or cash back.

The Application Process

To apply for a card, you’ll need to be at least 18 years old and a US resident of any state other than Iowa or West Virginia.

If you decide to apply, the first step is to receive an estimated offer through Prosper’s pre-approval process by entering details such as those listed below.

  • Name
  • Date of birth
  • Home address
  • Social Security Number
  • Income details
  • Contact details

You’ll then see whether you're likely to be accepted, the amount of credit you could receive, and an estimated interest rate for your repayments. 

You can then decide whether you’d like to continue with your application. If so, you’ll need to connect to your bank account to confirm the details you provided in your application. You’ll receive instructions on how to do this.

Unlike many cards available to those with a less than perfect credit history, Prosper doesn’t require you to provide a security deposit when you take out a card.

The pre-application process won’t affect your credit score, although completing the application process may have a small impact.

Overall, it typically takes less than 5 minutes to apply for a card and receive a decision.

Help & Support

You can contact Prosper via phone or email. When we emailed the company for more information on the application process, we received a reply within minutes.

There is also an extremely detailed knowledge base on the company’s website, which provided almost all the information we needed about the card.

Phone support: Monday to Friday, 8am-8pm (EST)

Security 

If you’re the victim of fraud, Prosper's zero-liability guarantee means you won’t pay for any unauthorized transactions on your account. To help you spot unusual activity, you can also set up transaction alerts via the dashboard on your mobile app.

All data you enter into the website is transmitted via a secure encrypted channel, and, once inside Prosper's system, it can only be read at secured access points. Other security features include firewalls, malware detection software, and data-loss-prevention systems.

FAQ

How much can I borrow?

You can apply for a credit line of between $500 and $3000. If accepted, Prosper will automatically review your account every 3 months to check whether you’re eligible for a credit line increase.³

Can I use my card immediately if I’m approved?

Once your application is approved, you’ll typically receive your physical card within 7 to 10 days. Before it arrives, you can access a portion of your line of credit through your digital card. You can see the amount of your temporary line of credit via the Prosper app.

How can I make payments on my card?

You can make payments through the app, online, by phone, or check.

Conclusion

If you have a slim credit history, Prosper is an attractive credit card option. As well as providing you with a decision within minutes, the company will waive your annual fee for the first year if you sign up for automatic payments. Likewise, it doesn’t require you to put down a security deposit when you open an account. Although the card doesn’t offer rewards or cash back, you may find the ability to establish a strong credit history by making regular payments on the card is the most important benefit.

Prosper Card Prosper Card Apply Now

Methodology

This review was compiled using information on Prosper’s website and social media platforms as well as emailing its customer support team.

Disclosures

¹ Third party fees may apply. See details for additional information about rates, fees, and other terms. See cardholder agreement.

² The annual fee for this credit card is $39, which will be waived for your first year if you are approved and sign up for AutoPay before we issue your first statement. See details for additional information about rates, fees, and other terms.

³ Automatic reviews for credit line increases: Your account will be reviewed automatically for credit line adjustments. Your credit line can increase or decrease, or not change at all, depending on your payment history and eligibility.

Katy Ward
Written by
Katy Ward
Oxford graduate Katy Ward is a seasoned journalist and editor covering personal finance and software topics for Eleven Writing and Top10. Over a 15-year career, Katy has worked with several finance titans, including Barclays, Tandem Bank, and Yahoo! Finance. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about Prosper Card
Prosper Card
Excellent
Reviews 11,270
on
Excellent
83%
Great
7%
Average
3%
Poor
2%
Bad
5%
E
edwin reyes-montanez
4 hours ago
Loan was approved and funded in 3 days.
Loan was approved and funded in 3 days.
G
garland barreto
10 hours ago
Hands-down Best on-line Loan Company
The application on-line was easy to fill. Their communication game is on point, prompt and professional. I was approved within an hour and funds transferred within 24 hours. Competitive rates as well. No downside. Thanks Prosper
D
david
13 hours ago
How fast funds were in my account.
How easy process was and how fast funds were available.
B
brian
a day ago
The ppl were very helpful had a good…
The ppl were very helpful had a good experience
F
frederick
a day ago
The transaction was effortless
The transaction was effortless. Checked my rate (which was fantastic), made my application and was approved in a few hours and better yet, had my money in about 2 business days.
j
johnny
2 days ago
Fast process
Fast process
C
carol
4 days ago
Always an easy transaction you apply…
Always an easy transaction you apply and you get your money within 3 days great. I have used prosper before.
M
mayra
4 days ago
Very easy and fast to get a loan.
Very easy and fast to get a loan.
D
denise
4 days ago
The quick and easy way too get a loan
The quick and easy way too get a loan. Highly recommend Prosper to everyone
J
janie
5 days ago
It was very easy to apply for a debt…
It was very easy to apply for a debt consolidation loan. I could also choose my length of time to repay to fit my budget. It was very friendly and helpful!
J
jennifer
6 days ago
If you need a loan, this is an easy way to access and they process very quickly.
If you are needing a personal loan , Prosper has quick access to receiving the money and interest is reasonable. I highly recommend and you don’t have to spend all day filling out paperwork and signing.
J
jeffrey
6 days ago
Quick!!!
Quick!!!! Great company!!!!!
N
natalie
6 days ago
Easy online application
Easy online application, approval and deposit of funds.
R
reynaldo
6 days ago
Fast
As a return customer, prosper had my information Which made things much easier
mo mis cleaning
6 days ago
Easy process
Easy process , lower interest rate due to my past payment history . Like it should be .
J
james
7 days ago
Easy process
Easy process. and quick response
D
david
7 days ago
Simple and easy to navigate through…
Simple and easy to navigate through loan process.
T
tanya
7 days ago
It’s so simple to apply with quick turn…
It’s so simple to apply with quick turn around on approval and funds received! Prosper is the best by far!
P
paul m
7 days ago
Interest rate is a little high
Interest rate is a little high, but process went very smooth and took very little time.
J
juan
8 days ago
I was needing a small loan and was able…
I was needing a small loan and was able to get it quickly. Looking forward to paying off before time. Love that y’all are there to offer a loan for me. This is the 2nd loan.
H
harry
9 days ago
My experience was great
My experience was great
D
dennis
9 days ago
I WAS VERY SURPRISED TO GET THE…
I WAS VERY SURPRISED TO GET THE RESPONSE BACK WITHIN 6-7 HOURS. ESPECIALLY ON A WEEKEND.
B
betsy
9 days ago
Easy
Easy, no hassle credit approval.
D
deborah
9 days ago
prosper loan
Prosper loan process is easy and fast. I was disappointed in the rate I received considering I have a 814 credit score. The money was deposited into my private account instead of my joint account. I was also unable to have the payment deducted from my joint account. The same account that I have used 3 other times with your company. Annoying to say the least
M
morya
9 days ago
Super quick and easy process
Super quick and easy process
T
tracey
11 days ago
This is my third time using this…
This is my third time using this company and they are great. Love the quick response.
C
customer
11 days ago
Always a quick and painless process
Always a quick and painless process. Not much of a wait to get funds and a great company to work with through the years.
B
brian armstrong
12 days ago
Fast, Convenient, and Great Terms!
Fast, Convenient, and Great Terms!
C
cyndi
12 days ago
Will deny consolidation loans due to self employment and outstanding debt, so what's the point of a consolidation loan?
Had an outstanding chance at loan approval through CK. Attempted to get a consolidation loan to pay off high interest credit cards. NEVER LATE ON A PAYMENT, ALWAYS PAY ABOVE WHAT IS OWED, PAY OFF EARLY. 720 CREDIT SCORE. Was denied due to self employment and high balances, which was in my file, and the reason for applying. Also never received any denial, had to sign up to find out.
D
dawn
12 days ago
Prosper was so easy to use
Prosper was so easy to use. I applied for a consolidation loan and within a few days I had the money. Very quick and easy.
D
dalal
12 days ago
Easy processing and funds is available…
Easy processing and funds is available the next 2-3 days.
M
michael
12 days ago
Quick and easy approach
Quick and easy approach
consumer-image
lisa ambers
13 days ago
Excellent customer service & fast turnaround process
Fast turnaround process. Great customer service.
R
rajender
14 days ago
Thank you for immediate response
Thank you for immediate response
J
joe taylor
14 days ago
Wonderful service
Wonderful service. Very easy
L
lewis
14 days ago
Thank You!!
Thank You!!! It was fast and easy.
J
jose
14 days ago
Fast and easy process.
Fast and easy process.
s
steve woodby
14 days ago
help in living, process is stream lined
the way the process is stream lined, easy understanding given by the site app.and the awesome people in the offices, very friendly, good people.
M
marlene
14 days ago
Helpful
The money in my account in three days. This makes four times I have used Prosper services. Great outcome each time.
L
lisa
14 days ago
Easy process
Easy process, previous customer which out of all of the offers I get every day, I knew I could trust your company. Don't like how expensive the money is but in the long run, will be saving money paying off credit cards.
L
linda
14 days ago
Easy and fast
Easy and fast
G
george
14 days ago
The ease of my transaction.
The ease of my transaction.
c
customer ty wade
14 days ago
Excellent Customer Service
Excellent Customer Service
H
hal
14 days ago
Easy as could be
Easy as could be No waiting Quick
R
ricardo
14 days ago
The transaction was seamless
The transaction was seamless, and funds in account within 48 hrs. Just a great customer experience
K
kris
15 days ago
Super simple and intuitive.
Super simple and intuitive.
L
larry
15 days ago
You Could Have Had a 5
You would have gotten a 5 but you surprised me with the 5% service fee. I understand why it was added but don't remember being told before I agreed to the loan that it would be charged.
F
fred dukeduong
15 days ago
They actually are REASONABLE and listen.
I have great credit until I started a business and leverage my personal side. Debt to income ratio killed me as lenders all got scared. Never missed a payment in my life and contacted at least 10 places. Prosper caught me by surprised when they where quick and loaned me 19k. I just needed to clear some of my credit card down so the D to Income looks better. Thank you Prosper for taking a chance on me. 60 months at 17% APR I can live with because I plan on paying it off way sooner. It's just a matter of getting that credit card utilization rate down. I have 3 cc at 50% useage but APR is 0 until 2024. My biggest one is an amex blue with 19 with High apr and im tyrying to pay that off asap. No other lenders will take a chance even when I have a proven track record. Other than Amex which I refuse to close out because they take care of their loyal customers. Again thank you Prosper for being that helping hand when needed most.
D
david
15 days ago
Easy and fast
Easy and fast
M
mymsye
15 days ago
Great to work with
Quick with transfer.
D
don erickson
16 days ago
This will be the 4th loan I've gotten…
This will be the 4th loan I've gotten from Prosper. Each time has been very smooth.
M
mona
16 days ago
Very easy and efficient process
Very easy and efficient process
d
dennis
17 days ago
It's nice to know that you get rewarded for working hard to keep a good credit history. That comes with companies like this one having faith in you when finacial needs arise and you need a little help
My experience with Prosper was very satisfying. Quick and they respect the fact people work hard to keep a good credit history and don't make you jump though hoops when you ask them for help on your financing. It was Quick and Painless dealing with the people over the phone
M
margo
17 days ago
The process was so simple and easy
The process was so simple and easy. I was approved within a few hours and received the funds exactly on the day it was promised. It was a very pleasant experience. I am a returning customer because of the great service.
P
phil
18 days ago
Very easy to do business with you again
Very easy to do business with you again
P
paul
18 days ago
The ease and speed of your process
The ease and speed of your process. Your rates for repeat customers. Variety of payment options.
C
carolyn
18 days ago
Great Loan Experience
What made experience great was the quickness in which matters were handled.
C
charles
18 days ago
The money was in my account within 3…
The money was in my account within 3 days
S
shelley colvin
20 days ago
You saaid payment 348 5 year but I 548…
You saaid payment 348 5 year but I 548 for 3 year
consumer-image
erica hampton
20 days ago
HORRIBLE Company
HORRIBLE Company! I applied for a card and never received it but they started reporting late payments on a card that I NEVER had! I've been fighting with them for almost a year and my credit score has gone done over 200 points because of their fraudulent information! This company needs to be reported IMMEDIATELY to the Feds!
M
marlon
20 days ago
This company is a must
This company is a must. Thanks everyone for helping me. I will recommend you to all of my friends
T
teresa
21 days ago
Repeat customer
Repeat customer. Happy with the rates & glad of availability during this family emergency.
N
nancy
21 days ago
I love how quickly and easy the whole…
I love how quickly and easy the whole process is. I also appreciate that Prosper notes when someone is a previous good standing client and giving us great rates. Highly recommend
L
lana mckean
21 days ago
GREAT AS USUAL
GREAT AS USUAL
A
andre
21 days ago
Quick and easy
Quick and easy to get the money I requested. Interest rates were better than expected.
D
debbie
21 days ago
Prosper is Great
Prosper is great. Easy to apply, got funds fast after approval. Appreciate it very much.
J
juan
22 days ago
The funds where transfer really quick .
The funds where transfer really quick .
J
james m
25 days ago
Speed….!!
Speed….!! Pleased to do business
R
rickey
25 days ago
Excellent and efficient service
Excellent and efficient service. One of the best lending institutions I have conducted business with. Thanks
R
rachel
25 days ago
Quick turnaround
Quick turnaround
T
thomas
25 days ago
The whole process was quick and smooth
The whole process was quick and smooth. Very happy how easy it was to get everything done
M
marsha hammond
a month ago
Awesome experience
Awesome experience! Very easy and received my money quickly!
C
christopher
a month ago
Easy process and great results!
Easy process and great results!
J
john fowler
a month ago
Quick and efficient
As is usual with Prosper the process was flawless and quick from the time I applied online to receipt of the money in my account. It took just 48 hours. The rates and payment terms were fair as well.
S
sheri
a month ago
Very quick, easy & competitive rates
Very quick, easy & so convenient. I had my funds within a couple days & got a great rate as well. Would highly recommend Prosper to anyone needing a personal loan.
C
carlos
a month ago
Third Loan through Prosper
This is my third loan through Prosper and have had a great experience each time. Everything is laid out for you and the process was very straight forward. Received my money within days. Used the money to consolidate a few credit card debts and over the long run ended up saving money. Very happy customer.
s
serge
a month ago
The service is simple impeccable
The service is simple impeccable. Many thanks!
K
kbreezy
a month ago
Simple as 1-2-3
Having been a previous customer the process to reapply exceeded my expectations and the approval process was very fast.
B
bob oakley
a month ago
Consolidate debt
Easy and fast with a fair market value loan
n
nancy bruns
a month ago
Excellent service
Excellent service. Fast and all online.
C
claudia
a month ago
Positive experience
Positive experience, fast response I got my loan just in a couple days. Thanks
P
perry
a month ago
Approval and underwriting process was…
Approval and underwriting process was so fast
J
jeffrey d
a month ago
THE BEST !!!
Yes !!! The experience was truly top shelve , This is the 2nd loan I've received from SoFi and always a complete explanation on terms and conditions. The no cost origination and interest rate was perfect. I will recommend to my friends --- Thanks Again Guys !!
D
dallas
a month ago
Used Prosper before with a…
Used Prosper before with a consolidation loan and needed to consolidate and pay off some debt great service 👍.
D
deborah
a month ago
Easy and quick
Very easy to apply
P
pauline
a month ago
Great easy process!
Great easy process!
D
drew
a month ago
Fast easy process
Fast easy process
T
timothy
a month ago
3rd loan very bad experience
3rd loan very bad experience. Made an application sent all documents needed. Then got notified loan request canceled due to technical error. Called and told to reapply so I did only to find out the interest rate was higher than the original rate. Tried to get lower rate and was denied. Went ahead with application then received a phone call to verify our bank. ( between me and my wife we have had 2 loans thru you with the same bank account we used) it truly was a unethical business tactic. Never never in our life has this happened to us. So between the “technical error and verification of our bank the experience was the worst of the worst.
T
timothy
a month ago
Very well mannered and helpful
Very well mannered and helpful
L
lilit
a month ago
Very easy application and funding…
Very easy application and funding process.
J
juan avila
a month ago
It was easy and quick
It was easy and quick. I was able to receive what I needed in time.
W
will
a month ago
Great Communication
Clear instructions, good updates throughout the process and quick decision making.
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carlos parra
a month ago
If u don't have money in your bank…
If u don't have money in your bank account they will not approved your loan this Prosper is waste of time I have a job 2000 a week I sent bank statement . Why I'm going to ask for money if I have money in the bank? They see not money in the bank and they say no. What a ridiculous financial company I need money that is why apply never contact this place again
S
sandie
a month ago
When I applied got a cancelled for unknown reason and one from notification email
When I applied got the a couple days later said was cancelled had a good rare. No other explanation I called and was told there haha there MIGHT have been a glitch. Replied my bad didn't notice after the fact the rate was much higher which sucks then it took a way to long for you to deposit money!!!!!!!
S
sheila
a month ago
Fast and easy
Fast and easy
l
linda
a month ago
It went smoothly
It went smoothly
J
jonathan
a month ago
Great
Easy and fast
S
suzanne
14 days ago
This is my 4th time using Prosper and…
This is my 4th time using Prosper and every other time has been flawless. I thought this would be the same. I referred a friend the same day I applied for my loan. She was approved and had her money in 4 days. 11 days later, I was still waiting for my funds. I was approved for the loan, but was told that Prosper was backlogged. The next day, I got an email saying my loan with a great rate had been canceled due to a technical error. My credit score dropped and I was stuck. I was told I could reapply and use the same credit pull, but now the rate was much much higher. I did not understand this and was NOT happy. Seemed like a bait and switch for sure. No referral fee and not a good experience.
M
mildred l smith
a month ago
This is the first time that I had a…
This is the first time that I had a problem with Prosper. First, I applied online then I got a message that it was a technical error. So I called on the phone and gave all my information and to find out the interest rate was higher than when I applied online. So I thought everything was done, however, I gave all of my info to the gentleman on the phone including my new bank account. Long story short, the deposited the loan amount into the wrong account. And I also was told once the deposit funds they can’t change it. Long story longer. I did get it worked out but it wasn’t easy so what I recommend it to a friend don’t think so.
i
islandman
a month ago
Super easy and fast funding.
Super easy and fast funding.