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Loans through Prosper are Unsecured – No Collateral Required
Looking for a loan to consolidate debt? Start a small business? Remodel your kitchen? But find you lack the property or other collateral that some banks might require for such loans? Good news: All Prosper’s loans are unsecured-no collateral required. You qualify for a loan based on your credit history.
Get a Debt Consolidation Loan
Consolidate your high interest loans and save
While it’s true that you can’t borrow your way out of debt, consolidating all of your high interest loans into one Prosper debt consolidation loan with a great rate could save on the amount of interest you’re charged on your debts each month.
Plus, Prosper debt consolidation loans have a fixed interest rate, and your loan principal goes down as you make your loan payments—so you can stop your high interest credit card debt from spiraling out of control. Prosper’s online electronic payment system lets you manage your entire consolidation loan directly and with ease.
Avoid bad credit — take advantage of debt consolidation today
At Prosper, we understand the importance of maintaining the best credit score possible. In fact, some of our lenders were also borrowers at one point and chose to consolidate their personal loans into one low interest monthly payment. We can help you, too. And since Prosper offers only unsecured loans, you need not own your home for debt consolidation. Apply today and see how much you can save.
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Get off the credit card treadmill
If you’re making the minimum monthly payments on credit card debt, chances are you’re mostly paying the interest, and not paying down the actual principal by much. This won’t make much of a dent in your debt. And if you miss payments or exceed your limit, your credit card interest rates can go up. Replace your credit card debt with a Prosper consolidation loan, where your interest rate won’t change and your loan principal gets paid down as you make fixed monthly payments.
When home equity loans aren’t right for the job
Traditionally, funding for home improvement projects has been through credit cards and home equity loans—but they’re not perfect for every situation.
A home equity loan can be tacked onto your existing mortgage or added as new debt. Often, it can require mortgage-sized fees and inspections. For small home improvement loans, this is often neither cost effective nor time efficient. Furthermore, many homeowners who would have been eligible for a home equity loan to finance larger projects a few years ago no longer are: property values have plummeted, and banks have tightened their home improvement loan restrictions.
Credit cards have gotten a bad rap lately — and in some cases for good reason. The temptation to run up credit card debt can get you in big trouble. Planning your entire home improvement project in advance and getting a home improvement loan helps prevent impulse overspending. With Prosper home improvement loans, your interest rate is set and never increases during the life of your loan—you know it will be paid off completely by the end of the term. A credit card can take years (even decades) to pay off, particularly if you stick to the minimum payment.
Does my credit score affect my loan?
Yes. Most lenders will look at your credit history, and Prosper lenders are no exception. If you are sure you have bad credit, you may want to consider improving it before you apply. If you are not sure of your credit score, we can help you find out now, for free, with no obligation.
The Prosper community does not require “perfect credit.” If you have an average to an above average credit rating, one way to expedite your loan funding is to ask another Prosper member (especially a lender) to endorse you. Don’t know any other Prosper members personally? Invite a friend to join.