Unique Selling Point:
With loans as low as $2,000, Prosper may appeal to those on a lower income, or those who need a smaller, shorter-term personal loan than other lenders provide.
Who is this app for:
If you are currently have regular income and you’re looking for a personal loan for things like home improvements, debt consolidation or a new car, Prosper may be for you. Unlike traditional lenders, Prosper is a lending marketplace, where your loan is financed by individual investors. Prosper focuses on 3 and 5 year fixed rate loans, with one consistent monthly payment. This avoids uncertainty, and will appeal to those who want a simple repayment plan where they know in advance exactly how much they owe each month, and how long they owe it for.
Bonus points:
– Prosper also offers a Home Equity Line of Credit (HELOC), which is a line of credit you can access by leveraging the equity in your home. Because it is secured by your house, you may be able to access more money at a lower interest rate with a HELOC than with a credit card or personal loan.
– Prosper allows you to apply with a co-borrower which may improve your chances of getting a loan or lower your loan’s APR.