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Review Summary: Possibly the most vibrant of the social lending communities (now at over $100 million in loans funded), Prosper is a good mix of accessibility, personality and automation. Pro: $2 million total investment cap attracts well-funded lenders Con: Poor or nonexistent credit coupled with full funding requirement can conspire to leave the highest risk borrowers out in the cold. Rating:  (4 out of 5 stars)
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Prosper is a great destination for most types of loans. The fees are reasonable, the profile and lending tools flexible, and the auction format ensures everyone gets a fair shake at a mutually beneficial arrangement.
Quick Stats
| Best social lending community for | : | mainstream borrowers and lenders |
| Loan size | : | $1,000 - $25,000 |
| Loan duration | : | 3 years |
| Interest rates: | : | 8.44% and up, set by an auction process wherein the borrower offers an interest rate lowered by lender bids. |
| Borrower requirements | : | FICO score of at least 520 |
| Minimum investment | : | $50 |
Likes:
Occasionally colorful, insightful borrower profiles. Photos and engaging descriptions-cum-pleas can make Prosper borrower listings one of the most fun aspects of this community. (On the other hand, nonsensical photos, misspelled words and barebones narratives can turn them into a waste of perusal time.)
Helpful portfolio tool. Rather not sift through dozens of loan listings yourself? The portfolio option lets you set up Prosper to automatically bid on loans that fit the risk profile you’ve chosen.
Groups.Any lender can create a club-within-a-club that supports specific types of borrowers, say members of the local Elks lodge.
Dislikes:
Boring new look. Maybe it’s only temporary “until Prosper can add information back to the site after SEC registration” but the flat new redesign does not do justice to the depth of this social lending community.
Bottom line: Among the most open and laissez-faire of the social lending communities, Prosper serves everyone well by welcoming most stripes of borrowers while offering lenders strong risk assessment tools.
