Prosper Debt Consolidation has funded in over $5 billion in consolidation loans to more than 250,000 clients. Prosper offers a consultation free of charge to potential clients who would like to explore options before committing to one company. However, Prosper leaving much to be desired when it comes to transparency on their website.
Easy Online Application
Prosper offers an easy online application for potential clients. From there, the clients can see the costs associated with the consolidation process. This application also provides answers to some question individuals may have about the whole process. The consultation can be used to find what program, if any, will fit their needs the best.
Fees Not Disclosed
The main issue with Prosper Debt Consolidation is that they are a personal loans company first, and debt consolidation company second. Interest rates are higher than their competitors, and their upfront and monthly fees are not disclosed. Those with a large amount of debt to settle will end up paying a high price to enroll with Prosper.
We can say that Prosper specializes in loan approval, rather than debt counseling. Additionally, Prosper does not have any industry accreditations or certified debt counselors on staff and does not provide any sort of ongoing credit or debt counseling. Overall, accreditations show a company’s willingness to comply with a high level of ethical business standards, and Prosper lacks greatly in this.
The Bottom Line
Prosper Debt Consolidation makes a great choice for people to go to for unsecured loans, but when it comes to consolidating credit card debt with a lower interest rate, they simply do not measure up to the competition. Their up-front and monthly fees are also hidden, and they do not carry any major industry accreditations. Their expertise and services are not configured towards reducing debt but in extending loans. We do not recommend working with Prosper Debt Consolidation for debt consolidation purposes.