Prosper Debt Consolidation is one of the biggest debt consolidation companies in the United States of America and has loaned out billions to dollars to debt-riddled customers over the years. Some reviewers have rated it highly, but as you can see from our Prosper Debt Consolidation rating, we didn't have the same opinion.

In this guide you can read our full Prosper Debt Consolidation review, as well as more information on this company in general.

Prosper Debt Consolidation

About Prosper Debt Consolidation

According to the Prosper Debt Consolidation website, they have loaned out over $13 billion since they were founded. That's a staggering amount of money that has been used to cover an equally staggering amount of debt, but there are a few issues here that raise concerns.

Basic Information

  • Address: 221 Main St Ste 300, San Francisco, CA 94105-1909
  • Web Address:
  • Date of Founding: 3/22/2005
  • Contact Number: (415) 593-5400
  • BBB Accredited? Yes, since 2012.

The Services

Prosper Debt Consolidation provide loans that can be used to consolidate debts. They are not a debt management company and do not work in the same way that companies like American Consumer Credit, CreditGuard of America and many others do. They simply give you the money that you need to reduce those interest repayments and clear those debts, but at the same time you will have a new and substantial debt to deal with.

Here are a few basic takeaways concerning Prosper Debt Consolidation and the services that they provide:

  • Loans are from $2,000 to $40,000.
  • You will need a decent income and credit score (this is not a no credit loan).
  • The APR can range from just under 7% to just under 36%.
  • Repayments are over a maximum of 5 years.

The Employees

There are over 400 employees working for Prosper Debt Consolidation. There are a mixture of reviews from these employees, with some saying they have never been happier and others complaining about poor pay and training.

This is not something that concerns us greatly as it is fairly common in this industry.

The Reviews

There are some good reviews out there for Prosper Debt Consolidation on review sites. In fact, we seem to be one of the few that do not rate them highly. However, once you focus on actual customer reviews then it becomes a different story. We review without bias and without affiliation, and we also work with reviewers and researchers who do not have any involvement with the financial side of DebtReviews. As a result, we can afford to be a little more honest, while also being very hard on companies that we believe deserve it.

We think that this is the reason our opinion is more in like with what users think as opposed to what other sites think.

Prosper Debt Consolidation Scams

Whenever you find a very big company that processes a lot of money and works with a lot of customers, you find scammers who try to exploit them. Such is the case with Prosper Debt Consolidation, as there are many scammers out there that use their name.

This doesn't mean that Prosper Debt Consolidation is a scam, far from it. They are not connected to the scammers that use their name, nor do they have anything to do with the large sums of money that have been stolen through these scams over the years. These are commonplace industry wide, but in Prosper Debt Consolidation's case it has gotten so bad that the company themselves and the BBB are placing notices up about them in order to raise awareness.

Prosper Debt Consolidation Review

Prosper Debt Consolidation Review

A lot of the issues that we have with Prosper Debt Consolidation concern their transparency, or lack thereof. This is not entirely unusual, and we have reviewed other companies that have the same issue. But there are other issues as well, as discussed in our Prosper Debt Consolidation review below.

The Good

Easy Online Application

Prosper offers an easy online application for potential clients, and it doesn't take very long for this to go through. Once you go through this process as a client then you will be able to see how much everything will cost and what sort of rate you will get. You don't need to commit to anything so it may be a good idea to go through this process even if you have yet to decide whether you want to go with Prosper Debt Consolidation or not.

The Bad

Fees Not Disclosed

The main issue we have with Prosper Debt Consolidation is that they are a personal loans company first, and a debt consolidation one second. Interest rates are higher than competitors who focus on the latter more than the former, and their upfront and monthly fees are not disclosed. If you have a lot of debt then you will end up paying through the nose to go with a company like Prosper Debt Consolidation–although to be fair to them, the amount you pay will still be less than what you would pay if you let those debts grow.

Lacking Accreditations

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 falls flat in this area. This is not entirely unexpected for a company that focuses on loans above counseling, but it would still be a nice addition and it is one that would raise our opinion of them if nothing else.

The Bottom Line

Prosper Debt Consolidation are a good choice for some, but in certain areas, including the interest rates, they just can't compete with what other companies are offering.

Their up-front and monthly fees are hidden, and they do not carry any major industry accreditations, and unlike many of the debt consolidation companies we have covered, they don't work with customers throughout the process. They give you the loan and then let you deal with it yourself. This may be a good option for some, but it's not a good option for the majority.

A large number of debtors will not have a good credit score and may also be struggling with regards to income. The average Prosper Debt Consolidation client has an income of more than $70,000 and a credit score of more than 700, but to a large number of American debtors those numbers are far from anything they can hope for. In such cases, Prosper Debt Consolidation are not a good option because they won't even be available as an option.

That's one of the main reasons why we do not recommend them, but we also don't believe that they have the best rate, not when compared to the likes of Self Lender, and think they fall flat in other areas as well.