Prosper: Get a Medical Loan That Works For You

Prosper loans has been serving customers for 15 years, with more than $16 billion in loans issued to almost a million customers to date.

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    While most Prosper loan reviews focus on the overall benefits of applying to this lending provider, I’d like to focus on the Prosper healthcare loan option that can help you pay for medical procedures not usually covered by traditional health insurance.

    What I think about Prosper loans

    As most Prosper reviews will tell you, this is not your average, middle of the road lender. Prosper operates on a slightly different business model than many lenders, and it’s crucial to understand the distinctions before you apply.

    With Prosper lending, you apply as you would for any other loan - and then the company essentially markets you to potential investors who are willing to fund your loan in what is normally titled a peer-to-peer lending process. Your application may remain on the system for up to 2 weeks before finding an investor, but many customers have seen their loan applications approved in just a few days.

    Prosper financial loans are definitely recommended for borrowers with good credit, ideally meaning credit scores of 640 and above. The company takes multiple data points into consideration when they process loan applications, but your credit history will play a major role in their eventual decision.

    Prosper medical loans are a special subclass of the company’s regular peer-to-peer loans. Known as Prosper Healthcare Loans (PHLs), these specialty loans are available in amounts up to $35,000 which are repayable over a period of up to 5 years.

    There is one critical point to consider before applying for a peer-to-peer loan through Prosper. In order to apply for a Prosper Healthcare Loan, you’ll need to be treated by a doctor who participates in the program.

    Prosper Loans Refinancing Option

    One of the big perks of Prosper lending is that the company specializes in refinancing and offers unsecured personal loans with no collateral necessary. If you’re seeking to refinance existing medical debts, this could be an excellent option for you to pursue to reduce your overall monthly payments or extend the duration of your repayment.

    Prosper healthcare loans aren’t the only way to pay your medical bills. If you’ve already undergone medical treatments and procedures and paid with a credit card or personal loan with a high APR, you can save significantly by refinancing your outstanding amounts through Prosper.

    If your loan application is approved, you’ll need to settle your existing debt yourself using the funds from Prosper. You’ll then need to ensure that you make your Prosper payments regularly.

    Prosper loans Customer Service

    One of the most important things to know about any loan company is what level of customer support they offer. Prosper customer service tends to receive good reviews, and mine experience interacting with representatives was no different.

    With Prosper customer support, you’ll have no trouble communicating with a company representative if you have queries about your loan. To reach the company, simply pick up the phone and dial the 800-number listed on the website to reach representatives.

    The Prosper loan sign in feature is easy to use, and once you’ve registered you can easily check your loan application status and view your repayment history online. They also have a useful help center that contains a large number of FAQs and explains the loan process in detail.

    The company does allow some flexibility on the loan payment due date, but you should know that they don’t usually allow extensions of the loan period under any circumstances.

    Prosper Loans Fees

    Now you may be wondering what Prosper loan rates look like. Here’s what you can expect.

    Prosper fees for patients include an origination fee ranging between 2.40% and 5.00% of the total loan amount and individuals who fall behind on repayment might face two types of late payment penalties.

    Late payment fees of $15 or 5.00% (whichever is greater) and an insufficient funds fee of $15 are some of the Prosper loan fees you may want to take note of before selecting a loan. The company considers any payment not made on the agreed upon date to be late and late fees will apply accordingly.

    Prosper interest rates range between 6.95% and 35.99%, depending on your credit history, credit score, and several other factors.

    Prosper Loans Pros and Cons

    Prosper offers loans with a generous upper limit, but if your credit history is less than stellar you may not necessarily qualify for their loans. Here are some of the pros and cons of applying for a Prosper loan.


    • Benefit from a unique platform that allows applicants to “pitch” themselves to investors
    • Gain the chance to secure a low APR
    • Access a range of loan amounts, from $2000 to $40,000
    • Pay no penalties for early settlement (prepayment) of the loan
    • Only face an initial soft credit check that won’t affect your credit score


    • Customers with average to poor credit may not secure a competitive interest rate
    • Depending on how extensive your medical procedure turns out, the upper limit of $35,000 may be insufficient to cover all the costs
    • The initiation fee is not negotiable and is determined by Prosper

    How To Apply For Prosper Loans

    After you’ve read this and other Prosper healthcare lending reviews, you may want to take the next step and apply for a Prosper loan yourself. Here’s how it works.

    You can apply on the company’s website, or by using the Prosper app. You can first complete a soft application to check the rates you’ll probably pay if your loan is approved, and then decide whether you’d like to do a full application after that.

    Since Prosper loans are funded by private investors, it may take a few days for your loan to be approved or rejected. Following approval, it typically takes three to four days for funds to be transferred.

    Prosper Loans With Bad Credit

    There are a few factors that could get your Prosper loan denied after funding requests are sent to investors on the platform. Bad credit is one factor that could result in a denial, but it doesn’t mean that only borrowers exhibiting the very best credit scores will be approved either.

    Remember, Prosper investing differs from a regular bank, credit union or non-bank lending company because you’ll need to look like an attractive customer to real investors seeking to generate stable returns while reducing risk of default.

    The less solid your credit history, personal debt levels, employment and other factors are, a higher loan APR will be assigned in all likelihood.

    My Conclusion About Prosper Loans

    By now, you should have a good idea of how Prosper loans work and who should apply for them to help pay for the cost of a medical procedure. In general, if you have good credit and solid finances, Prosper represents a great option to pay for current, future, or past medical expenses at a competitive interest rate.

    Before you apply, take some time and read a few Prosper loan reviews and especially those that deal specifically with Prosper healthcare. You’ll get a good idea of how the loan application process went for other customers.

    Overall, I recommend Prosper Loans’ range of loans, specifically for medical procedures. Even if your credit record isn’t flawless but you have a solid track record, start the soft application process with Prosper today to see what potential rates and repayment periods might look like.