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.
