Do I have to pay anything out of pocket to obtain a loan?

There are no upfront fees for applying for a loan through Prosper. A one-time fee is charged if your loan is funded and money is transferred to you.

This fee is called the “Origination Fee” and is a percentage of the amount borrowed (1%-5%, depending on Prosper Rating). It is taken from the loan immediately, before loan proceeds are transferred to your account. This means that if you apply for a loan and need an amount to purchase something specific or pay off a balance on a credit card, make sure you ask for enough to cover both the expense and the fee.

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