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Personal Loans Debt Consolidation Home Improvement Healthcare Financing Loan Calculator New Estimate Calculator New

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Invest returns how it works

Resources

Personal Finance

BUDGETING AND GOALS Finance for Homeowners Financial Literacy Financial Wellness Financial Habits See all

what's your goal?

Debt Consolidation Credit Management Managing Debt Saving and investments Best Practices See all

Investor

performance updates tax guides quarterly updates investor updates

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help center contact us

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Personal loan
Home equity line
of credit (Heloc)

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General
Prosper help - Home Equity FAQs

Can I pay off my HELoan early?

You can always pay off your HELoan early to save on interest, and there will never be any penalty fee for doing so.

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IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

* For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 1% and 5%. Personal loan APRs through Prosper range from 6.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Your actual rate depends on credit history, income, loan term, and other factors. The average APR for a funded 3-year personal loan between January 1, 2022 and December 31, 2022 was 22.48% APR. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions.

¹Depending on the lender, qualified home equity applicants may borrow up to 80-95% of their primary home’s value and up to 80-90% of the value of a second home. In Texas, qualified applicants may borrow up to 80% of their home’s value. HELoan applicants may borrow up to 85% of the value of an investment property (not available for HELOCs).

²Eligibility for a home equity loan or HELOC up to the maximum amount shown depends on the information provided in the home equity application. Depending on the lender, loans above $250,000 may require an in-home appraisal and title insurance. Depending on the lender, HELOC borrowers must take an initial draw of $50,000 at closing; subsequent HELOC draws are prohibited during the first 90 days following closing; after the first 90 days following closing, subsequent HELOC draws must be $1,000 or more, except in Texas, where the minimum subsequent draw amount is $4,000.

³For Texas home equity products through Prosper, funds cannot be used to pay (in part or in full) non-homestead debt at account opening.

⁴The amount of time it takes to get funds varies. It is measured from the time the lender receives all documents requested from the applicant and depends on the time it takes to verify information provided in the application. The time period calculation to get funds is based on the first 6 months of 2022 loan fundings, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period.

⁵HELOCs through Prosper have a 10-year draw period, followed by a repayment period. During the draw and repayment periods, the borrower is required to make minimum monthly payments. During the draw period, you may choose to make interest-only monthly payments. Interest-only payments may be lower and allow you flexibility in repaying the principal during the draw period. During the repayment period, you will be required to make monthly payments of both interest and principal. Payments during the repayment period may be higher than interest-only payments during the draw period. Refer to your HELOC agreement for details on monthly minimum payments and payment calculations.

⁶Payment terms. Total costs, fees or charges of $1,712–$8,902 may apply. During the term of the HELOC, the APR will not exceed 18% or the maximum APR allowed by applicable law, whichever is less. Property insurance required. Flood insurance may be required.

⁷Payment terms. No annual fee for the first year, then $50 per year thereafter during the draw period. During the term of the HELOC, the APR will not exceed 21% or the maximum APR allowed by applicable law, whichever is less. Property insurance required. Flood insurance may be required.

Links to third party sites are provided for your convenience and do not constitute an endorsement.

Home equity products through Prosper may not be available in all states.

All home equity products are underwritten and issued by Prosper’s Lending Partners. Please see your agreement for details.

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