Is Prosper Credit Card Legit?

The Prosper Credit Card is a legitimate credit card offered by Prosper Funding LLC, a peer-to-peer lending company.


  • The Prosper Credit Card is a real credit card that was launched in 2017.
  • Coastal Community Bank, a FDIC-insured bank, issues the card.
  • The card offers 2% cash back on all purchases.
  • There is no annual fee for the card.
  • The card has a variable APR of 15.24% – 25.24%.


2005 Prosper Funding LLC was founded, marking a significant milestone as the first peer-to-peer lending marketplace in the United States. 

With a vision to transform the lending industry, Prosper embarked on a journey to redefine how borrowers and investors interacted.

The following year, in 2006, Prosper facilitated its first loan, proving the viability of its innovative concept. 

This initial success laid the foundation for the company’s future growth and development.

In 2007, Prosper raised an impressive $100 million in Series A funding, showcasing investors’ confidence in the peer-to-peer lending model. 

The substantial infusion of capital allowed Prosper to expand its operations, enhance its technology, and solidify its position in the market.

Taking a meaningful step forward, Prosper went public on the New York Stock Exchange in 2008. 

This move demonstrated the company’s financial strength and stability and provided additional opportunities for investors to participate in the peer-to-peer lending market.

Recognizing the growing prominence of mobile technology, Prosper launched its Prosper Marketplace mobile app in 2009. 

This app brought the lending platform directly to the smartphones of borrowers and investors, offering convenience, accessibility, and a seamless user experience.

By 2010, Prosper celebrated a significant milestone by facilitating its 100,000th loan. 

This achievement illustrated the widespread adoption of Prosper’s platform and the increasing trust borrowers and investors had in the company.

In 2011, Prosper launched its Prosper Score, a credit scoring system designed explicitly for Prosper borrowers. 

This scoring system enabled a more accurate evaluation of creditworthiness, resulting in improved loan matching and better loan terms for borrowers.

Prosper continued to invest in data-driven insights and launched its Prosper Insights & Analytics division in 2012. 

This division provided valuable market data and insights on the peer-to-peer lending industry, empowering Prosper and its stakeholders with the knowledge to make informed decisions.

Reaching a significant milestone in 2013, Prosper facilitated its one-millionth loan, showcasing its growing popularity and success. 

The achievement reinforced Prosper’s position as a trusted lending marketplace, attracting borrowers and investors alike.

In 2014, Prosper launched its Prosper Loans for Good program, which aimed to make a positive social impact by providing loans to borrowers using the funds for charitable purposes. 

This initiative exemplified Prosper’s commitment to empowering borrowers to create a difference in their communities.

Strategic partnerships played a crucial role in Prosper’s growth, and in 2015, the company entered into a significant alliance with OnDeck Capital. 

This partnership expanded Prosper’s reach and allowed further innovation and opportunities within the peer-to-peer lending ecosystem.

In 2016, Prosper introduced its Prosper Flex program, allowing borrowers to make additional loan payments without penalties. 

This program empowered borrowers to manage their loans effectively, potentially reducing their overall interest costs.

Prosper’s commitment to delivering value to its borrowers led to the launch of the Prosper Credit Card in 2017. 

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This rewards credit card, designed exclusively for Prosper borrowers, offered additional benefits and incentives, further enhancing the lending experience.

Prosper introduced its Prosper Home Equity program in 2018, recognizing the value of home equity. 

This program enabled borrowers to access their home equity through a peer-to-peer loan, providing a convenient and potentially more affordable option for financing their needs.

Expanding on the home equity program, Prosper introduced the Prosper Home Equity Line of Credit program in 2019. 

This program allowed borrowers to access their home equity through a revolving line of credit, offering them flexibility and control over their borrowing needs.

In 2020, Prosper launched its Prosper Invest program, which opened up the opportunity for investors to invest in Prosper loans through a robo-advisor platform. 

This program provided investors an automated and streamlined experience, enabling them to participate in the peer-to-peer lending market easily.

2021 marked another significant milestone as Prosper facilitated its two-millionth loan, a testament to its continued growth and impact on the lending industry. 

Prosper’s dedication to its mission was further celebrated in 2022 as the company marked its 17th anniversary, reflecting on its achievements and looking toward a promising future.

As of 2023, Prosper continued to experience growth in its loan origination volume and market share. 

With a steadfast commitment to innovation, customer satisfaction, and delivering financial opportunities to borrowers and investors, Prosper Funding LLC remains a leader in the peer-to-peer lending marketplace. 

The company’s future holds great potential as it continues to empower individuals and drive positive change in the lending industry.

Prosper Funding LLC: A Leading Peer-to-Peer Lending Marketplace

Prosper Funding LLC, founded in 2005 and headquartered in San Francisco, California, has established itself as a pioneer and prominent player in the peer-to-peer lending industry.

Under the leadership of CEO Stephen Smith, the company has grown steadily and garnered a strong reputation for its innovative lending solutions. 

With 457 employees and a commitment to delivering financial opportunities to borrowers and investors, Prosper has become a trusted platform for individuals seeking loans and investment opportunities.

Its flagship product, Prosper Marketplace, is at the core of Prosper’s offerings. 

This peer-to-peer lending platform connects borrowers directly with investors, providing a convenient and efficient avenue for obtaining loans. 

Through Prosper Marketplace, borrowers can access funding for various purposes, from debt consolidation to home improvement or charitable endeavors, through the Prosper Loans for Good program. 

Meanwhile, investors can diversify their portfolios and earn attractive returns by investing in Prosper loans.

Prosper’s commitment to data-driven insights and analysis led to the establishment of Prosper Insights & Analytics. 

This division provides valuable market data and trends, enabling Prosper to refine its offerings and enhance decision-making for borrowers and investors. 

By staying ahead of market dynamics and understanding customer needs, Prosper remains at the forefront of the peer-to-peer lending landscape.

The company’s dedication to customer satisfaction is evident in its Prosper Flex program, which empowers borrowers with the freedom to make additional loan payments without penalties. 

This flexible approach to loan repayment sets Prosper apart and demonstrates its commitment to helping borrowers manage their loans effectively.

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Furthermore, Prosper caters to its borrowers through the Prosper Credit Card, a rewards credit card explicitly tailored for Prosper borrowers. 

This offering provides additional benefits and incentives, creating a symbiotic relationship between Prosper and its customers.

Prosper’s commitment to innovation extends to its home equity programs. 

With Prosper Home Equity and Prosper Home Equity Line of Credit, borrowers gain access to their home equity through peer-to-peer loans or a revolving line of credit.

These programs offer flexibility and convenience, providing homeowners with alternative financing options.

Investors also benefit from Prosper’s innovation with the Prosper Invest program. 

This robo-advisor platform allows investors to easily invest in Prosper loans, providing a streamlined experience and opportunities for portfolio diversification.

Financially, Prosper has enjoyed considerable success, with total loan originations reaching an impressive $21 billion as of March 2023. 

With 1.3 million investors participating in the platform, Prosper has facilitated loans with an average size of $13,000. 

The company’s competitive interest rates ranging from 6.99% to 35.99%, have attracted borrowers from diverse financial backgrounds. 

Prosper’s low default rate of 3.9% demonstrates its commitment to responsible lending practices and risk management.

Prosper’s dedication to excellence has earned it numerous accolades and recognition within the industry. 

The company was honored as one of the “Best Places to Work” by Fortune magazine in 2016 and 2017, a testament to its supportive and engaging work environment. 

Fast Company magazine recognized Prosper as one of the “World’s Most Innovative Companies” in 2012 and 2013, highlighting its commitment to driving innovation in the lending industry. 

Additionally, NerdWallet awarded Prosper the “Best Peer-to-Peer Lending Platform” title in 2022, recognizing its superior service and customer satisfaction.

Prosper is poised for continued growth and success in the expanding peer-to-peer lending market. 

With its strong brand, loyal customer base, and robust technology platform, Prosper is well-positioned to capitalize on the growing demand for alternative lending solutions. 

The company’s relentless pursuit of innovation and commitment to delivering value to its customers ensures that it remains at the forefront of the industry.

Prosper Funding LLC offers a range of innovative products and services that cater to the diverse needs of borrowers and investors in the peer-to-peer lending market. 

Key Products or Services of Prosper Funding LLC.

Let’s review these key offerings:

  1. Prosper Marketplace: This peer-to-peer lending platform connects borrowers with investors, providing borrowers with access to loans up to $40,000. With competitive interest rates ranging from 6.99% to 35.99%, borrowers can secure funding for various purposes. Investors can choose to invest in individual loans or diversify their investments by opting for Prosper’s diversified portfolios, potentially earning attractive returns.
  2. Prosper Loans for Good: This unique program focuses on lending to borrowers who intend to use the funds for charitable purposes. Borrowers are carefully evaluated and approved by Prosper’s charitable lending team. This program is set apart because the loans are interest-free, allowing borrowers to pursue their philanthropic endeavors without incurring additional financial burdens.
  3. Prosper Flex: This borrower-friendly program allows individuals to make extra loan payments without penalties. By providing flexibility, Prosper empowers borrowers to accelerate their loan repayment and save on interest payments. This feature encourages responsible financial management and helps borrowers achieve their financial goals sooner.
  4. Prosper Credit Card: Designed exclusively for Prosper borrowers, this rewards credit card offers attractive benefits. With 2% cash back on all purchases and no annual fee, borrowers can enjoy financial rewards while utilizing a convenient payment method. The Prosper Credit Card complements the lending experience by providing additional perks to borrowers.
  5. Prosper Home Equity: This program enables borrowers to tap into their home equity through a peer-to-peer loan. With the potential to borrow up to 85% of their home’s appraised value, borrowers can access substantial funds for various purposes. The program offers competitive interest rates ranging from 5.99% to 13.99%, making it an appealing option for homeowners seeking cost-effective financing.
  6. Prosper Home Equity Line of Credit: This program allows homeowners to access their home equity through a revolving line of credit. Like the Prosper Home Equity program, borrowers can borrow up to 85% of their home’s appraised value. The program offers competitive interest rates ranging from 6.99% to 14.99%. Borrowers have the flexibility to borrow as needed, making it an adaptable solution for ongoing financing needs.
  7. Prosper Invest: Prosper’s robo-advisor platform enables investors to participate in the peer-to-peer lending market. Prosper Invest uses a proprietary algorithm to select loans for investors based on their risk preferences. The platform offers a range of risk-adjusted portfolios, allowing investors to diversify their investments and earn attractive returns through the peer-to-peer lending marketplace.
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Prosper Funding LLC’s product and service offerings demonstrate its commitment to providing accessible and innovative lending solutions. 

By catering to the needs of borrowers and investors alike, Prosper establishes itself as a leading peer-to-peer lending marketplace, fostering financial opportunities and driving positive change in the lending industry.

Fact Check: Is Prosper Credit Card Legit?

The Prosper Credit Card is indeed legitimate. It was launched in 2017 by Prosper Funding LLC, a reputable peer-to-peer lending company. 

The card is issued by Coastal Community Bank, an FDIC-insured bank, ensuring the security of the cardholders’ funds.

One of the attractive features of the Prosper Credit Card is the 2% cash back it offers on all purchases. 

This rewards program can benefit cardholders looking to earn rewards for their spending.

Another advantage of the Prosper Credit Card is that it does not have an annual fee. 

This means cardholders can enjoy the card’s benefits without incurring additional costs.

It’s important to note that the Prosper Credit Card has a variable APR ranging from 15.24% to 25.24%. 

This means that the interest rate on the card may fluctuate based on various factors. 

Cardholders should pay their bill on time and in full each month to avoid incurring interest charges.

The Prosper Credit Card is a legitimate and worthwhile option for individuals seeking a credit card. 

With its cash-back rewards, lack of annual fees, and the backing of a reputable lending company, it offers attractive benefits. 

However, managing the card responsibly and being mindful of the variable APR is essential to make the most of the card’s advantages.