How many loans can you have at once with Prosper

[CreditGuy03]

They preapproved me tonight but wanted to know if it was possible for me to get another loan once this current one gets funded. How does it work with prosper

[iv]

https://www.prosper.com/help/borrowing/

Can I have more than one Prosper loan?

It is possible to have more than one borrower loan if you meet certain requirements. Your credit score at the time of your new loan request must be at least 640. Also, any outstanding Prosper loan is included in your $35,000 total loan limit.

Other requirements:

• Your active loan must be current.
• No late payments on a Prosper loan within the last 60 days.
• You must not have a payment that was more than 15 days late on a Prosper loan within the last year.
• You cannot have more than 2 returned loan payments within the last 3 years.
• A minimum number of months must have passed since your last loan was made, listed below.
• A minimum number of consecutive on-time payments must be made on your previous loan, listed below.

Requirements by credit score range for second loans:

Credit Score Range at time of 1st loan without 31 DPD on 1st loan	Minimum # Mos Since Origination of 1st loan	Number of Consecutive Months
640-719	9	9
720+	6	6

If you have two loans, each loan may have a different payment date. Your loan payments cannot be combined.

Note: Meeting all of the requirements listed above does not guarantee your second loan request will get funded.

[TheConductor]

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@CreditGuy03 wrote:

They preapproved me tonight but wanted to know if it was possible for me to get another loan once this current one gets funded. How does it work with prosper

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Not right away.

As iv's excellent information above shows, there is a waiting period before you can secure a second loan.

On the upside, every month of good payments is improving your internal credit rating at Prosper. After a year of payments, I went from a C rating to an AA in their system, and my FICO was barely improved at all.

By the time you can get a second loan, you should be able to get a much better rate.