Review Time
I have used a number of companies for investments and to be honest they are firstly very complicated and secondly charge a fair amount. Prosper is simple to use, the options are wide and disperse and the fees are very reasonable. In the 2 years I have had one investment account I have seen over 20% growth. Cannot fault these guys one bit.
I appreciate the positive response to my review from the company which echoed as I previously said the quick response to my emails when asking for help in moving my money around. So I have edited my very harsh review and will hopefully use the platform again. As I said movement of money was very complicated and being on line made things worse. Getting my money stuck in the investment account, not able to transfer it back to the holding account was frustrating and not being able to add to the fixed account despite there seeming to be an 'open window' meant having to open another fixed account. The caring response from the company did give me confidence that the company was nevertheless there for me in getting things right
The company offers a great choice of funds, at low costs, and everything is transparent and easy to manage. Bonus: some of the funds' fees are even refunded. I have a limited company and the customer support service helped to organise an employer's contribution swiftly and efficiently. Great services, probably the best service for SIPP out there.
I was an early user of Prosper and have seen the service grow and evolve.Very low friction deposits and withdrawals, simple interface and they act as a marketplace for the best rates across the markets. I now use this as a proxy to see what rates I should be getting.Further support from the Horizon advisory service (Chris is brilliant)! helps make personal finance from saving to investing very simple, accessible and inclusive wherever you are in your personal finance journey.
Is this is dating app or a financial company?FCA rules do not mandate a selfie or photograph of a customer is taken for ID purposes. Professional companies use the electoral register and nominated account, or a copy of a passport. Prosper not only want a copy of a passport but a photograph of a user. An unknown third party users have no contract with stores this data.It is false to claim this is required for regulatory compliance. It is not. It is a self-imposed requirement which is not legally required.I promptly deleted the app. I am not signing up to a dating site or sending my photograph to a third party.Unacceptable verification system. Intrusive verification should be made clear at the onset.What happens when there is a data leak? Do images appear on paedo lists? No thanks.I then received a rude email addressing me by my first name as opposed to the UK default of Title Surname.We are not on first name terms, not friends.Any decent software has a field: "Address as" where people chose how to be addressed.Presumptuous nonsense.Hargreaves Langsdown, ii.co.uk etc do not ask for selfies and address people with respect, by default (Title, Surname). They are competent organisations. Prosper need to learn!If the target is UK customers, the default manner to address a client is not by first name.Cybernews .com reported:Millions of customers of large businesses have been left vulnerable to identity theft, thanks to a security flaw that exposes their personal data to illicit download: Service providers using Onfido, an identification verification (IDV) service, let a major flaw in their security go unchecked.Guess who Prosper use.===Response to Prosper.Just because Trading212 does the same it does not make your requirements acceptable or correct. The well-established brands such as ii.co.uk and Hargreaves do not. Your stance loses potential customers, unlike ii.co.uk and Hargreaves et al.Your supplier appears to have had security issues and data breaches. Why should they be trusted?As for First name, again Hargreaves and ii.co.uk use Title Surname. First name is not a human touch or friendly. There is no evidence it is. It is simply over-familiar, rude and presumptuous. It is clearly importing American nonsense . It is laziness to fail to seek permission or having a field for a user to select how to be addressed – basic software design.The major countries in the world also object to first name use by unknown people and in client relationships, such as India, China and Japan. It is culturally inappropriate to call an elder person by their first name in these countries and considered rude. If you cannot understand culture, how will you understand finance?Prosper should employ staff who can communicate in British English. "We appreciate it might not work for all, and does not work for you." is American nonsense. Words to not work. Did you mean I do not like it?Learn the language of country you operate in!--First name terms: What evidence exists?1. Anecdotal and cultural resistance (UK)British cultural norms have historically favoured formality with strangers, especially in customer service, healthcare, and official settings.Complaints about over-familiarity in phone calls, emails, and letters have been raised for years.The Financial Times, BBC, and other UK outlets have run columns and features critical of this shift, highlighting a widespread discomfort with unsolicited first-name use.2. No strong consumer polling supports itThere’s no major UK survey proving people generally prefer being addressed by first name by businesses or strangers.Some corporate call centres claim people respond more warmly to first names — but this is typically based on internal marketing theory, not independent public research.3. Professional standards still favour formalityThe NHS, courts, armed forces, universities, and police often stick to using title and surname, especially at first contact.This suggests that in contexts where respect, trust, and clarity matter, formality is still the default.So why is first-name usage pushed?It’s largely a corporate or marketing decision — based on:American-style scripts where casual tone = friendly brand imageThe belief it builds “rapport” (even if it's artificial)A cost-cutting mindset: treating people like data entries, not individualsCompanies often assume this approach works because few people complain directly, even if they’re uncomfortable.
Zero stars if possible. Opened an account - transferred large amount of funds into Prosper wallet - got the following message "FromToApp ErrorUnfortunately something went wrong with that request. Our support team have been notified but please contact us if you're concerned."Yes, i'm concerned when my savings are sitting in your holding account - advised that the Aldermore account should be up and running by end of day - as i don't trust a company that does this i removed the funds - cannot check if account is up and running today until i transfer all the funds again so contacted customer service and received this reply "I can confirm our order or product is available. Please refer to the app for the most updated products and rates.Moreover, please note that this product is funded and 'trenches' and the next fund date would be on the 22nd of August." then "You can fund the product at any time before 22nd August. However, please note that interest will only start accruing from 22nd August, as this is the scheduled tranche date for the product.If you’d like, you can deposit your funds in advance to ensure they are ready for that date." - this surely has to be a joke? Edit/response - Thank you for your response.You state "tranche" funding of fixed term accounts is quite normal yet i have funded many fixed rate accounts using online only companies and never come across "tranche" except for group funding of a start up company. This is an uncomfortable way of doing business when it is not high interest/high risk. If as you state Aldermore has the only product funded in this manner then it was unfortunate for myself that I chose this product and not another one offered by Prosper. It was also unfortunate that there is little to no information on how the funding of this individual product works. The rate I was moving to was good but not that good that it could outweigh losing all interest for 10days - I moved it from a 4.3% therefore over a short period of six months the loss of 10days interest makes moving the funds an overall loss - not good business for me. 1 - If Prosper holds funds for 50 people waiting to "tranche" at £50k each and earns nothing from this over 10days this is not a company whose business acumen I would admire. In fact I would wonder how they made profit whilst missing this opportunity. I may rant at the idea of making money from customers without being upfront but rant more when you have customers funds and earn nothing from them. This seems questionable...2 - I use the term "scammers" as any company that is not forthcoming with necessary information and stops just short of evasion I classify thus. I was advised that the Aldermore account should be up and running at close of play that day "you should then be able to fund the account". This advice I believe was in error as I would not be able to fund the account at that point. As you can see I went through the process of logging to fund the account a fair few times to no avail. The next morning, first thing I contacted Prosper and was advised "please note this product is funded and "trenches" and the next fund date would be 22nd of August" (10days zero interest). Please note I had £56k in Prosper wallet on the 13th August but every time I tried to move to Aldermore, Prosper pop up stated "App Error - Unfortunately something went wrong with that request. Our support team have been notified but please contact us if you're concerned. Wallet £0". This did not clarify what had happened and unfortunately when I contacted Prosper the person was very nice but did not clarify what was occurring. I find it is better to be blunt with what is happening than faff around and waste time. I am sure Prosper is a great company to work with if things are straightforward and going well as are many online companies, unfortunately my experience was not so great and took up time that could be used better. I was admittedly irked when I left the initial review but now (calmly) I do not believe Prosper to be any worse than many companies but they lack clarity (again, as do many co's) - I have edited my review to reflect this.
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Prosper was founded to bring More for You by maximising our members’ potential wealth. We provide pensions, investments (both public and private) and savings accounts that have clear charges.
And we keep them low.
With Prosper’s flexible Stocks and Shares ISA, you get:
No platform or transfer fees
Refunded fund fees on over 30 top ETFs (BlackRock, Vanguard and more)
Real human support when you need it
Our pensions (Self Invested Pension Plans) are also free to open and free to fund.
We charge no platform or transfer fees to move your existing pensions or ISAs to Prosper.
We have market beating cash savings rates on fixed, easy access and notice accounts and again, we take the absolute least possible interest for ourselves that we can so that we can pass on as much value to you as possible.
Recently we have brought our members private markets funds and we intend to much more in the app to bring private markets to our sophisticated investors with a simple interface.
Our members benefit from zero fee access on 30 index funds from the world's leading asset managers, zero platform fees and zero transaction fees. In the future, we will charge members a fair platform fee and low, fair and transparent fees for any other investment products we think represent great value.
Prosper founder and CEO Nick Perrett and Chairman Ricky Knox have previously worked together building Tandem Bank. The company is backed by the founders of Monzo, Capital One and Admiral and other leaders in financial services.
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