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Loan Process
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There were 36 questions found in this category:
 How are the final lender rates determined?
Here's how it works: Lender rate = Borrower rate - Group reward (the group reward is the group leader's share of the rewards x payment reward rate) Take a look at the chart below to see how the various reward-sharing levels translate into payment reward rates: For example, if a C-grade borrow ...
- Can I leave my group?
You can leave your group as long as you don't have an active listing or loan. In that case, just go to "Your Account > Group", and click "Leave group". If you have an active listing or loan, you will not be able to leave your group until the listing is withdrawn or expires (without becoming a ...
- Can I revise my Prosper.com listing?
You cannot revise your listing at any time. You can, however, withdraw your listing, and create a new listing with your changes. There is no fee for withdrawing your listing and creating a new one.
- Can Prosper help borrowers build credit? Will delinquency be reported?
Yes. Because Prosper reports all payment activity to their credit reporting partner, using Prosper is an excellent way for new borrowers to establish a credit history while enhancing their group's reputation. In addition, delinquencies are also reported to their credit reporting partner, so bad ...
- Do I need to join a group to get a loan?
No. While borrowers aren't required to join a group in order to post listings on Prosper, they are likely to receive more favorable bids as a member of a group with a good reputation. However, if you're not interested in joining a group, you may get a loan on your own. Just sign in and click the ...
- Does creating a listing on Prosper affect a borrower's credit score?
No. Creating a listing for a loan is not counted as a loan inquiry and will not lower a borrower's credit score. An inquiry is only created when a borrower's loan is matched.
- How are interest rates and payments calculated?
Interest rates are based on the rate selected by the borrower that is matched by the lender. Payments are due each month, based on a fully-amortized repayment schedule over a 3-year period. Each monthly payment is the same and there is never a balloon payment or "revolving credit". By the time ...
- How are rewards paid?
The first thing to note is that group leaders can choose to share payment rewards with borrowers in their group. However, because group leaders and borrowers have different needs, the rewards are paid in two different ways. Group leaders receive their rewards in cash payments directly to their b ...
- How can I look up my credit report and score?
It's important to make sure the information in your credit report is correct. If information in your credit report is incorrect, it can negatively affect your credit score, and therefore your ability to borrow money. It is recommended that you review your credit report annually from each of the ...
- How do I create a listing?
Before you get into it, view a tutorial on borrowing money. If you are not registered with Prosper, click the "Register now" button on the home page. You will be asked to fill out a quick registration form. Registration is free. If you are not a member of a group, we recommend that you join a gr ...
- How do I create a standing order?
There are a few ways to get started on creating a standing order: Go to the "Lend" tab and click on the "Create Standing Order" sub-tab. Go to the "Lend" tab and perform a search for listings that meet the criteria of borrowers you want to lend to. For example, you could search for borrowers who ...
- How do I fund my loan early?
You have the option of receiving your funds early instead of waiting for the listing to close at the end of the time period you specified. For example, you post a 7-day listing but by day three you have received enough bids to fund the full amount of the loan. If you are satisfied with the inter ...
- How do I join a group?
Once you find a group you'd like to join, click "Join this group" on their group home page. If you are not registered with Prosper, you will be asked to fill out a quick registration form. Registration is free. Once registered, you will send a short note requesting membership to the group's lead ...
- How do I withdraw my listing?
There are certain scenarios when you may want to withdraw and cancel your listing. For example, you may be uncertain about taking a loan, or would like to create a new listing that you think will be more attractive to lenders, or perhaps you simply want a different loan amount or interest rate. ...
- How is a credit grade different from a credit score or credit rating?
A Prosper credit grade is a letter grade that Prosper assigns you based on your credit score, for use solely in the Prosper marketplace. Prosper obtains your Experian ScoreX PLUS™ credit score from your credit report, and assigns one of eight credit grades. Here is a table that shows the ...
- How quickly will a borrower receive money once a loan is matched?
Borrowers typically receive their loan within 2 to 4 business days of the end of a successful listing.
- What are credit grades?
Many lenders use your credit grade to measure your likelihood of repaying the money you have borrowed based on your past history. Everything from your first credit card during college to student loans to your most recent home loan could contribute to your credit history. Your credit grade can al ...
- What are shared group leader rewards?
Some group leaders may choose to share payment rewards with borrowers in their group. If payment rewards are shared, the group leader will receive only a portion, or in the case of 100% sharing, no payment rewards. Instead, the payment rewards will be passed on in the form of lower interest rate ...
- What are the borrower fees charged by Prosper?
Borrower Fees 1% closing fee If you are a borrower and your loan is funded, you will be charged 1% of the amount borrowed or $25, whichever is greater. For example, if you take a loan for $5,000 to help pay for your wedding, you will be charged $50. The 1% is taken from your loan immediately, ...
- What are the state interest rate caps and lending limits?
Prosper is authorized to lend to borrowers in most states. The state rate cap and lending limits may change often and Prosper.com maintains a complete list of the state-specific lending policies currently in effect here.
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