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| What happens if a borrower misses a payment? |
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Each month, your monthly loan payment is automatically withdrawn from
your bank account on file. If you receive an email from Prosper that
your payment failed, it means that your account has insufficient funds,
or that the bank account on file at Prosper is out of date or
incorrect. In either case, you will pay a failed payment fee and can
fix the problem with no further penalty by making a manual payment and
ensuring that your bank account has sufficient funds. Just go to "Your
Account > Borrowing" and click the "Make payment" link. If your bank
account information is out of date, be sure to add a new bank account first.
If you can't make a payment, Prosper will follow the delinquency
schedule. Please note that at all times
interest continues to accrue on the principal balance of your loan, in
addition to any failed payment or late payment fees assessed.
Borrowers who miss payments on Prosper face the same consequences as
they would if they miss payments with any form of bank credit,
including the reporting of late payments to the credit bureaus.
Borrowers also incur late fees for missed payments, which are collected
by Prosper and passed onto the lender or lenders for that specific
loan. In addition, 15 days after missing a payment, a borrower's group
leader will be notified.
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