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| What are the lender fees charged by Prosper? |
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The annual servicing fee
is accrued daily, and is based on the current outstanding loan
principal. This fee is accrued the same way that regular interest is
accrued on the loan.
For example, on a $5,000 loan at 10% interest, the
servicing fee would be $40.40 over its full 3 year length. Because the
servicing fee is based on the daily principal balance (which is an
amortized value), it will change on a monthly basis, and the servicing
fee for a loan will vary based on the interest rate and the length of
the loan.
In the event
that one of your loans becomes more than 1 month late, Prosper will
assign a professional collection agency to attempt to collect the
overdue amount. Each collection agency has its own fee structure, but
will only collect a fee for their services if funds are recovered.
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