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 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 ar ...
- How do I read my group leader statement?
Statement layout
Your group leader statement is a snapshot in time of your activity
as a group leader on Prosper. The statement is created as of the end of
the day (11:59 PM) on the last da ...
- What are the different loan statuses?
All Prosper loans are three-year loans. Borrowers are required to make
monthly payments for the duration of the loan, unless they decide to
pay the loan off early.
Payment status levels inclu ...
- What happens if one of my loans is written off?
Loans that are written off as uncollectable are offered for sale at an
auction to a selected group of debt collection companies that are in
the business of purchasing defaulted loans. Since you ...
- Is the LoanBaxk Promissory Note a legal document?
Yes.The
LoanBack Promissory Note is a legally binding contract between the borrower and
lender and is enforceable in a court of law. They've
spent thousands of dollars on legal fees so ...
- How can I see the payment history for one particular loan?
Go to "Your Account > Lending" and click the "Search loans" link.
You will be able to search for individual loans by payment status (be
it current or paid in full, on-time or past due), credi ...
- Why can't I change my name or Social Security number on Prosper?
If you have already gone through the process of having your
identity checked with Prosper (for the purpose of becoming a borrower,
lender, or group leader), you will not be able to update your n ...
- When will I actually receive my group leader rewards?
As a group leader, you will receive non-shared rewards as follows:
Match rewards: Received one month after match if the loan is still outstanding (not repaid) and payment is current.
Payment re ...
- Who receives late and failed payment fees?
Late fees are paid to lenders to cover their losses during the
delinquent period. Late fees are divided up proportionally according to
the percentage of the loan that the lender owns.
Failed ...
- What are the benefits of using LoanBack?
The first step to ensuring a successful personal loan
between two individuals is to clearly define a loan agreement. Will the borrower pay interest? If so, how much? When does ...
- How can I see the performance of my loans in one place?
If you go to "Your Account > Lending", and click on "View historical
performance", you can see a summary of your overall loan performance,
grouped by the calendar quarter in which the loans w ...
- How do I read my lender statement?
Statement layout
Your lender statement is a snapshot in time of your lending
account. The statement is created as of the end of the day (11:59 PM)
on the last day of every month, and is mad ...
- Is anyone guaranteeing these loans?
No one guarantees the loans at Prosper. This is real life, and in real
life, sometimes people default on their loans. If a borrower is more
than one month late on a payment, Prosper engages a co ...
- Why are funds taken out of my account each time I bid?
Actually, the funds are never withdrawn from your Prosper account.
However, they are set aside, or put in a holding tank of sorts, while
the listings you are bidding on are active. If you won al ...
- 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 ...
- How do I read my borrower statement?
Statement layout
Your borrower statement is a snapshot in time of your borrowing
activity on Prosper. The statement is created about five days after
your monthly loan payment date, and ...
- What is a bank draft?
When you are confirming your listing, you will have two options for
making your monthly payment. The first option is electronic funds
transfer, which is free. The second option is bank draft, wh ...
- Do I need to be licensed to lend at Prosper?
You do not need to be licensed to be a lender on Prosper. Although they
refer to you and other individuals as "lenders", the loans are being
made by Prosper and then sold to you, making you a lo ...
- What kinds of loans are available on Prosper?
Initially, borrowers can request 3-year, fully amortized loans up to
$25,000.All loans on Prosper are based on borrowers' credit scores and a
group's reputation. There is no collateral necessary ...
- How can I keep track of my group's listings and loans?
If you want a quick overview of your group's current activity, you can
access it on the "Your Account > Group" page. You'll see a summary
of the number of active listings and loans—you ...
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