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 What are the fees for a late payment?
If your loan payment has not been received in full 15 days after the
due date, you will be charged $15 or 5% of that month's payment,
depending on your state lending limits.
You can avoid a l ...
- 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 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's the best way to get current on a late loan payment?
Go to "Your Account > Borrowing" and click the "Make payment" link.
You will see the amount and date of your missed payment, along with
any additional fees that have accrued. Simply enter ...
- How do I make a manual loan payment?
Go to "Your Account > Borrowing" and click the "Make payment" link.
You will see the amount and date of your upcoming (or last missed) payment. Simply enter the amount that you want to pay. ...
- What is a community payment?
If your loan is more than 1 month late, any Prosper member with a
lender role and money in his or her Prosper account can make what is
called a "community payment".
A community payment is a si ...
- What should I do if a borrower is late on a monthly payment?
Don't panic just yet. Sometimes people are just late. Prosper sends
frequent emails to overdue borrowers and their group leaders (if they
are members of a group), prompting them to pay their mon ...
- What happens if a borrower misses a payment?
Each month, your monthly loan payment is automatically withdrawn from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 ins ...
- What is the loan delinquency schedule ?
Below is the schedule that Prosper follows in the event of a borrower
missing a payment due to insufficient funds (NSF). At any point in this
process, if your outstanding payment is paid in full ...
- 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 ...
- Can I collect on late payments myself?
Under no circumstances should you attempt collection on a late payment yourself.
Compliance with all state and federal laws while attempting to collect
a delinquent loan is not trivial. When nec ...
- What is a borrower chargeback?
A borrower chargeback is a process initiated outside of Prosper, in
which a borrower who has made a loan payment has his or her bank cancel
and request a refund on that payment. Because Prosper ...
- 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 ...
- Why can't I turn off certain Prosper messages?
You might receive some messages from Prosper which you cannot turn off,
or may only turn off the message that goes to your email inbox. There
are some messages which you are required to receive ...
- 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 ...
- 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 ...
- 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, ...
- What are "payments in transit" and "payments in transit not applied to current balances"?
The designations for loans with "payments in transit" (designated with
the dagger symbol: †) and loans with "payments in transit not applied
to current balances" (designated with the doubl ...
- 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 ...
- How do I pay off my loan early?
If you are going to make a partial prepayment or pay off the total
amount of your loan, go to "Your Account > Borrowing" and click the
"Make payment" link. There is never a fee for making pre ...
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