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What payment options are available for making my monthly payments?

Most borrowers who receive a loan through Prosper choose AutoPay because it is the easiest way to make monthly payments on time. Additional payment options are listed below:

  • AutoPay (recommended):
    AutoPay is a service that automatically schedules and deducts your monthly payment from your bank account on your due date through the automated clearinghouse network. Autopay is the preferred option of our borrowers because it offers convenience and reliability; it is the easiest way to avoid late payment fees and make monthly payments on time. If you decide you want to use a different payment method you can switch anytime within 3 business days prior to your due date.

You can activate AutoPay in step 4 of the loan application, in your online account, or by contacting customer service by telephone. You can find the relevant contact information and hours of operation on Prosper's Contact Us page.

  • Pay by check:
    You can pay by check, but this option is not recommended. Payments by check may incur a $5 processing charge, which could result in $180 or more in additional costs over the course of your loan. Check payments are applied on the date the check is received and not on the date the check is placed in the mail. This can lead to late fees if the check is not received in a timely manner. In addition, as interest accrues daily, any payoff payments sent by check risk falling short of the total payoff amount. If you select pay by check during the application process your first payment will still be automatically deducted from your bank account. If you decide to pay by check it is your responsibility to remember and make all payments on time.

If you need to submit a check by mail, here's what to do:

Make a check out to Prosper Funding, LLC in the amount of the payment you wish to make and send it to the following address:

Prosper Marketplace Inc.
P.O. Box 396081
San Francisco, CA 94139-6081

Do not send the check to Prosper’s physical mailing address.

For all payments, include the loan ID in the memo section of the check (required). If the check is coming from a third party, please also include the name of the loan holder in the memo.

If you are trying to pay off your loan balance, sign in to your Prosper account and select the date you would like to pay off your balance. Directly below the payment amount and payment date boxes you will see a payoff amount populated that corresponds to the date you entered. For any questions you can contact customer service.

  • Pay by phone:
    Payments by phone are processed through the automated clearinghouse network and must be made during Prosper’s business hours (M-F 5am-6pm PST, Sat 6am-2:30pm PST). If you want to make a payment by phone, please contact customer service at 1-866-615-6319. Have your bank account and routing numbers ready in case they're needed to process your payment. If you use the phone payment method to make your monthly loan payment it is your responsibility to make all payments on time.
  • Pay online:
    You can make additional payments online by signing into your account and authorizing a one-time payment, which will be processed through the automatic clearinghouse network. If you use the online payment method to make your monthly loan payment it is your responsibility to make all payments on time.

 

 

 

 

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