A borrower loan is an unsecured consumer loan originated through our marketplace and made by WebBank, an FDIC insured, Utah-chartered industrial bank. Borrowers must meet certain eligibility criteria in order to be approved for a loan. After originating a borrower loan, WebBank sells and assigns the loan to Prosper. All borrower loans are unsecured obligations of borrowers with a fixed interest rate and a loan term of either three or five years. For each loan, interest accrues on the principal balance daily. Amounts that are payable to Note investors, such as principal, interest, and fee payments, if any, are deducted from the borrower’s payment and paid into each investor’s Prosper account every time the borrower makes a payment. Borrower payments are due once a month.