Personal Loan

  • I uploaded my co-borrower's documents through my account. Is that okay?

    Yes, that’s okay! We’ll re-assign those documents to your co-borrower’s account and it won’t affect your application’s review process.

  • Am I supposed to make the payments on the loan or is my co-borrower?

    Both borrowers can make payments on your joint loan at any time. As long as either one of you makes your monthly payment on or before your due date, you’ll be in good standing!

     

    If you don’t want to worry about scheduling payments, you can always turn on AutoPay. AutoPay connects to your bank account to make monthly payments for you so you don’t have to worry. Just sign in to your Prosper account and select Turn on AutoPay to enroll!

  • I’m listed as a co-borrower, but I didn’t accept this loan!

    We’re very sorry to hear this. We take identity theft very seriously and want to assure you we thoroughly investigate each claim. Please give our Customer Service Team a call to formally file an identity theft claim as soon as possible.

  • Are there fees to enroll in AutoPay?

    No, AutoPay is free!

  • What happens to AutoPay if I make a separate payment?

    If you’re enrolled in AutoPay but you want to make a separate payment, here are a few things to consider:

    • If you make a full monthly payment before your due date, AutoPay won’t process for that billing cycle.

    • If you make a smaller payment that isn’t enough to pay the full amount due for the month, AutoPay will still process the full monthly amount due on your account. Unless you make separate payments to satisfy the full monthly bill before your due date, AutoPay will continue to process the full monthly payment amount on your due date.

    • Interest accrues daily. If you’re looking to make a one-time, principal-only payment on your loan while enrolled in AutoPay, a simple way to do that would be to schedule the additional payment on the same day as your AutoPay payment.

  • Can I pay more than just my monthly minimum payment when using AutoPay?

    Yes, if you want to pay more than just your minimum monthly payment while using AutoPay, you can! Give us a call and we can add as much as you’d like on top of your monthly automatic payments.

  • Can I change my due date even if I'm past due?

    No, your loan must be current in order to change the due date. If you’d like to talk about options for getting your account current, please give us a call.

  • Is there a fee to change my due date?

    No, there is no fee to change your due date. That said, interest accrues daily and changing your due date may result in the accumulation of additional interest. You can pay this interest when you first change your due date or you can let it roll until the end of your loan term, at which time the full remaining balance on your account would be due.

  • How many times can I change my due date?

    You should be able change your due date once every 365 days—provided your account remains in good standing (and therefore eligible).

  • I accidentally made my payment twice! What should I do?

    If you unintentionally scheduled two payments this month, give us a call as soon as you can. We’ll find out if we’re able to cancel the extra payment before it processes. If we can’t, we’ll discuss your options.

  • I’m a co-borrower, how do I make a payment?

    Whether you’re an individual borrower or a co-borrower, you can easily schedule a payment by signing in to your online Prosper account.

  • What if I know my payment will be denied by the bank?

    If you know your payment will be denied by your bank, please give us a call as soon as you can.

  • I didn’t have to send in documents for my last loan. Why do I need to send them in now?

    We’re glad to hear that you’re interested in another loan through Prosper! Each loan offer we provide is based on your credit profile and financial situation at the time of your application. Even if your personal or employment information hasn’t changed since your last loan, we may still need to request documents because each loan offer is unique.

  • Why do I need to send in documents to get my loan? Won’t this make the process take longer?

    We ask for documents to verify the information you included on your application, but don’t worry! Our Verification Specialists can help with any questions you might have about the required documents. A good way to keep the process moving forward is to follow our upload tips to avoid any inconvenient technical problems.

  • I tried resetting my password, but the system said my date of birth was wrong. What’s going on?

    If you run into trouble signing into your account or resetting your password, please give us a call and we’ll work with you to get it sorted.

  • How do I sign in without a password?

    To sign in without a password, simply enter your email address into our Sign In page and press Next, check your inbox for a secure sign in email from us to you.

    Note: If you remember your password after first forgetting it, that’s no problem.  Simply select “Use your password instead” from the options on our Sign In page.

  • What is Prosper’s response to COVID-19?

    COVID-19 is impacting all of us—as individuals and communities—in unprecedented ways. At Prosper, we are committed to assisting our customers through this uncertain time. We are actively monitoring the situation and hope to answer a few questions you may have below.

     

    For additional information about COVID-19, get the latest updates from the Centers for Disease Control at cdc.gov or your local health department website.

     

    Borrowers

    As a reminder, you can access your account 24/7!

    You can make payments, update your bank account details and more online at any time. Just log in to www.prosper.com to securely manage your account.

     

    What if I experience financial hardship because of COVID-19?

    If you’re impacted by COVID-19, Prosper may be able to help. We encourage you to contact us via phone or by sending us an email at covidhelp@prosper.com. As a reminder, late fees are only assessed 15 days after your payment due date.

     

    What are you doing to protect your employees?

    The health and well-being of our employees, their families, and our customers is very important to us. We’re taking precautions outlined by the Federal and State government to protect our employees, and we have strategies in place to support our operations and our customers moving forward, as well.

     

    Contacting Prosper

    We understand that many of our customers are facing challenges because of this crisis. If you’ve been impacted by COVID-19, you can always call us or reach out to us by email at covidhelp@prosper.com. We’re doing everything we can to avoid disruptions to our customer support phone lines, but please be aware that you may experience longer call wait times than normal.

     

    Borrower Services: 1-(800) 843-1662

    covidhelp@prosper.com 

    Monday – Friday: 6am – 5pm PT

    Saturday & Sunday: Closed

     


     

    Investors

    Will borrowers be able to make payments at this time?

    We are working with borrowers that have been impacted to help them through this difficult period. We continue to monitor the situation closely, and we have strategies in place to support our operations and our customers moving forward. We do not anticipate any servicing disruptions that would prevent Prosper from accepting borrower payments at this time.

     

    What are you doing to help protect investor returns?

    Over the last several years, we have been preparing for a potential downturn by focusing on tightening our credit model to help generate sustainable and attractive returns for our investors through economic cycles. We’ll continue to evaluate this situation and make additional changes as necessary.

     

    How is Prosper working with borrowers facing hardship during this time?

    COVID-19 is impacting us all in unprecedented ways, and many of you have asked how Prosper is helping borrowers during this time.

    Prosper is offering borrowers that qualify certain relief options, including the ability to delay up to 4 monthly payments, the ability to reduce minimum monthly payments for up to 6 months and extend the term of the loan by up to 11 months, and waived late and non-sufficient funds fees. These options are designed to enable borrowers to navigate the uncertainty posed by COVID-19 over the upcoming months, and do not modify the material terms of the loan, including the amount due, the rate and accrual of interest, the term of the loan, and its final maturity date.

    We recognize that the situation is rapidly evolving, and we continue to monitor events closely to ensure we are supporting all of our users during this time.

     

    Will Prosper be able to continue regular collections activities on delinquent loans?

    Individual State mandates may temporarily limit or restrict our ability to perform collections activities with respect to delinquent loans held by borrowers residing in that State. 

    At this time, Prosper has temporarily ceased or limited its collections activities in the following state(s) in response to applicable state rules and regulations: Washington, D.C.

     

    Investor Services: 1-(877) 646-5922 

    invest@prosper.com 

    Monday – Friday: 6am – 4pm PT

    Saturday & Sunday: Closed

  • How do I know Prosper is secure?

    We’re committed to protecting the information we collect. Take a look at our Privacy Policy to learn more about how we keep your personal information secure.

     

    What You Can Do to Keep Your Account Safe

    • Keep your password private – you should never reveal it to anyone, including our Customer Service specialists.
    • Pick a strong password that is a mix of letters, numbers, and symbols. You may want to avoid including your date of birth in your password or using the same password you use to access other websites.

    • Make sure your email address is secure. We’ll send important account messages to both your email and your Prosper Account, accessible by signing into your online account.

    • Be aware of emails that seem suspicious or ask you to provide personal information. Watch out for fraudulent “phishing” emails and be careful of clicking unfamiliar hyperlinks, even if the email looks like it came from Prosper.

      We’ll never ask that you give us your date of birth or tax ID number over email and we don’t ask you to send us gift cards or send us cash through a wire transfer service like Western Union.

    • Sign out of your online account when you’re finished – especially if you’re using a public computer or public internet access. You should also clear your browser’s cache and cookies.

    If you need to update any of your personal information or reset your password, visit your online account settings or give us a call at 1-866-615-6319.

  • Interest Paid on Personal Loans

    We do not issue statements of interest for tax purposes. For more information see https://www.irs.gov/taxtopics/tc505. You should consult with a tax professional or the IRS for more information as Prosper is not able to provide tax advice. 

  • What happens if my co-borrower withdraws our application? Can I apply again by myself?

    If your co-borrower withdraws your joint loan application, you’ve still got options!  You can re-apply right away with a different co-applicant or you can apply by yourself.  Just keep in mind that if you were declined for an individual loan before applying with a co-applicant, then you’ll need to wait at least 30 days after the date you were declined before re-applying for an individual loan.

  • What can I do if my co-borrower hasn’t provided their documents?

    If you have copies of your co-borrower’s documents, you can upload them on their behalf logging into your Prosper account or emailing them to approval@prosper.com. Check out our upload tips if you want extra help.

    If we don’t receive your co-applicant’s required documents within 30 days of you accepting the loan terms, then your joint application will expire.

     

  • Would applying for a joint loan increase my likelihood for approval?

    Your approval depends on the creditworthiness of you and your co-borrower. This means that a co-applicant with strong credit could help your application, but a co-applicant with weak credit might hurt your application. 

    Remember that checking your rate doesn’t affect your credit score, so the best way to see if you are approved is to apply and find out!

  • I’m a co-borrower, how do I setup a password to access my account?

    You should have received an email with a link to setup your password shortly after you completed your application.

    If you never received this email, please give us a call.

  • I uploaded a document, but it didn’t go through. What’s going on?

    Whoops! Sometimes digital uploads aren’t clear, and you need to try again. If you’re having trouble, consider these upload tips:

    • Scan your documents in color, making sure the entire document is clear and legible
    • Acceptable file formats include PDF, JPG, JPEG, TIF, BMP, PNG, GIF
    • File size must be 100 MB or less
    • You can upload multiple files per document upload request
    • Ensure each file contains one document type. For example, ensure that File_1 contains Driver’s license only 

  • How does credit reporting work for joint loans?

    Account activity that would appear on your credit report, such as when you accept a new loan or make a payment toward your loan, is reported to Equifax, Experian, and TransUnion on a monthly basis. A jointly held loan will be reflected in both parties’ credit reports.

     

    It can take up to 30 days for your credit report to register that you’ve paid off your loan. However, it takes between 30 and 60 days for a loan payment to be reflected in your credit report.

  • How do I get a payoff quote for my loan?

    Your payoff quote is always viewable in your Prosper account. Simply sign in to your online Prosper account, click the Loan Details tab, and select Download Payoff Quote. From there you can select the date you plan to pay off your loan so we can be sure the quote includes the correct interest and principle due by that date.

    If you have any trouble, feel free to give us a call and our Customer Service team can help!

  • Can I apply for a joint loan if I was denied an individual loan?

    Yes! If your individual loan application was declined, you can re-apply for a joint loan straight away.

  • Can I apply for a joint loan even if I already have an existing loan through Prosper?

    If you have an existing loan, you can apply for another loan through Prosper (individual or joint) if your account is in good standing—after 9 months of consecutive, on-time payments.

    Regardless of how many loans you have, $40,000 remains the maximum total outstanding balance you can have through Prosper. For example, if you still owe $5,000 on your first loan when you apply for a second loan, then the largest amount you can apply for is $35,000.

  • How can I change the bank account linked to my Prosper Account?

    For Borrowers:

    Log in to your Prosper Account to change the bank account that’s debited for your loan payments. Start by visiting the Settings page within your online Prosper Account (you can find the link in the top right menu). Next, click Add an Account, and enter your bank information. You can also choose to turn on AutoPay once you’ve added your new bank account.

    If you run into trouble updating your bank account, give us a call and we’ll be happy to help you out!

    Do keep in mind that you can only make payments from a bank account that you’ve added to your own Prosper Account.  Unless you each link your individual Prosper Accounts to the same bank account, you won’t be able to make loan payments from the account linked to your co-borrower’s Prosper Account.

     

    For Investors:

    If you want to update the bank account you use for your investments, please reach out to our Investor Services team by giving us a call at 1-(877) 646-5922.

  • What types of fees are charged on loans?

    Pre-payment Fee

     

    There is never a fee for making prepayments or paying your loan off early

     

    Origination Fee

     

    The “Origination Fee” (also called a “Pre-paid Finance Charge”) is a one-time, non-refundable fee to process your loan that is automatically deducted from your loan proceeds before your money is transferred to you. This means that the amount of money that you receive will be the amount you requested minus the Origination Fee. If you need a specific amount of money to pay off a credit card balance or to make a purchase, make sure you ask for enough to cover both the specific amount you need and the Origination Fee

     

    The amount you will be charged for the Origination Fee is calculated as a percentage of the amount you borrow (2.4%-5%, depending on Prosper Rating). Your APR (Annual Percentage Rate) already includes the Origination Fee

     

    Check Payment Fee

     

    If your loan originated on or after August 1st, 2017, you will incur a check processing charge, which you must add to your payment amount when you make your monthly payment by check. This fee is the lesser of 5% of your payment or $5 (if your payment is greater than $100, you should always add $5). If you don't include the extra amount for the check processing charge with your payment it will not be delinquent, but you will pay down that much less of principal on your loan for that month, which may result in greater accrued interest over the term of your loan and a higher final payment. 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 

     

    Late Fee

     

    Your account will be considered delinquent if you do not pay the full amount of your monthly payment on or before your due date. If you have not paid the full amount of your monthly payment within fifteen (15) calendar days after your due date, you will be charged a late fee of $15.00 or 5% of the unpaid monthly payment amount, whichever is greater. You will only be charged one late fee per late payment.

     

    If you are charged a late fee and make your regular monthly payment afterwards, you will be current on your loan, but you will have paid off less principal for that month. This may result in greater accrued interest over the term of your loan, and a higher final payment

     

    Insufficient Funds Fee

     

    If you attempt to make a payment and it fails because there are insufficient funds in your account or because your account cannot be accessed, you will be charged a fee of $15 for each returned or failed payment. If you are charged an insufficient funds fee and successfully make your full monthly payment afterwards, you will be current on your loan, but you will have paid off less principal for that month. This may result in greater accrued interest over the term of your loan, and a higher final payment.

     

    Please note: if you fail to successfully make your full monthly payment within 15 calendar days after your due date you may also incur a late fee.

     

    Please refer to your Borrower Registration Agreement and Promissory Note (stored in your online account) for more details about fees