How can I make payments on my personal loan?

You can make your monthly payments in the following ways:

• by enrolling in AutoPay
• by signing into your account online
• by contacting us over the phone
• by mailing a personal check, money order, or cashier’s check

For joint loans: When scheduling payments online or over the phone, you can only use the bank account(s) you’ve added to your individual Prosper account. In other words, you cannot use your co-borrower’s bank account to make payments unless you’re an authorized user on the bank account and have added it to your own Prosper account.

Here are more details about the different ways you can make your payments:

AutoPay (recommended)

AutoPay is a service that automatically schedules and deducts your monthly loan payment from your bank account on your due date. Most borrowers prefer AutoPay (instead of paying manually) because it’s the easiest way to make on-time payments and avoid late payment fees.

You can enroll in AutoPay by visiting your account online or by giving us a call. If you want to use AutoPay but would prefer a different payment date, you may be able to change your due date.

Be sure to make any changes to AutoPay at least 3 business days before your due date. After making a change, we recommend signing into your account on your due date to confirm your AutoPay preference functions as expected.

Pay online

You can make online payments by signing in and scheduling a one-time payment from the bank account linked to your Prosper account. Payments scheduled by 5:30pm PT will process the same day. Depending on your bank, payments may take a few days to post to your bank account.

Pay over the phone

Pay by personal check, money order, or cashier’s check

You can mail personal check, money order, or cashier’s check payments toward your loan.

• Don’t forget – when you accept the terms of your loan, you authorize Prosper to automatically schedule an electronic withdrawal for your first loan payment. This payment occurs on your first due date from your bank account on file.

Paying by check is also the most secure method for a third party to make a payment toward your loan (i.e. friends, family, other financial institutions).

Before Mailing Your Payment

• Write your loan ID number and your legal name on your check, money order, or cashier’s check so we know the payment applies to your account. If you don’t have your loan ID, you can find it easily by signing in. Aside from the loan ID, you can also use other account-identifying information, such as your member ID, social security number, or the email address tied to your Prosper account.
  
  
• When we receive a check, money order, or cashier’s check payment, it can take up to 1 business day for us to apply the payment to your loan. Keep in mind that mail transit times can also affect how quickly we receive your payment. It’s best to plan accordingly, so you don’t miss your due date.
  
  
• There is a processing fee for each check, money order, or cashier’s check payment made toward loans that originated on or after 8/1/2017. The fee is 5% of the check’s payment amount or $5, whichever is less. We suggest adding the amount of the fee onto the amount of your payment. For example, if your payment is larger than $100, you’d add $5. Adding the check fee on top of your payment can help avoid a large final payment at the end of your loan term, but it isn’t required. All unpaid amounts are due at loan maturity.
  
  
• If you want to pay off your loan by check, money order, or cashier’s check, we recommend signing into your online account to get a payoff quote set for at least 10 days out from the day you intend to mail the payment. Interest accrues daily and mail transit times can impact whether your loan is fully paid or has a small remaining balance due by the time your payment arrives. If you overpay on your final payment, we’ll automatically transfer the extra amount back to your bank account on file once the transaction has cleared.
  
  

Mailing your Payment

Make your check, money order, or cashier’s check out to Prosper Marketplace Inc. and use the appropriate address below depending on how you choose to mail your payment.

• Standard Mail (Usually arrives in 7-10 days)
  

  Prosper Marketplace, Inc.
  P.O. Box 886081
  Los Angeles, CA 90088-6081

• Expedited Mail (Usually arrives in 1-2 days)
  

  Lockbox Services - #0136081
  Prosper Marketplace, Inc.
  3440 Flair Dr.
  El Monte, CA 91731

Send only loan payments to the above addresses. If you need to mail us written correspondence, here’s where you can contact us.

We cannot accept the following payment methods:

• Debit card payments
• Pre-paid debit cards
• Credit cards
• Wire transfers
• Mobile Payments (i.e. PayPal, Square, Venmo, CashApp, Zelle)
• Digital Wallets (i.e. Apple Pay, Google Pay)
• Bitcoin
• Cash

Don’t hesitate to reach out to customer service with any additional questions you may have about payments.

Please know we can refuse to accept certain payments at our discretion.