Past due Prosper® Card customers facing a period of financial difficulty may be able to enroll in a Short-Term Hardship program.
This program:
- Divides the current amount due into six payments, paid over a six-month period
- Temporarily reduces the interest rate on the account to a 9.99% fixed rate.
During enrollment, customers will not be able to make any purchases with their Prosper® Card.
After making consecutive on-time payments for at least three months, customers will find their account is no longer past due. Once the program ends, the account will be current, the minimum payment calculation and interest rate will return to normal, and customers can once again make purchases with their card.
For example, if your required payment of $300 is past due and you enroll in this program, you will only be required to pay $50 a month for six months. After three consecutive on-time payments of $50, your account becomes “Current” as you continue to make your short-term hardship payments. Once the six-month period ends, your account returns to normal.
If this program seems like it can help you, give us a call to see if you qualify.