Prosper help - Personal loan FAQs

If 14 days pass and your loan listing is less than 70% funded by Investors, then your listing will expire and you will not receive a loan. You can try again by Creating a New Loan Listing. 

Before we fund your loan, we carefully review all the information included in your application. To make sure we’ve provided you an accurate offer, we verify all statements and information provided by you and your co-applicant.

During the review process, we may ask you and/or your co-applicant to provide supporting documentation.  Additionally, we may call your bank or employer to help with verification. This process is usually completed within 5 business days.

Yes. However, most borrowers who receive a loan through Prosper choose AutoPay because it’s the easiest way to always make monthly payments on time.

If you would like to make a payment by phone, please call 1-866-615-6319. Have your bank account and routing numbers ready in case they’re needed to process your payment.

If you’re trying to figure out your due date, you can always find this information by signing in to your online account or by giving us a call.

Your first payment is due the month after the day your loan is sent to your bank account. For example, if the loan is sent to your bank account on the 1^st of the month and arrives in your bank account on the 2^nd (or later depending on your bank), your due date is the 1^st. Your due date is the same each month.

If your due date falls on a date that isn’t available in each month, it’ll fall to the closest date available. For example, if your due date is the 31^st of each month, your payment will be due on the 30th in months that are 30 days long.

After you make your first payment, you may be able to change your due date by giving us a call.

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

To pay off your loan or to see what your payoff amount is for a given date, Sign In to your Prosper account. You will see a line titled “Remaining balance”, which shows the entire amount due on your loan as of today. To see what your payoff amount is for a future date or to schedule a payment, simply select the “Pay off loan” link and choose the date you’d like to pay your loan off. The “Payoff amount” button will display the balance on your loan on the selected date. To schedule a payment select “Make an additional payment”.

If you don’t make your payment on time, your loan is considered delinquent. To avoid a late fee, make your payment in full within 15 days of your payment due date. Loans in a delinquent status will be reported to the credit bureaus if delinquent for 30 days.

Keep in mind that interest accrues daily, so making a late payment can affect the amount of interest you end up paying.  Make a payment now. 

If you forget your password, go to the Reset Your Password page. Enter the email you used to create your Prosper account and click Send Email. We will send you an email with password reset instructions.

If you continue to have issues signing into your Prosper account, please contact us.

A loan is considered “charged-off” after a borrower misses 5 consecutive monthly payments. At that point, the loan is considered unlikely to be repaid.

If your loan is charged-off:

• Your full loan balance will be due immediately—including all unpaid fees, interest, and principal. In other words, you’re not just required to make overdue payments, you’ll be expected to pay your loan in full.  
• A charged-off loan will appear on your credit report.
  
  
• No additional interest or fees will accrue on the past due balance.

Please contact us if your loan is charged-off.

No, you can’t. Private education loans for postsecondary educational expenses cannot be offered through Prosper because some of the rules in the federal law aren’t compatible with our platform. Specifically, the law says that, once the lender approves a loan application, the borrower must have at least 30 days to accept or reject the offer. This rule is incompatible with Prosper’s platform, which requires borrowers to commit to obtaining and repaying a loan in the amount specified if their loan is funded by the end of the listing period.

A federal law called the Higher Education Opportunity Act includes special requirements designed to protect students who take out “private education loans” to finance the cost of college, graduate school, vocational school, or other post-high-school education. A “private education loan” is any loan where the borrower specifically states that all or part of the proceeds will be used for “postsecondary educational expenses,” which include tuition and fees, books, supplies, miscellaneous personal expenses, and room and board.

After accepting a loan through Prosper, we recommend making 6 complete months of on-time payments before you and/or your co-applicant consider applying for another loan.

Eligible borrowers can receive up to a maximum of $50,000 between 2 loans. If you have an active loan (with or without a co-borrower), the balance of the active loan is included toward the $50,000 total loan limit.

For example, if you have an active loan with a remaining balance of $10,000 and you've made 6 complete months of on-time payments, you could be eligible to borrow up to an additional $40,000 (if approved).

Sign in to your Prosper account. Select “Borrowing” from the navigation dropdown located in the site header. You can find the outstanding loan amount by clicking on the title of the loan.

You can cancel your loan application by calling 1 (866) 615-6319.

Please Note:

Checking your rates during our online application doesn’t hurt your credit score, but once you’ve accepted an offer by agreeing to the Truth in Lending Disclosure, we perform a hard inquiry on your credit profile. This inquiry won’t be removed if you cancel your loan application.