Prosper help - Personal loan FAQs

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.

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!

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.

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” (or whatever your file is titled) contains your driver’s license only. 
• Ensure none of the files are empty. 

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.

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!

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

If you have an existing loan and would like a second loan, we recommend applying after 6 months of consecutive, on-time payments.

Regardless of how many loans you have, $50,000 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 $45,000 (if approved).

For Personal Loan borrowers:

1.  Log in to your Prosper Account to change the bank account that’s debited for your loan payments.
2. Start by visiting the Settings page within your online Prosper Account (you can find the link in the top right menu).
3. 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.

For Prosper^(R) Card account holders: 

To update the bank account used for payments toward your credit card, sign into the My Prosper^(R)

Card app or your online account at www.prospercards.com. If you need additional help, contact our Prosper^(R) Card services team at 1-(800)-903-4697.

Pre-payment Fee
There is never a fee for making prepayments or paying your loan off early. If you pay off early, you will not have to pay a penalty. In the event you prepay your loan, you may be entitled to a refund of any unearned portion of the origination fee that is in excess of 5% of the original principal amount.

Origination Fee
The “Origination Fee” is a one-time 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 (1%-9.99%, depending on Prosper Rating). Your APR (Annual Percentage Rate) already includes the Origination Fee. You will only pay this fee if you receive the loan. If you prepay the loan, any amount of the origination fee above 5% of the original principal amount of the loan is eligible for a refund.

Check Payment Fee or
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

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.

There are no upfront fees for applying for a loan through Prosper. A one-time fee is charged if your loan is funded and money is transferred to you.

This fee is called the “Origination Fee” and is a percentage of the amount borrowed (1%-9.99%, depending on Prosper Rating). It is taken from the loan immediately, before loan proceeds are transferred to your account. This means that if you apply for a loan and need an amount to purchase something specific or pay off a balance on a credit card, make sure you ask for enough to cover both the expense and the fee.

You will only pay this fee if you receive the loan. If you prepay the loan, any amount of the origination fee above 5% of the original principal amount of the loan is eligible for a refund.

You can easily check the status of your application anytime by logging into your Prosper account and viewing your Account Overview page, which will list, among other things, any documents still required to complete the verification as well as the percentage of funds committed by investors.

AutoPay is a service that automatically schedules and deducts monthly payments from your bank account on your due date. AutoPay is the preferred option of our borrowers because it offers convenience and reliability; it is the easiest way to make payments on time and avoid late fees.

You can enroll in AutoPay during your application process or turn it on any time by visiting your online Prosper account. If you want to activate AutoPay, but prefer a different due date, you may be able to change your due date. If you do change your due date or turn AutoPay on or off, just remember to allow 3 business days for these changes to take effect.

If you need more help turning on AutoPay or adjusting your due date, you can always give us a call.

If you know your AutoPay payment is going to fail, don’t hesitate to contact us.

You can pay by check, but this option is not recommended. 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.

• Send only mailed payments to the addresses below. If you need to send us correspondence, see our correspondence address.

If you select pay by check during the application process your first payment will still be automatically deducted from your bank account.

• Mailed Payment fees for loans that originated on or after August 1st, 2017,
  If you make your payment by check, you will incur a payment processing charge which you must add on top of your payment amount.  This fee 5% of your payment amount or $5, whichever is less.
  
  
• To find a payoff quote for your loan, sign in to your Prosper account, select “Download Payoff Quote” and choose the date you’d like to pay your loan off. 

Make the payment out to Prosper Funding, LLC in the amount of the payment you wish to make and send it to the appropriate address below:

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

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

We're sorry you're having issues accessing your account! Please contact us so we can try to help. 

Sign in to your Prosper account. Select “Borrowing” from the navigation dropdown located in the site header. Your loan details will appear on the page you are directed to.

You can apply for an individual loan over the phone, but it’s not yet possible to submit a joint loan application by phone.

If you’d like to apply with a second applicant, you’ll need to submit your application online through the Prosper website. If you’d like to speak with our customer support team at any point in the process, you can always call 1-(866)-615-6319 for help.

We approve loans based on the creditworthiness of you and your co-borrower as well as the information included in your application. If your application was declined, please refer to your Adverse Action Notice sent via mail, email, and to your Message Inbox.

Yes! You can apply for a joint loan with a friend or family member. Adding a second applicant with strong credit could increase your chances of receiving a loan offer—and it might even lower your rate.

You can apply for a joint loan from our home page. After checking your rates for a personal loan, simply choose to add a second applicant. If the application is approved, then you and your co-borrower will both be equally responsible for the loan.

Pre-approval means that you have met the initial eligibility criteria for an extension of credit, which only requires a little bit of information and a soft credit pull. The good thing about pre-approvals is that it checks to see if you're eligible, but it doesn't affect your credit. Since a pre-approval offer is not final, you'll most likely need to complete additional steps to determine your final eligibility and approval.

When you sign into your online account, you can find all of the documents associated with your loan by viewing the History section (under the menu located on the top right) and selecting Legal Agreements & Disclosures.

If you still need help, don’t hesitate to give us a call.

The final Truth In Lending Disclosure Statement document is generated upon origination of your loan. This document is available in the History and Legal Agreements & Disclosure section of your Prosper account.

Once you accept the terms of the loan there is no editing available. Your original loan request will need to be canceled prior to origination and a new, updated loan request re-submitted.

WebBank is the originating bank for loans through Prosper. WebBank is not owned nor operated by Prosper.

The interest rates for loans through Prosper are fixed. All loans through Prosper are simple interest, fully amortized loans.

The originating bank submits a transfer to your bank on the same day as your loan origination. Depending on your bank, it may take 1-3 business days to receive funds in your bank account.

Once you accept the terms of the loan there is no editing available. In order to change your loan amount prior to origination, your original loan request will need to be canceled and a new, updated loan request re-submitted.

We’re required by law to retain your personal information for a set amount of time. We store your information securely and won’t display it on your online account. For more information, see our Privacy Policy.

As of 1/1/2020, if you have a Prosper account and live in California, you can exercise your CCPA rights by signing into your account and selecting California Consumer Privacy Act under your account Settings. If you do not have a Prosper account, you may contact us at support@prosper.com with a brief description of your request, but we may request additional information as needed to authenticate your request. Please see our Privacy Policy for more detail.

Prosper reports all loan payment history to Experian, Equifax, and TransUnion monthly. For more information, please review your Borrower Registration Agreement.