Prosper help - Personal loan FAQs

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

Simply sign in  to your Prosper account and click on Create New Loan Listing.

Yes, retirees can still apply for loans through Prosper. During the application process simply select “Other” when asked about your Employment Status.

“Bank ownership” is the term we use when you are in the verification stage of your loan application process. We verify bank account ownership, which means that you are the authorized account holder for the bank information you provided in your application. We verify bank ownership with documentation you provide to Prosper. The best way to submit documents is through Prosper’s secure document upload tool located in your account. Click through to the the bank ownership section and upload a bank statement or voided check. 

If you're worried about making payments toward your loan, we’d like to see how we can help you.  Please contact us talk with a customer support specialist.

Customers with active loans can add a secondary bank account. 

Log into your account online and select your name on the top right of the page. From the dropdown menu, select Settings and scroll down to the Bank Accounts section to add a secondary bank account.

If you're still having trouble setting up a secondary bank account, please call our customer service line at 1 (866) 615-6319.

Please call our customer service line at 1 (866) 615-6319.

After you and your co-applicant submit all the required documents, we’ll review your application. If we’re unable to verify the information in your documents, we’ll decline your application and send you detailed information about why.

While we’re reviewing your application, Investors can choose to fund your loan. Investors usually commit to providing funding before we complete our review process, but they have up to 14 days to invest in your loan – even if we’ve already completed our review and approved your application.

If your loan does not receive at least 70% funding after 14 days, then your application will be declined. Don’t worry! Investors usually commit to full funding within 1-3 days.

Just navigate to Prosper.com/personal-loans!

Yes! You can change your monthly due date in most situations and can even make the changes yourself.

Simply log in to your Prosper Account and take a look at your dashboard, where you should find a button reading “change payment date.” If you run into trouble changing your due date, you can give us a call.

A borrower and their co-applicant must be U.S. residents in a state where loans through Prosper are available. Additionally, they must have a personal bank account (not a business bank account) and a Social Security number.

Prosper offers access to fixed rate unsecured loans starting at $2,000 up to $50,000, with loan terms ranging from 2 through 5 years.*

You can submit all of your required verification documents online by logging in to your Prosper Account. Both you and your co-applicant can log in to your individual Prosper Accounts to monitor the status of submitted documents and upload outstanding documents at any time in the application process. *

*Understanding document status definitions:

• Submitted– We have received your document and we’ll review it shortly
• Complete– Your document was confirmed and your loan application is currently in review
• Incomplete– Your application was missing necessary documents 

It’s also an option for you and your co-applicant to email required documents to approval@prosper.com. Just be sure that email comes from the same email address you used when you joined Prosper.

To send documents related to payments or investments, send via email to support@prosper.com.

We do not accept documents by mail. If you need help, please contact us.

Yes. Please contact customer support to turn off AutoPay.

Every loan application is assigned a Prosper Rating—a proprietary rating system that allows for consistency in the evaluation of applicants. Potential investors use Prosper Ratings to help decide whether to commit to invest in your loan listing.

The interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage. The interest rate does not include fees charged for the loan.

The APR (Annual Percentage Rate) reflects the annual cost of a loan to a borrower including any fees charged to originate the loan.

Investing and loan servicing activities on the Prosper marketplace are subject to state and federal regulation.

Loans originated through the Prosper marketplace are made by WebBank, a Utah-chartered Industrial Bank, which is regulated by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC).

Prosper Funding LLC and its affiliate, Prosper Marketplace, Inc., are subject to examination, supervision, and potential regulatory investigations and enforcement actions by state agencies that regulate consumer credit, trade, and commerce; and federal agencies, such as the Consumer Financial Protection Bureau and the Federal Trade Commission, that administer the federal consumer protection laws, trade, and commerce.

Prosper Funding LLC and the loans originated through the Prosper marketplace must comply with applicable state and federal lending laws such as the federal Consumer Credit Protection Act, including, as applicable, the Truth-in-Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Electronic Fund Transfer Act, as well as the federal Electronic Signatures in Global and National Commerce Act (ESIGN) and other federal and state laws governing privacy and data security and prohibiting unfair or deceptive business practices.

Please view the Legal Agreements & Notices page to learn more about our policies.

Prosper has a strong commitment to keeping your personal information private and secure. We strongly believe that consumers deserve the utmost respect when it comes to the privacy of their personal information. Please read the Prosper privacy policy for more details.

We may use text messages and emails to communicate with you and your co-applicant. We’ll also send messages through your online Prosper Account to your secure Messages Inbox.

Yes, you and your co-borrower are always free to make extra payments on your loan. There is never a fee associated with making additional payments or paying off your loan early.

Loan interest rates are based on your Prosper Rating and other factors. Rates on loan offers can change over time, but when you accept a loan through Prosper, your rate is "fixed" and won't change for that loan.

Prosper will send an email to the email address you provide when you join Prosper. To verify your address, click on the “verify my email address” link. If you haven’t received the email, first try checking your “spam,” “bulk,” or “junk” folder. You can request another verification email at any time by logging into your Prosper account.

The size of your loan is determined by your creditworthiness—which can account for one or two applicants. The maximum loan you could qualify for remains $50,000 whether you apply alone or together.

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.