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How can I reset my password/unlock my account?
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.
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What does it mean for a loan to be charged-off?
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.
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Can I use my loan proceeds for postsecondary educational expense?
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.
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If I Have An Existing Loan, How Long Should I Wait Before I Reapply?
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).
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Where can I find information on my outstanding loan amount?
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.
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How do I cancel my loan application?
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.