All of the following
fees are based on Prosper.com, our preferred
peer-to-peer lending partner. There are no fees to use the Prosper.com site, post a
listing or place bids. Fees only result from obtaining a loan as
a borrower or receiving payments on a loan as a lender.
1-3% closing fee
If you are a borrower
and your loan is funded, you will be charged a percentage of the
amount borrowed or $25, whichever is greater, depending on your
AA: 1% closing fee
A - B: 2% closing fee
C - HR: 3% closing
1% Non-electronic payment charge (optional)
Borrowers who elect
to pay their loans through bank drafts, rather than the free
electronic payment service through ACH, will have 1% of
additional interest added to their loan's interest rate. This
added interest will be paid to Prosper.com for processing bank draft
payments, not to lenders.
0%-1% annual loan servicing fee
The annual servicing
fee is accrued daily, and is based on the current outstanding
loan principal. This fee is accrued the same way that regular
interest is accrued on the loan. The amount of the servicing fee
depends on the borrower's credit grade:
AA: 0% annual loan
A - HR: 1% annual
loan servicing fee
Collection agency recovery fee
In the event that one
of your loans becomes more than 1 month late, Prosper.com will
assign a professional collection agency to attempt to collect
the overdue amount. Each collection agency has its own fee
structure, but will only collect a fee for their services if
funds are recovered.
$15 failed payment fee
If your automatic
monthly payment fails due to insufficient funds or because you
closed your bank account and forgot to tell us, you'll be
charged $15 on the first failed payment of each billing period.
This fee may vary depending on your state lending limits. This
fee is paid to Prosper.com, and covers the fees that Prosper.com bank
charges for failed payments.
Late payment fee
If your monthly
payment is 15 days late, you'll be charged a late fee, which
depends on your state lending limits. Late fees are passed on to
lenders; Prosper.com does not profit from late fees.
fees may vary based on regulations from the borrower's state of