Detailed Payment and Delinquency Fee Schedule

What happens if I am late on a monthly payment?

Each month, your monthly loan payment is automatically withdrawn from your bank account on file. If you receive an email from Prosper that your payment failed, it means that your account has insufficient funds, or that the bank account on file at Prosper is out of date or incorrect. In either case, you will pay a failed payment fee and can fix the problem with no further penalty by making a manual payment and ensuring that your bank account has sufficient funds. Just go to "Your Account > Borrowing" and click the "Make payment" link. If your bank account information is out of date, be sure to add a new bank account first.

If you can't make a payment, Prosper will follow the delinquency schedule shown in full detail below. Please note that at all times interest continues to accrue on the principal balance of your loan, in addition to any failed payment or late payment fees assessed.

What's the best way to get current on a late loan payment?

Go to "Your Account > Borrowing" and click the "Make payment" link.

You will see the amount and date of your missed payment, along with any additional fees that have accrued. Simply enter the amount that you want to pay, and the transfer should complete in 2 to 4 business days.

Once payment is received, your account will be made current. The next month's payment will be due on the regularly scheduled date.