People Lending Rates
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 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.
Borrower Fees
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
credit grade:
AA: 1% closing fee
A - B: 2% closing fee
C - HR: 3% closing
fee
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
for processing bank draft payments, not to lenders.
Lender Fees
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
servicing fee
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
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.
Delinquency Fees
$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,
and covers the fees that
Prosper
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 does not profit from late fees.
Note: Delinquency fees may vary
based on regulations from the borrower's state of residence.
|
