prosper

Prosper Funding, LLC. San Francisco, CA 94105 Prosper.com is a social lending site. Instead of borrowing from a bank, you can borrow money from other individuals. One or more people may offer to loan you money, and they may even compete with each other to get you a better rate. What is Prosper.com? Prosper.com is a website where borrowers and lenders meet. The vision for Prosper.com was "an eBay for loans". Instead of having to borrow at whatever rate is available from mainstream institutions, you can try your luck with individuals who visit the site. How Do You Get a Loan? To get a loan, you create an account along with a listing for your desired loan. You tell everybody how much you'd like to borrow, and you let them know what you intend to use the funds for. You also pick a maximum interest rate that you are willing to pay. •10 Tips for Borrowers at Prosper.com Who Funds the Loan? Your loan may be funded by one or more individuals. Many lenders choose to spread their risk by offering small loans to multiple borrowers. They prefer not to fund your entire loan (just in case), but they will help out. In many cases, you won't know who the lenders are. You can see their screen name, but you'll have little or no interaction with them. If you already have a lender and just want structure for a loan, try Virgin Money How Do I Qualify for a Loan? You may or may not get a loan. When you ask for a loan, Prosper.com gathers some information about you. They will check your credit and verify your identity. Lenders see a "credit grade" (along with some other information) that helps them decide whether or not to lend to you. If you have a poor credit grade, it will be harder to get a loan - or you may need to pay a higher interest rate. To apply for a loan you need a credit score of at least 640. •How Credit Scores Work How Do I Repay My Prosper.com Loan? You repay your loan directly through Prosper.com. Prosper.com will automatically debit your bank account each month. Loans are repaid over one, three, or five years. However, there are no prepayment penalties - so you can eliminate the loan whenever you want. What's the Interest Rate? As with most loans, you repay principal and interest over time (it's a straight line amortizing loan for 3 years). The rate you pay depends on how low lenders want to go. If you allow your listing to stay open for a period of time after it's funded, lenders can bid down your rate and save you some money. •What's a Good Rate at Prosper.com? •How Amortization Works As of February 1, 2013, the Prosper marketplace was transferred by Prosper Marketplace, Inc. to Prosper Funding LLC, a wholly-owned subsidiary of Prosper Marketplace, Inc. From and after February 1, 2013 Prosper Funding LLC is the sole obligor of Notes offered and secured by loans made through the Prosper marketplace, including Notes originally issued by Prosper Marketplace, Inc. prior to such transfer. Prosper Marketplace, Inc. continues to provide services to Prosper Funding LLC relating to loan and Note servicing, and may interact with borrowers and investors in relation thereto as agent of Prosper Funding LLC. Except where otherwise noted, throughout this website "Prosper" refers to Prosper Funding LLC including acting directly or through its agents. All personal loans are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. All Prosper personal loans are unsecured, fully amortized personal loans. Notes offered by Prospectus. Notes investors receive are dependent for payment on personal loans to borrowers. Not FDIC-insured; Investments may lose value; No Prosper or bank guarantee. Prosper does not verify all information provided by borrowers in listings. Investors should review the prospectus before investing. *Seasoned Return calculations represent historical performance data for the Borrower Payment Dependent Notes ("Notes") issued and sold by Prosper Funding LLC and Prosper Marketplace, Inc. since July 15, 2009. To be included in the calculations, Notes must be associated with a borrower loan originated more than 10 months ago; this calculation uses loans originated through November 30, 2012. Our research shows that Note returns historically have shown increased stability after they've reached ten months of age. For that reason, we provide "Seasoned Returns", defined as the Return for Notes aged 10 months or more. To calculate the Return, all payments received on borrower loans, net of principal repayment, credit losses, and servicing costs for such loans, are aggregated and then divided by the average daily amount of aggregate outstanding principal. To annualize this cumulative return, it is divided by the dollar-weighted average age of the loans in days and then multiplied by 365. All calculations were made as of September 30th, 2013. Seasoned Return is not necessarily indicative of the future performance on any Notes. **Based on one year personal loans made to first time borrowers with an AA Prosper Rating. To qualify for an AA Prosper Rating, applicants must have excellent credit and meet other conditions. APRs by Prosper Rating range from 6.73% (AA) to 35.36% (HR) for first time borrowers. Repeat borrowers may qualify for discounted rates. Rate offered is based on Prosper Rating and other factors, and your actual rate may differ. Eligibility for a loan is not guaranteed and requires that a sufficient number of investors commit to fund your loan. Refer to Borrower Registration Agreement for all terms and conditions. All loans made by WebBank, a Utah-chartered Industrial Bank.