Prosper and External Accounts

What is a Prosper account?

If you're a lender, you'll have your own Prosper account where you can park your money until you start making bids. It's also the account where your monthly payments will be deposited when they come back in from borrowers you have made loans to.

You can transfer money in and out of your Prosper account whenever you want. Learn more about funds transfers.

How can I see a list of transactions for my Prosper account?

Go to "My Account > Accounts" and click "View activity".

On the account activity page, you can control whether your account activity is shown by date, activity type, and purpose.

How can I transfer money in and out of my Prosper account?

If you're a lender, you will need a bank account that has been verified with Prosper. Once you have a verified account on file, go to "My Account > Accounts" and click "Transfer money" to initiate a transfer. Learn more about funds transfers.

If you're a borrower, you can make your monthly payment or pay off your loan by going to "My Account > Borrowing" and clicking "Make payment". Learn more about managing your loan.

How do I add a new bank account?

Go to "My Account > Accounts," and click "Add a bank account". Be sure to have a check from your bank account handy.

If you are adding a second, third, or other subsequent bank account, you will be required to fax a copy of a check from your account to Prosper so that it can be verified. Click "Add a bank account" to print a fax cover sheet for this purpose.

When you add your first bank account to Prosper you will provide the following information:

Bank name: Type in the name of your bank exactly as it appears on your check.
Account type: Choose whether you are adding a checking or savings account. If you're not sure what type of account you have, contact your bank.
Account holder name(s): Enter the full name(s) of the account holder(s) as they would appear on a check or bank statement.
Routing number: Type in the routing number that appears on your check in the lower left corner between the symbols (this is the first block of numbers, and will be nine digits long). For more explanation, see below.
Account number: Type in the account number that appears on your check (it's the second block of numbers, after the routing number) and before the symbol on your check.
Positive account balance: You must confirm that the bank account you are adding has a positive account balance (that is, it is not overdrawn). Depending on the bank account verification method you select, you will likely incur an insufficient funds fee if you do not have a positive account balance.

When you add a bank account, we require that you verify ownership of your bank account. Learn more about account verification.

What is a routing number?

A routing number is a nine-digit number that identifies a financial institution. The routing number is printed on checks and is used to route all financial transactions (like transferring money into or out of Prosper) to the appropriate bank.

If you have a check handy, the first 9 numbers from the left at the bottom of your check are your bank routing number. This number is always 9 digits, and appears between the

symbols. Learn more about how to find your routing number.

If you don't have a check handy, you can call your bank to get your routing number, or it may be available online.

What does it mean to verify a bank account?

Before you can transfer money to or from your bank account, we must first verify ownership of that bank account. In order for us to verify that you are the rightful owner/user of your bank account, we will make a small deposit and withdrawal to the bank account you specify. Since you are supposed to be the only one with access to your account statement, you will need to enter on our site the exact amounts of the two transfers we made to your account. If the amounts match, it proves to us you are the true account holder, and your account is then considered verified. You may now make transfers to and from Prosper. Learn more about account verification.

Some members may have the option of using instant account verification, in which deposits are not required. Learn more about instant account verification.

What are "primary accounts"?

If you are a borrower, we need to know which account you want to make your monthly loan payments from (your primary account) because you can have more than one bank account set up on Prosper.

If you only have one bank account, then that will be your primary account by default.

How can I change which account is my primary account?

Go to "My Account > Accounts," and click "Edit Primary Accounts".

On the following screen, you can choose which account you want to be your primary bank account.

Why can't I choose a particular account for my primary account?

Probably because that account hasn't been verified yet. All bank accounts must be verified before they can be designated as a primary account.

Can I remove an account from the system?

As a borrower or group leader, you must always have at least one bank account available at all times. However, if you have recently added and verified a new account, and would like to remove the old one, you can do that by going to "My Account > Accounts," and clicking "Remove" next to the account you would like to remove.

Keep in mind that you can't remove a primary account from the system. If you want to remove a primary account, you'll have to switch another account into primary status, and then you will be able to remove the account you want to remove.

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