Make a Late Payment

What happens if I'm late on a loan payment?

If payment is not received by the monthly payment date on your loan, your loan is considered delinquent, and failed payment and late fees may be assessed. Review the late payment schedule and fees for more details.

How do I make a late payment?

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

If you are late on your loan payment, you will see these payment options:

Pay the minimum amount due to bring this loan current: If you want to make the minimum payment which will keep your loan current and out of collections, select this option. However, any failed payment fees and late fees that have accrued with your loan will still need to be paid at a later date.
Pay the minimum amount due plus accrued fees: If you want to pay the amount due plus accrued failed payment and late fees, select this option.
Make an additional payment: This option allows you to make a payment on your loan which will pay down any accrued fees and interest, and then finally principal, depending on the amounts involved. You may make a payment of as little as $25.
Pay off entire loan balance: This option allows you to pay off your loan in full. Depending on the time and day of the week, the next page will display the required amount to pay off your loan. Learn more about paying off your loan.

How are payments applied to my loan balance?

Any time you make a loan payment, funds are applied to your loan balances in this order:

Pay down accrued late and failed payment fees
Pay down any accrued interest
Pay down the loan principal balance

How do I change my current primary bank account to a different bank account for my monthly payments?

Go to "My Account > Accounts", click "Add a bank account", and follow the step-by-step process. As with all new bank accounts, you'll have to verify that you are the true account owner, which can be done instantly by entering your bank account online login information, or by deposits, in which case you will accept a small deposit and withdrawal to your bank account and then confirm the transfer amounts at Prosper. Learn about bank account verification.

Once your account is verified, click "Edit primary accounts," and switch your primary bank account to this new bank account.

You may now remove your old bank account, and payments going forward will be taken from your new bank account (now your new "primary account").

Can I make a payment out of the cash balance in my Prosper account?

Yes. If you have at least $25 (the minimum payment amount) in your Prosper account, one of the "Source of funds" options will be your Prosper account. Select it, enter the payment amount, and your payment will be made automatically.

Can I pay off my loan early?

Yes. Learn more about paying off your loan.

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