Make a Loan Payment

How do I make payments on my loan?

Actually, your loan is set up for monthly payments to be automatically deducted from your bank account on file. So all you have to do is make sure that every month on your payment date, there are sufficient funds in your primary bank account to make the payment. (Don't worry—we'll send you an email reminder one week before your payment is due.)

If you want to make an extra payment on your loan (or an early monthly payment), you can go to "My Account > Borrowing" and click "Make payment". More details on the payment options are shown below.

If your loan is delinquent (late), learn more about making late payments.

How do I make a manual loan payment?

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

You will see the current balance of your loan, which includes accrued interest, and the following payment options:

Make your next monthly payment: This option allows you to make your next scheduled monthly payment early, which will push back the next required monthly payment until the following month.
Pay down your loan: This option allows you to make a payment on your loan which will pay down fees, interest, and then principal, depending on the accrued fees and interest, and the amount of the payment. Your next monthly payment will still be due on the scheduled date. 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.

If you are late on your loan payment, learn more about making late payments.

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.

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.

If you are already late on your loan payment, learn more about making late payments.

Can I pay off my loan early?

Yes. Learn more about paying off your loan.

What is a community payment?

If your loan is more than 1 month late, any Prosper member with a lender role and money in his or her Prosper account can make what is called a "community payment".

A community payment is a simple act of goodwill, in which the payer can pay as little as $25 and as much as the full payment due towards your late payment due. The payer is not buying the loan, or diluting the ownership of the loan in any way: there is no possibility or expectation of repayment with a community payment.

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