I hereby authorize Prosper Funding LLC (“Prosper”), its parent, affiliates, any holder of my loan and their respective agents and their assignees to initiate, depending on the payment method I select on the following page, a single or recurring electronic debit entry/entries to my designated checking or savings account (“Account”) at my designated financial institution (“Financial Institution”) for which I am an authorized user, as well as any Account or Financial Institution I later designate, for payment of the monthly payment(s) on my loan, if my loan originates. I acknowledge that the origination of electronic debits to my Account must be permitted by my Financial Institution, which must be located in the United States.
If I select preauthorized electronic fund transfers as my payment method I agree:
The amount debited from the account each month will be the lesser of my outstanding loan balance and the payment listed on the final Truth in Lending statement (“Final TIL”) or any subsequent document that I have executed to modify my loan. The payment will be debited each month on the due date listed on the Final TIL or the due date listed on any subsequent document that I have executed to modify my loan; however, if the due date occurs on a weekend or holiday, the account will be debited the next business day. I understand that my final payment will vary from the amount stated on the Final TIL or any subsequent document that I have executed to modify my loan if Prosper elects to debit any additional unpaid principal, interest, charges and/or fees. I understand that I must pay all outstanding amounts even if not debited by Prosper.
If I select a one-time electronic fund transfer followed by manual payments as my payment method I agree:
The amount debited from my account on the due date of my first payment will be my monthly payment amount, as listed on the Final TIL. However, if the due date occurs on a weekend or holiday, the account will be debited the next business day.
Debit Card Payments.
If my loan is past due, Prosper may, in its sole discretion, make available an option to schedule a one-time payment using a debit card for which I am an authorized user (“Debit Card”). If I schedule a Debit Card payment, I authorize Prosper to initiate a one-time charge to my Debit Card in the amount and on the date I authorize at the time I schedule the payment. Prosper may change or discontinue the availability of Debit Card payments at any time. This authorization does not permit recurring charges to my Debit Card.
I understand that my authorization will remain in full force and effect until Prosper has received oral or written notification from me at least 3 business days prior to my scheduled transfer to terminate this authorization.