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All of the following fees are based on Prosper.com, our preferred peer-to-peer lending partner. There are no fees to use the Prosper.com site, post a listing or place bids. Fees only result from obtaining a loan as a borrower or receiving payments on a loan as a lender.

Borrower Fees

1-3% closing fee

If you are a borrower and your loan is funded, you will be charged a percentage of the amount borrowed or $25, whichever is greater, depending on your credit grade:

AA: 1% closing fee

A - B: 2% closing fee

C - HR: 3% closing fee

1% Non-electronic payment charge (optional)

Borrowers who elect to pay their loans through bank drafts, rather than the free electronic payment service through ACH, will have 1% of additional interest added to their loan's interest rate. This added interest will be paid to Prosper.com for processing bank draft payments, not to lenders.

Lender Fees

0%-1% annual loan servicing fee

The annual servicing fee is accrued daily, and is based on the current outstanding loan principal. This fee is accrued the same way that regular interest is accrued on the loan. The amount of the servicing fee depends on the borrower's credit grade:

AA: 0% annual loan servicing fee

A - HR: 1% annual loan servicing fee

Collection agency recovery fee

In the event that one of your loans becomes more than 1 month late, Prosper.com will assign a professional collection agency to attempt to collect the overdue amount. Each collection agency has its own fee structure, but will only collect a fee for their services if funds are recovered.

Delinquency Fees

$15 failed payment fee

If your automatic monthly payment fails due to insufficient funds or because you closed your bank account and forgot to tell us, you'll be charged $15 on the first failed payment of each billing period. This fee may vary depending on your state lending limits. This fee is paid to Prosper.com, and covers the fees that Prosper.com bank charges for failed payments.

Late payment fee

If your monthly payment is 15 days late, you'll be charged a late fee, which depends on your state lending limits. Late fees are passed on to lenders; Prosper.com does not profit from late fees.

Note: Delinquency fees may vary based on regulations from the borrower's state of residence.