Consumer complaint received 2016-07-13
Company: Prosper Marketplace, Inc.
State: NJ
Product: Consumer Loan
Sub-product: Installment loan
Issue: Taking out the loan or lease

Complaint:
I would like to dispute the loan I took out with Prosper. I have been disputing this loan with them since I noticed they took out a XXXX % origination fee when I received my loan in XX/XX/XXXX. I believe this loan was very misleading when I applied. I needed a loan in the amount of {$4200.00}. I was given Prosper 's information through a 3rd party and looked up the website. The website advertises how great they are with no hidden fees. I went through the process and was approved. Unfortunately, I did not realize they took out a 5 % origination fee because it was buried throughout the loan process. In reading reviews about Prosper, I have discovered there are other people who claim they were not aware of the processing fee as well. 

If you go through the Prosper loan process, they do not mention anything about their fees until you been approved for the loan, which is near the end of the process and easily missed, which unfortunately I did. 

I called Prosper on XXXX or XXXX/XXXX/16 when my husband noticed only {$3900.00} was deposited into our bank account on XXXX/XXXX/16, I asked about the origination fee and when I can pay the loan in full without any fees because I did not agree with the 5 % fee. The rep I spoke with gave me bad information and told me I can pay it back anytime without having to pay a fee. On XXXX/XXXX/16, I called multiple times and was even hung up on by someone claiming to be a manager. Prosper even admits they can see I called on XXXX or XXXX/XXXX/16 but say they do not have any notes on my call or what it was about. This seems to me that they do not take responsibility for their employees and they are not properly trained. I did finally speak to someone on XXXX/XXXX/16 who said they would investigate. On XXXX/XXXX/16, I was told they would not void the loan because they do not have record on my complaint until XXXX/XXXX/16. Even though, they acknowledge I have called before. 

Also according to Prosper, the loan was deposited into our account on XXXX/XXXX/16 and as our records indicate, it was shown on our end on XXXX/XXXX/16. They claim we did not address the problem in time even though I called as soon as my husband noticed we were shorted money. 

Every time I called Prosper to dispute the loan and return the money to them, they said they would not oblige because they claim the processing fees are explained as clear as day on their website but the very first thing you see on their website is NO HIDDEN FEES. I actually had to have someone from Prosper point it out to me where the origination fee was during one of my phone calls because I could not find it in my account myself. The bottom line is Prosper is claiming to be something they are not and I feel this loan was deceiving. 

The process was very confusing where I was led to believe there was not any fees charged but then they disclose their fees deep within the process that was not easy to find or understand. I have documents showing the loan process. My husband even started the process himself but stopped in the middle because he did not want to actually get a loan. He receives constant emails from them telling him to get his easy loan since he never completed the process. However, there is not any mention of any processing fees that Prosper claims are clearly stated. 

Please review the documents that I have provided and help me get this loan voided. Thank you for your time and consideration.

Company response to consumer: Closed with explanation