Consumer complaint received 2022-10-06
Company: Prosper Marketplace, Inc.
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX 
XXXX, Florida XXXX XX/XX/2022 COMPANY : PROSPER FUNDING LLC XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, CA XXXX Re : LOAN # : XXXX To whom it may concern, This is about the consumer credit transaction entered into with your company dated XX/XX/2022 and i extended your organization the credit for the LOAN # : XXXX. 
I hereby give your company PROSPER FUNDING LLC notice pursuant to 15 USC 1602 ( k ) that your company never provided an adequate notice which clearly and conspicuously mentions the pertinent facts of this transaction. Your company didnt even inform me about the cost of credit and the only evidence of indebtedness was a computer generated agreement. According to 15 USC 1602 ( k ) the term adequate notice means a printed notice to acardholderwhich sets forth the pertinent facts clearly and conspicuously so that apersonagainst whom it is to operate could reasonably be expected to have noticed it and understood its meaning. Such notice may be given to acardholderby printing the notice on anycredit card, or on each periodic statement of account, issued to thecardholder, or by any other means reasonably assuring the receipt thereof by thecardholder. 

since adequate notice was not given as per the above mentioned section, i couldnt understand clearly its meaning which is a violation under 15 USC 1602 ( k ).

Further, Pursuant to 15 USC 1601 ( a ) a Consumer must be aware of the cost of the transaction. Since i was not aware of the cost of the transaction, I therefore made an uninformed decision and it resulted in multiple billing errors and unfair credit practices.

From your end, i have not benefited from this transaction which again, is a violation under 15 USC 1602 ( p ).

According to 15 USC 1602 ( p ) The term unauthorized use, means a use of acredit cardby apersonother than thecardholderwho does not have actual, implied, or apparent authority for such use and from which thecardholderreceives no benefit. 
PROSPER FUNDING LLC has also charged a usurious interest rate of 28.83 % for this personal loan. 
Article XXXX of California constitution states loans primarily for personal, family, or household purposes, at a rate not exceeding XXXX percent per XXXX FL STAT XXXX contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of XXXX percent per annum simple interest are hereby declared usurious. 
I hereby request you do the below mentioned things, XXXX. Report the account LOAN # : XXXX as paid in full to all consumer reporting agencies. 
XXXX refund the finance charge associated with this consumer credit transaction. 
If you accept my request i will not escalate this matter to Federal Court. In case you dont accept the above requests, a legal action shall be taken against your company for compensatory damages. 
thank you for your attention to this matter. 
sincerely, XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation