Consumer complaint received 2024-03-11 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Prosper Marketplace, Inc.
State: MN

Complaint narrative:
I am being defrauded by Prosper every month. 
XX/XX/XXXX {$100.00} {$91.00} {$15.00} Success - XX/XX/XXXX {$500.00} {$390.00} {$100.00} Success XXXX XXXXXXXX ... XXXX XX/XX/XXXX {$340.00} {$280.00} {$53.00} Success XXXX XXXXXXXX ... XXXX XX/XX/XXXX {$500.00} {$290.00} {$200.00} Success XXXX  XXXX ... XXXX XX/XX/XXXX {$500.00} {$440.00} {$58.00} Success XXXX XXXXXXXX ... XXXX XX/XX/XXXX {$340.00} {$140.00} {$190.00} Success XXXX XXXXXXXX ... XXXX Reminder : Upcoming loan payment scheduled XX/XX/XXXX Dear XXXX, Your next Prosper loan payment is scheduled to be debited from the bank account provided on XX/XX/XXXX. 
No action on your part is needed. 
Loan ID : XXXX Automatic payment date : XX/XX/XXXX Please be sure that your bank account has sufficient funds to cover the payment. If funds are insufficient, you may be charged a failed payment fee by Prosper and an insufficient funds fee by your bank. 

If you simply need to update your payment information, you can contact us at XXXX from XXXX - XXXX XXXX XXXX XXXX XXXX. To avoid fees, please make changes to your primary bank account at least XXXX ( XXXX ) business days before your payment date. 
Thank you, The Prosper Team XXXX XXXX Prosper XXXX XXXX Hi received a Message that My Auto Payment would be Applied XX/XX/XXXX from Prosper. I waited until after it posted on the Prosper Web site then Made a principal of {$500.00} Your site even though it was already posted only accepted the {$500.00} Principal payment then charged me interest. This is Illegal as I have stated before Fix your site. ADDITIONAL payment means exactly that Additional payment. I expect you to Correct this today. 

Prosper Customer Support Prosper Client Services ( Prosper Marketplace Support ) Prosper Client Services ( Prosper Marketplace Support ) XX/XX/XXXX, XXXX PST Good morning, XXXX, That is correct. You can also allow AutoPay to process the {$340.00} on your due date, then make a separate manual payment the same day before the cut off time of XXXX pm XXXX and the extra payment will go towards principal only. 

Your billing cycle ends on your due date, so any extra that you want applied to principal only must be paid on your due date. Any payments submitted online or over the phone after XXXX XXXX  PST on your due date will result in a payment effective for the next business day which would be the first day in the next month billing cycle and will go towards the next monthly due. We apologize for any confusion caused with our explanation and appreciate your patience and understanding. 
If you have any additional questions or concerns, feel free to reply to this email or call us at XXXX. 
Thank you and have a pleasant day. 
Feel free to reply to this email or give us a call at ( XXXX ) XXXX if you have any other questions or concerns. 
Were here to help! 

Thank you, The Prosper Team XX/XX/XXXX, XXXX PST Dear XXXX, We are reaching out to you to inform you that your issue has been escalated to one of our senior team members for review. We appreciate your patience as we work to resolve any problems or concerns that you may have. Please monitor your email account for further communication. 
Feel free to reply to this email or give us a call at ( XXXX ) XXXX if you have any other questions or concerns. 
Were here to help! 
Thank you, The Prosper Team Prosper Marketplace Support Hi I did wait until the {$340.00} Posted to my Account before I made an additional payment of {$500.00} You need to fix your web site. An Additional payment should not Kick out an Automatic payment. As far as Contract Law goes There is no penalty for Making additional Principal payments. The Programmers who built your site, literally built in a Defacto penalty by Kicking out the Automatic Payment. Subjecting the Additional payment to interest charges. This is not legal. I realize this is in the programming for the site, But now that I have made you aware of it you have a responsibility to correct the problem. 

Prosper Customer Support Prosper Client Services ( Prosper Marketplace Support ) XX/XX/XXXX, XXXX PST Good morning, XXXX, We want to apologize for any frustration this issue has caused. 

After review of the previous interactions, we can confirm that misinformation was provided to you regarding when your next payment would draft via autopay. 

Because you have been consistently making additional payments towards your loan after your scheduled due date, the payments had been applying towards the next month 's billing cycle, which will stop autopay from drafting as it would void the agreement between you and Prosper to draft one monthly payment of {$340.00}. 

Since there was a payment posted on XX/XX/XXXX that satisfied your March 2024 monthly payment early, the extra payment made on XX/XX/XXXX was applied as an additional payment for the month of XXXX, however interest had been accruing daily which is why the payment amortized and applied {$100.00} towards the interest instead of applying directly to the principle balance of the loan. 

Due to the misinformation on our end, we have waived the interest of {$100.00} and will appear as a credit towards your loan within the next few days. As of today, XX/XX/XXXX, there have been no additional payments made towards the loan so autopay should be drafting your monthly payment as expected on XX/XX/XXXX. 

If you would like to have an extra payment applied towards the principle balance for this month, we do recommend making the payment on XX/XX/XXXX after autopay drafts, that way your monthly payment satisfies the interest and the extra payment applies directly to the principle balance. 

Please note, if you make a payment amount equal to or greater than your monthly payment before XX/XX/XXXX, autopay will not draft another payment on the intended due date. 
We want to apologize again for any inconvenience and frustration this has caused. If you have any additional questions, please call us at XXXX. 
Have a great day! 
If you need anything else, reply to this email or give us a call at ( XXXX ) XXXX for any other questions or concerns. 
Thank you, The Prosper Team

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 non-monetary relief