FAQ
General Questions
How is Prosper regulated?
Prosper is regulated at a few different levels of U.S. government.
At the federal level, Prosper is regulated by the Federal Trade Commission insofar as it must conform to the Truth in Lending Act, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act.
At the state level, for states in which Prosper has an explicit license to lend, it is regulated by such state agencies as the Department of Banking or Department of Financial Institutions (this varies by state). For states in which Prosper does not hold a license, it is subject to limits and regulations established by the state's Attorney General's office or other agencies that regulate trade and commerce. You can see which states Prosper holds licenses in along with any special limits or regulations by state on the "States and Licenses" page.
How does Prosper make money?
Prosper charges a 1% or 2% loan closing fee each time a loan is funded. The amount of the fee depends on the borrower's credit grade, and is paid by the borrower at the time a loan begins. In addition, Prosper charges lenders an annual loan servicing fee of 0.5% to 1%, depending on the borrower's credit score, which accrues daily along with the loan interest. Learn more about Prosper fees.
What if Prosper were to go out of business?
In short, no new loans would be created, all lender funds not actively associated with a loan would be returned to the individual lenders immediately, and all existing loans will be serviced to completion by a third party loan servicing agent.
If Prosper were to go out of business, the third party loan servicing agent would take over the administrative responsibilities such as the transfer of monthly loan payments, providing timely payment notices, monthly lender statements and required tax documentation, overseeing the collection of delinquent loans on behalf of the lender, and reporting payment performance to credit bureaus.
Borrowers of course are still obligated to make payments on their loan. Prosper's existence (or lack thereof) does not change that obligation legally or otherwise, and failure to meet those obligations would result in the same consequences for the borrower.
General Questions
How is Prosper regulated?
Prosper is regulated at a few different levels of U.S. government.
At the federal level, Prosper is regulated by the Federal Trade Commission insofar as it must conform to the Truth in Lending Act, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act.
At the state level, for states in which Prosper has an explicit license to lend, it is regulated by such state agencies as the Department of Banking or Department of Financial Institutions (this varies by state). For states in which Prosper does not hold a license, it is subject to limits and regulations established by the state's Attorney General's office or other agencies that regulate trade and commerce. You can see which states Prosper holds licenses in along with any special limits or regulations by state on the "States and Licenses" page.
How does Prosper make money?
Prosper charges a 1% or 2% loan closing fee each time a loan is funded. The amount of the fee depends on the borrower's credit grade, and is paid by the borrower at the time a loan begins. In addition, Prosper charges lenders an annual loan servicing fee of 0.5% to 1%, depending on the borrower's credit score, which accrues daily along with the loan interest. Learn more about Prosper fees.
What if Prosper were to go out of business?
In short, no new loans would be created, all lender funds not actively associated with a loan would be returned to the individual lenders immediately, and all existing loans will be serviced to completion by a third party loan servicing agent.
If Prosper were to go out of business, the third party loan servicing agent would take over the administrative responsibilities such as the transfer of monthly loan payments, providing timely payment notices, monthly lender statements and required tax documentation, overseeing the collection of delinquent loans on behalf of the lender, and reporting payment performance to credit bureaus.
Borrowers of course are still obligated to make payments on their loan. Prosper's existence (or lack thereof) does not change that obligation legally or otherwise, and failure to meet those obligations would result in the same consequences for the borrower.
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