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| *Ostroff, Fair and Company>>>Personal Finance |
What is the repayment process for unsecured loans on Prosper.com ? |
I need a $10,000 loan to pay off credit card debt. However, I will need time to find a job after I graduate from college this summer. Therefore, how soon will Prosper.com ask me to start making payments? Do I have to pay a fee to register myself on the website? Also how will the amount of my monthly payments be determined? And will all the money be due in 3 years? What about interest? Can someone please explain all of this to me? Thank you in advance. Your first payment will be due 1 month from the loan origination date. No fee to register. There is a closing fee (1%-2% based on your credit grade) if your loan is funded. This fee is deducted from the loan amount. Payment amount is normal amortization schedule based on loan amount and interest rate for 36 months. You'll pay the monthly interest and a portion of the principal each month. All Prosper loans are 36 month terms. Interest is determined by what your starting rate is and if lenders bid it down or not. Source(s): http://www.prosper.com/help/ |
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