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Prosper Personal Loans
Prosper personal loans are common in Pennsylvania. Prosper Funding is an online lender that operates through Prosper Marketplace.
If you’re having trouble with a Prosper personal loan, call us for help. To get a free case review, call us or complete our free case review form.
Let us answer your questions:
Who is Prosper Funding?
Prosper Funding is an online lender based in Northern California. Prosper works with Prosper Marketplace to issue loans to consumers throughout the nation. Prosper issues loans through www.prosper.com
Most online lenders, like Prosper, are not banks. Instead, they are non-banks that lend money to consumers. Some online lenders use a bank to finance a personal loan and then purchase the loan a few days after it is issued. Prosper has used WebBank to finance its personal loans.
What is a Prosper loan?
Prosper mostly offers personal loans to consumers. A “personal loan” is simply a direct loan that can be used for any type of personal, family, or household expense.
In Pennsylvania (and other states) personal loans issued by non-banks, like Prosper Funding, are highly regulated. Make sure your loan complies with the law in your state. For example, non-banks operating in Pennsylvania are limited in the amount of interest and fees they can charge, collect, contract for, or receive.
If you have a question whether your loan complies with the law, please call us or complete our contact form for a free case review.
What happens if I don't pay a Prosper loan?
If you don’t pay a Prosper Funding loan, the loan will likely get “charged-off.” A charge-off is simply an accounting mechanism that deems a loan uncollectible. It does not get rid of the loan.
After “charge-off,” Prosper often sells loans to “debt buyers.” A debt buyer essentially is an investment company that invests in pools of bad debt. Debt buyers purchase bad debt for pennies on the dollar and try to collect the debt for profit.
Prosper Funding may sell loans to some of the following entities:
If you’re having problems with a Prosper loan, or if Prosper sold your loan to a debt buyer, call us or complete our contact form for a free case review.
Will Prosper sue if I don't pay?
Prosper is unlikely to sue you if you do not pay (at least in Pennsylvania). That said, and as explained in the previous section, Prosper sell loans to debt buyers, like Velocity Investments UHG I LLC, Crown Asset Management, CACH LLC and others. If you’re loan gets sold to a debt buyer, you may get sued.
If you get sued for a Prosper Funding loan, call us our complete our contact form for a free case review.