As a peer-to-peer lending marketplace, Prosper is a marketplace for investors to lend their money to one another, allowing you to borrow from them instead of borrowing from a bank. A lot of work goes into Prosper’s debt consolidation loans, and it all happens behind the scenes, just like a traditional loan from any other lender.
You can make a Prosper Credit card payment online, over the phone, through the Prosper mobile app, or by mail. To pay a Prosper Card invoice online, log into your online account and locate the Pay button. Then you choose how much you want to pay when you pay and where the payment comes from. Prosper also allows cardholders to set up automatic payments.
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Another important factor with a personal loan is the term of the loan, ie how long you have to repay.
- A longer-term means you pay less each month, which can make it easier to manage large expenses. However, this has a downside.
- Longer-term loans often have higher interest rates, which increases the cost of borrowing. Also, it takes longer to repay the loan, giving you more time to accrue interest.
- In contrast, short-term loans charge lower interest rates and generate less accrued interest because the loan is paid off sooner.
- Prosper offers two options for the term of the loan, three years or five years.
- You should try to find a balance between your chosen term and loan amount so that you have a monthly payment that you can manage.
Optionally, if possible, you can pay a little extra to extend the contract for a longer period. When money is tight, you can pay a lower minimum payment, but paying more reduces the impact of the interest you pay and allows you to pay off your mortgage sooner.