This is a cache of http://forums.prosper.com/index.php?showtopic=82 which was retrieved on Nov-8-2007 5:19 PM
nav When is the first payment due?, When is the first payment due?
itsme    Posted: Feb-23-2006 11:49 AM
 
I looked around the site and couldn't find the answer to this question. After a loan listing is successfully filled, when is the first payment due. More specifically, is it a month from the date the loan closed, or from the date that the money appeared in the borrower's account.

Along the same lines, is there a way to decide when the payment is due. I imagine for some people, a payment date after the first 1st or 15th of the month would be ideal. Is there someway the date can be moved?
goals101    Posted:  Feb-23-2006 1:43 PM
 
The payment due date is listed on the Truth in Lending Disclosure that is created at loan listing. I don't know about changing the date due though.
Prosper Andrew    Posted: Feb-23-2006 5:38 PM
 
Hi itsme,

The first payment is due one month after the origination date. The origination date is typically one business day after the listing closes, and is the same day that the transfer begins. Since we have no way of knowing exactly when the money will hit your bank account (between 2 and 4 business days usually), we start the clock on the day of the transfer.

And right now there's no way to change the payment date to a specific day of the month. We're considering it, but it's just not available now.

Best regards,
Andrew
pharmd2000    Posted:  Feb-23-2006 6:08 PM
 
If a borower has their monthly payments automatically deducted to Prosper every month electronically how quickly does that money show up into the lender's account?


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