How are interest rates and payments calculated?
Interest rates are based on the rate selected by the borrower which is then matched (and possibly bid down) by participating lenders. Payments are due once a month, based on a fully-amortized repayment schedule over a 3-year period. Each monthly payment is the same and there is never a balloon payment. By the time the loan term ends, the loan has been completely repaid. Try the loan calculator to see the monthly payment and fees associated with a Prosper loan.
