What happens if a borrower misses a payment?
Borrowers who miss payments on Prosper face the same consequences that they would if they missed a payment on a bank loan or credit card: their late payment is reported to credit reporting agencies, and their late loan is assigned to a collection agency. Borrowers also incur late fees for missed payments, which are collected by Prosper and passed onto the lenders for that specific loan. Learn about what happens to borrowers who are late with payments.
