Initial Business Response /* (1000, 5, 2015/11/20) */
Thank you for taking the time to speak with us today over the phone. We apologize for the negative experience, please reach out to me directly should you have any additional concerns or questions going forward.
Regards,
[redacted]...
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Initial Business Response /* (1000, 5, 2016/01/11) */
Hi [redacted],
We regret the negative experience. Part of Prosper's goal is to provide a World Class customer experience, and it seems there are areas of opportunity for us to do better here.
We apologize for any error in our attempts to...
explain how the Truth in Lending Disclosure document works, including the Origination Fee, Annual Percentage Rate and Finance Fee. As previously stated in your recent phone conversation with us, please reach out directly to the Senior Agent working on your case. She will be able to assist you further.
Regards,
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Initial Consumer Rebuttal /* (3000, 7, 2016/01/13) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I received a phone call from Prosper regarding some of my complaints. The interest and APR are unclear for a novice in finances. However, she did attempt to provide me with further information. Though I still do not appreciate the service I received before regarding informing me that after the loan was paid off that I would not owe anything further. That was not the truth as there was still another payment after I thought the loan was paid in its entirety. The representative that I gave the payment information to seemed to know little of what she was talking about.
Please understand that loans, interest rates, and APRs are incredibly confusing to someone who is not a finance major or who holds that kind of job. It is the company's responsibility to try to further explain what one is getting into.
The representative that I just spoke with tried to tell me the difference between the APR and interest rates, and that I did in fact believe I was getting a loan for 12% when that wasn't the case. It was still slightly difficult to understand but much better after a live person spoke to me rather than reading what was online. I don't believe there should be such a thing as signing up for an online loan unless the process is further explained.
I did realize that instead of paying around 700 for a loan I kept for a month, I actually only paid a little less than 500. This is slightly an easier pill to swallow but still disheartening that I was charged this much to borrow $5700 for a month. My experience with prosper was still a terrible one for which my only semblance of any closure or understanding was the last representative I spoke to.
I will never be taking out a loan with prosper again.
Final Business Response /* (4000, 9, 2016/01/25) */
Hi [redacted],
We understand that interest and APR can be very confusing and regret not addressing your concerns to your satisfaction initially. We appreciate the feedback and look forward to continued research into making this a much easier process for future customers.
To confirm, the remaining balance was incorrect and as a result we have waived it. Your loan is paid in full and nothing else is owed. If you need further assistance, please email [redacted] directly.
Regards,
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Dear [redacted],
We apologize for the frustration you experienced while attempting to obtain a Paid In Full letter. A Paid In Full letter can only be requested a minimum of ten calendar days after the final payment was received. Your loan was satisfied on 5/24/**, placing the tenth day on 6/3/**. The...
Paid In Full letter has been emailed to you as of today. You can print or forward the email to any third parties as necessary.
If you have additional questions, please contact us by phone at 866 615 6319 or by email at [email protected].
Sincerely,
Prosper Client Services
We apologize for the experience that you had while attempting to make principal only payments on your account. The details for how payments are applied are included in the ‘Borrower Promissory Note’ that was provided the same day that the Terms and Conditions were signed. A...
copy is available online in your Prosper account under the ‘Legal Agreements & Disclosures’ section.
As far as the request to turn off AutoPay, we will email you directly with additional account detail.
Please let us know if there are any additional questions or if we can help to further clarify this process. We can be reached by phone at 866-615-6319, or by email at [email protected].
Dear [redacted]
Great that the refund has processed. Per our discussions, next steps have been provided to bring the account up to date. Please let us know if we can provide any additional information.
Prosper Client Services
Dear [redacted],
Thank you for following up with us regarding this issue. One of our team members has attempted to contact you via the phone number you provided in this complaint. Please respond by calling the phone number provided in the voicemails left for you. Your response will assist us in resolving the matter as quickly as possible.
Prosper Client Services
Dear [redacted],
We apologize for the continuing issue. We understand that you spoke with a manager from our Investor Services department today and have arranged to continue working through this technical error with him on Monday. We hope to achieve a speedy resolution so that you can access all areas of your account.
Feel free to reach out to us again by phone at (866) 615-6319 or via email at [email protected].
Prosper Client Services
Complaint: [redacted]I am rejecting this response because: It's unclear what the refund amount is. I haven't received the refund yet and would like clarification on the total amount being refunded before closing my concern.Sincerely,[redacted]
Complaint:[redacted]I am rejecting this response because:
I disagree with the response that the business Prosper has indicated. First of all, on January 19, 2018 I received an email that I did not qualify for a loan from Prosper because it exceeded the amount that I qualified for based on Prosper's score. Not only do they tell me the reasons for the denial, but they also provided me a score of 728.
I have repeated many times that I did not apply for a loan through Prosper nor did I accept nor sign any paperwork. In my original complaint, I am asking for evidence as to where I requested this loan and with whose permission did they pull a credit report without my authorization. I do not want to go back and forth with this matter, I want this business to correct the problem and/or fulfill my request of providing me the proof of the "application" they are referring to.
Prosper is misleading and lying to people by reflecting incorrect information. Their January 7th response was the exact same response they sent me on January 23, 2018. This response does not prove their denial and allegations that I applied and evidence of my signature and approval of a loan request.Sincerely,Yvonne[redacted]
Dear Gnanaprakash,
We apologize for the inconvenience. An update has been submitted to the credit bureaus to reflect your current account status.
If you have further questions, please call us at[redacted] or email us at [redacted]
Thank you for reaching out to us. Prosper takes claims of fraud and identity theft very seriously, and we would like to help you resolve the issue as quickly as possible.
We have sent details of what is needed to complete the review of this claim. Upon receipt...
of all requested documents we can proceed with the investigation. Physical documents can be sent, but for faster processing scans of the requested documents can be emailed to [email protected].
If you have further questions, please contact our customer service department at (866) 615-6319 or via email at [email protected].
Initial Business Response /* (1000, 8, 2015/09/25) */
We have removed this customer from our mailed marketing list. Because marketing letters are pre-printed in advance there may be one or two letters that the customer may receive in the interim.
As always, the customer can opt-out of...
pre-screened offers by calling the toll free number located on both the front and back of the letter: X-XXX-XXX-XXXX.
Thank you,
Initial Business Response /* (1000, 5, 2015/12/01) */
Hi [redacted],
We apologize for the negative experience. The fee is the cost to originate the loan, also known as an origination fee or pre-paid finance fee. This fee is highlighted on step three of the application and is located on the Truth...
in Lending document before accepting the terms. A copy of this document is located in your online Prosper account.
It appears we have successfully canceled the loan per your request, which means you are not responsible for any fees. If you need further assistance, please reach out to [redacted]@prosper.com and a senior agent will be able to assist you.
Regards,
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Dear [redacted]-
We apologize, but the funds are not available to be returned at this point. As agreed to when initially investing, the monies will be repaid in accordance with the original terms of the notes. As they mature, the funds will be available to be withdrawn.
We thank you for being a valued Prosper investor.
Prosper Client Services Tell us why here...
Initial Business Response /* (1000, 5, 2015/09/28) */
Hi [redacted],
Apologies for any confusion regarding your Return calculation in your Prosper Investment account. To confirm, only notes purchased on the Prosper platform are included in the Return. It appears most of your investments were made...
through the secondary trading platform (on Folio). These notes, both purchased and sold, are not included.
This explanation is always available on the Investing Details page in your Prosper account (after you log in, on the Overview page click View Details next to Annualized Return*). There is a short FAQ section on the middle of the page which shows a Q&A about this specific topic, titled "Why do we exclude Notes traded on Folio (and how might this affect your returns)?" Below is the answer:
"We present Annualized Returns on Notes to simplify the comparisons with other investment returns, but the sale of a Note on our trading platform represents a discrete return that we think should not be annualized.
For example, if you purchase a Note through Prosper on January 1, receive a single payment on February 1, and then sell it at a 5% premium on February 2, your Annualized Return on that transaction would be more than 50%. But there is no on-going return from the transaction, so annualizing the figure would be misleading.
Only non-delinquent Notes can be sold on Folio; for investors who trade aggressively, a larger percentage of Notes may remain that are delinquent or defaulted. The relationship between "current status" and "ability to be sold" will cause a lower Annualized Return calculation than would have been the case for a non-trader."
As of today, the Return is an accurate representation for notes purchased on the Prosper platform. If you ever need to reach out to us directly going forward, please email [redacted]@prosper.com.
Thank you,
[redacted]
Customer Experience Manager
Initial Consumer Rebuttal /* (3000, 7, 2015/09/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Your response is misleading as well. You make it sound as if the gain/loss on a purchase or sale of a note is not included in the return when the actual interest/chargeoffs from the note itself are not included. your own website states:
"To calculate the Return, ALL payments received on borrower loans, net of principal repayment, credit losses, and servicing costs for such loans, are aggregated and then divided by the average daily amount of aggregate outstanding principal."
All payments received and credit losses are clearly not calculated in my returns. I'm giving your company a chance to do the right thing here.
Your response was well written, but advertising false returns on notes issued and managed by your company whether purchased directly or indirectly (through folio) is not acceptable. If I have a note that you manage I expect you to include that note in my total returns.
Final Business Response /* (4000, 9, 2015/10/15) */
Hi [redacted],
Again, apologies for any confusion over the method by which we calculate the Return presented in your Prosper investment account. While we appreciate your feedback and have considered it thoughtfully, we believe we have appropriately disclosed to you and all of our investors the method by which we calculate Returns. For your review, we have included two screenshots: the FAQ which appears on both the Investing page of your account(above the breakdown of payments and notes) as well as the Help section available to anyone browsing prosper.com. The other is the disclaimer at the bottom of the Investing page which includes "All calculations exclude Notes bought or sold on Folio."
Regards,
[redacted]
Customer Experience Manager
Dear [redacted]-
We apologize for any confusion regarding the payoff amount. Accounts continue to accrue daily interest up and until the date of payoff. Your payment was received after the date of the payoff quote. As a result your payment was not sufficient to pay-off the...
remaining balance inclusive of accrued interest. Following your additional payment your account is now paid in full.
We appreciate your business and hope that you consider Prosper for your future financial needs.
Prosper Client Services
Dear [redacted]-
We apologize for your frustration. The funds that you are requesting are invested in existing loans which were originated when you resided in an eligible state. The move to a state that is ineligible to invest in Prosper loans prohibits further investments, but existing investments...
are continuing to mature per the initial notes. As the loans are paid back, the funds will then be available to be withdrawn.
We thank you for being a valued Prosper investor.
Prosper Client Services
Dear Jessica,Thank you for contacting us regarding this issue. We apologize for the inconvenience and miscommunication. A refund has been disbursed; please allow 1 - 3 business days for it to appear in your bank account. If you have further questions, please email us at [redacted] or call...
Dear [redacted], We are sorry to hear about your recent experience. A senior agent will be reaching out to you shortly to address your concerns. Have a pleasant day.
Initial Business Response /* (1000, 5, 2015/11/20) */
Thank you for taking the time to speak with us today over the phone. We apologize for the negative experience, please reach out to me directly should you have any additional concerns or questions going forward.
Regards,
[redacted]...
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Initial Business Response /* (1000, 5, 2016/01/11) */
Hi [redacted],
We regret the negative experience. Part of Prosper's goal is to provide a World Class customer experience, and it seems there are areas of opportunity for us to do better here.
We apologize for any error in our attempts to...
explain how the Truth in Lending Disclosure document works, including the Origination Fee, Annual Percentage Rate and Finance Fee. As previously stated in your recent phone conversation with us, please reach out directly to the Senior Agent working on your case. She will be able to assist you further.
Regards,
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Initial Consumer Rebuttal /* (3000, 7, 2016/01/13) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I received a phone call from Prosper regarding some of my complaints. The interest and APR are unclear for a novice in finances. However, she did attempt to provide me with further information. Though I still do not appreciate the service I received before regarding informing me that after the loan was paid off that I would not owe anything further. That was not the truth as there was still another payment after I thought the loan was paid in its entirety. The representative that I gave the payment information to seemed to know little of what she was talking about.
Please understand that loans, interest rates, and APRs are incredibly confusing to someone who is not a finance major or who holds that kind of job. It is the company's responsibility to try to further explain what one is getting into.
The representative that I just spoke with tried to tell me the difference between the APR and interest rates, and that I did in fact believe I was getting a loan for 12% when that wasn't the case. It was still slightly difficult to understand but much better after a live person spoke to me rather than reading what was online. I don't believe there should be such a thing as signing up for an online loan unless the process is further explained.
I did realize that instead of paying around 700 for a loan I kept for a month, I actually only paid a little less than 500. This is slightly an easier pill to swallow but still disheartening that I was charged this much to borrow $5700 for a month. My experience with prosper was still a terrible one for which my only semblance of any closure or understanding was the last representative I spoke to.
I will never be taking out a loan with prosper again.
Final Business Response /* (4000, 9, 2016/01/25) */
Hi [redacted],
We understand that interest and APR can be very confusing and regret not addressing your concerns to your satisfaction initially. We appreciate the feedback and look forward to continued research into making this a much easier process for future customers.
To confirm, the remaining balance was incorrect and as a result we have waived it. Your loan is paid in full and nothing else is owed. If you need further assistance, please email [redacted] directly.
Regards,
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Dear [redacted],
We apologize for the frustration you experienced while attempting to obtain a Paid In Full letter. A Paid In Full letter can only be requested a minimum of ten calendar days after the final payment was received. Your loan was satisfied on 5/24/**, placing the tenth day on 6/3/**. The...
Paid In Full letter has been emailed to you as of today. You can print or forward the email to any third parties as necessary.
If you have additional questions, please contact us by phone at 866 615 6319 or by email at [email protected].
Sincerely,
Prosper Client Services
Dear [redacted]-
We apologize for the experience that you had while attempting to make principal only payments on your account. The details for how payments are applied are included in the ‘Borrower Promissory Note’ that was provided the same day that the Terms and Conditions were signed. A...
copy is available online in your Prosper account under the ‘Legal Agreements & Disclosures’ section.
As far as the request to turn off AutoPay, we will email you directly with additional account detail.
Please let us know if there are any additional questions or if we can help to further clarify this process. We can be reached by phone at 866-615-6319, or by email at [email protected].
Prosper Client Services
Dear [redacted]
Great that the refund has processed. Per our discussions, next steps have been provided to bring the account up to date. Please let us know if we can provide any additional information.
Prosper Client Services
Dear [redacted],
Thank you for following up with us regarding this issue. One of our team members has attempted to contact you via the phone number you provided in this complaint. Please respond by calling the phone number provided in the voicemails left for you. Your response will assist us in resolving the matter as quickly as possible.
Prosper Client Services
Dear [redacted],
We apologize for the continuing issue. We understand that you spoke with a manager from our Investor Services department today and have arranged to continue working through this technical error with him on Monday. We hope to achieve a speedy resolution so that you can access all areas of your account.
Feel free to reach out to us again by phone at (866) 615-6319 or via email at [email protected].
Prosper Client Services
Complaint: [redacted]I am rejecting this response because: It's unclear what the refund amount is. I haven't received the refund yet and would like clarification on the total amount being refunded before closing my concern.Sincerely,[redacted]
Complaint:[redacted]I am rejecting this response because:
I disagree with the response that the business Prosper has indicated. First of all, on January 19, 2018 I received an email that I did not qualify for a loan from Prosper because it exceeded the amount that I qualified for based on Prosper's score. Not only do they tell me the reasons for the denial, but they also provided me a score of 728.
I have repeated many times that I did not apply for a loan through Prosper nor did I accept nor sign any paperwork. In my original complaint, I am asking for evidence as to where I requested this loan and with whose permission did they pull a credit report without my authorization. I do not want to go back and forth with this matter, I want this business to correct the problem and/or fulfill my request of providing me the proof of the "application" they are referring to.
Prosper is misleading and lying to people by reflecting incorrect information. Their January 7th response was the exact same response they sent me on January 23, 2018. This response does not prove their denial and allegations that I applied and evidence of my signature and approval of a loan request.Sincerely,Yvonne[redacted]
Dear Gnanaprakash,
We apologize for the inconvenience. An update has been submitted to the credit bureaus to reflect your current account status.
If you have further questions, please call us at[redacted] or email us at [redacted]
Sincerely,
Prosper Client Services
Dear [redacted],
Thank you for reaching out to us. Prosper takes claims of fraud and identity theft very seriously, and we would like to help you resolve the issue as quickly as possible.
We have sent details of what is needed to complete the review of this claim. Upon receipt...
of all requested documents we can proceed with the investigation. Physical documents can be sent, but for faster processing scans of the requested documents can be emailed to [email protected].
If you have further questions, please contact our customer service department at (866) 615-6319 or via email at [email protected].
Prosper Client Services
Initial Business Response /* (1000, 8, 2015/09/25) */
We have removed this customer from our mailed marketing list. Because marketing letters are pre-printed in advance there may be one or two letters that the customer may receive in the interim.
As always, the customer can opt-out of...
pre-screened offers by calling the toll free number located on both the front and back of the letter: X-XXX-XXX-XXXX.
Thank you,
Initial Business Response /* (1000, 5, 2015/12/01) */
Hi [redacted],
We apologize for the negative experience. The fee is the cost to originate the loan, also known as an origination fee or pre-paid finance fee. This fee is highlighted on step three of the application and is located on the Truth...
in Lending document before accepting the terms. A copy of this document is located in your online Prosper account.
It appears we have successfully canceled the loan per your request, which means you are not responsible for any fees. If you need further assistance, please reach out to [redacted]@prosper.com and a senior agent will be able to assist you.
Regards,
[redacted]
Customer Experience Manager
Prosper Marketplace, Inc.
Dear [redacted]-
We apologize, but the funds are not available to be returned at this point. As agreed to when initially investing, the monies will be repaid in accordance with the original terms of the notes. As they mature, the funds will be available to be withdrawn.
We thank you for being a valued Prosper investor.
Prosper Client Services Tell us why here...
Initial Business Response /* (1000, 5, 2015/09/28) */
Hi [redacted],
Apologies for any confusion regarding your Return calculation in your Prosper Investment account. To confirm, only notes purchased on the Prosper platform are included in the Return. It appears most of your investments were made...
through the secondary trading platform (on Folio). These notes, both purchased and sold, are not included.
This explanation is always available on the Investing Details page in your Prosper account (after you log in, on the Overview page click View Details next to Annualized Return*). There is a short FAQ section on the middle of the page which shows a Q&A about this specific topic, titled "Why do we exclude Notes traded on Folio (and how might this affect your returns)?" Below is the answer:
"We present Annualized Returns on Notes to simplify the comparisons with other investment returns, but the sale of a Note on our trading platform represents a discrete return that we think should not be annualized.
For example, if you purchase a Note through Prosper on January 1, receive a single payment on February 1, and then sell it at a 5% premium on February 2, your Annualized Return on that transaction would be more than 50%. But there is no on-going return from the transaction, so annualizing the figure would be misleading.
Only non-delinquent Notes can be sold on Folio; for investors who trade aggressively, a larger percentage of Notes may remain that are delinquent or defaulted. The relationship between "current status" and "ability to be sold" will cause a lower Annualized Return calculation than would have been the case for a non-trader."
As of today, the Return is an accurate representation for notes purchased on the Prosper platform. If you ever need to reach out to us directly going forward, please email [redacted]@prosper.com.
Thank you,
[redacted]
Customer Experience Manager
Initial Consumer Rebuttal /* (3000, 7, 2015/09/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Your response is misleading as well. You make it sound as if the gain/loss on a purchase or sale of a note is not included in the return when the actual interest/chargeoffs from the note itself are not included. your own website states:
"To calculate the Return, ALL payments received on borrower loans, net of principal repayment, credit losses, and servicing costs for such loans, are aggregated and then divided by the average daily amount of aggregate outstanding principal."
All payments received and credit losses are clearly not calculated in my returns. I'm giving your company a chance to do the right thing here.
Your response was well written, but advertising false returns on notes issued and managed by your company whether purchased directly or indirectly (through folio) is not acceptable. If I have a note that you manage I expect you to include that note in my total returns.
Final Business Response /* (4000, 9, 2015/10/15) */
Hi [redacted],
Again, apologies for any confusion over the method by which we calculate the Return presented in your Prosper investment account. While we appreciate your feedback and have considered it thoughtfully, we believe we have appropriately disclosed to you and all of our investors the method by which we calculate Returns. For your review, we have included two screenshots: the FAQ which appears on both the Investing page of your account(above the breakdown of payments and notes) as well as the Help section available to anyone browsing prosper.com. The other is the disclaimer at the bottom of the Investing page which includes "All calculations exclude Notes bought or sold on Folio."
Regards,
[redacted]
Customer Experience Manager
Dear [redacted]We have received confirmation from you that the funds have been received. We thank you for your business.Prosper Client Services
Dear [redacted]-
We apologize for any confusion regarding the payoff amount. Accounts continue to accrue daily interest up and until the date of payoff. Your payment was received after the date of the payoff quote. As a result your payment was not sufficient to pay-off the...
remaining balance inclusive of accrued interest. Following your additional payment your account is now paid in full.
We appreciate your business and hope that you consider Prosper for your future financial needs.
Prosper Client Services
Dear [redacted]-
We apologize for your frustration. The funds that you are requesting are invested in existing loans which were originated when you resided in an eligible state. The move to a state that is ineligible to invest in Prosper loans prohibits further investments, but existing investments...
are continuing to mature per the initial notes. As the loans are paid back, the funds will then be available to be withdrawn.
We thank you for being a valued Prosper investor.
Prosper Client Services
Dear Jessica,Thank you for contacting us regarding this issue. We apologize for the inconvenience and miscommunication. A refund has been disbursed; please allow 1 - 3 business days for it to appear in your bank account. If you have further questions, please email us at [redacted] or call...
us at [redacted]Sincerely,Prosper Client Services
Dear [redacted], We are sorry to hear about your recent experience. A senior agent will be reaching out to you shortly to address your concerns. Have a pleasant day.