Wednesday, December 12, 2007

Prosper Updates On Loan Payment Fee Discrepency

Back in October, traveler505 observed that Prosper was pulling group and servicing fees from loan payments made for late loans and that this was against the terms of the lender agreement. Prosper followed up a few weeks later and noted that they were going to get things fixed up the way they should be. With no further word, and no fixes, folks have continued to press for the resolution to happen and Prosper has replied via the forums:

Our apologies for the delay in getting information out to lenders about this: Prosper has every intention of living up to the legal agreement that was in effect when the loans were issued. The engineering changes required for the refund to go into effect are complex and we want to make sure we get them right. Lenders should see their refunds in the first quarter of 2008.

Thank you.


Update: Removed that '*DONE --' from the title. You just caught your friendly, neighborhood blogger being sloppy because he was running late for a class this morning.

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