I hereby grant Prosper Marketplace, Inc., its subsidiaries, affiliates and their assignees or service providers (“Prosper”) a Standing Authorization to initiate one-time electronic debit entry(ies) or recurring electronic debit entries to my designated checking or savings account (“Account”) at my designated financial institution (“Financial Institution”) for which I am an authorized user, as well as any Account or Financial Institution I later designate, for payment toward my credit card account. The amount to be debited from the Account each month will be the “Minimum payment,” “Statement balance,” “Custom amount,” other amount I have designated. I acknowledge that the origination of electronic debits from my Account must be permitted by my Financial Institution, which must be located in the United States.
I understand that I authorize Prosper to initiate subsequent entries (initiated under the terms of this Standing Authorization, that require my affirmative action to initiate those future entries). These affirmative actions can include, but are not limited to, a telephone call, a text message, an internet interaction, video connection, personal assistant device.
I understand that my Standing Authorization will remain in full force and effect until I notify Prosper that I revoke it. I understand that to revoke this authorization, I can turn Recurring Payments (“AutoPay”) off at www.prospercards.com, www.myprospercard.com, or via the Prosper Card App. I understand that individual payments can be cancelled by calling 1-(800) 903-4697 between 8:00 a.m. and 8:00 p.m. Eastern Time at least three (3) business days prior to the scheduled transfer of that payment.
1. One-time payment
If I have selected a one-time electronic debit entry, my payment will be debited on the date I have designated, and the amount to be debited from the Account will be the amount I have designated.
2. AutoPay
If I have selected recurring electronic debit entries, my payment will be debited each month on my due date as shown on my monthly statement. Depending on the payment amount I have designated, the amount to be debited from the Account each month will be the “Minimum payment,” the “Statement balance,” or a “Custom amount”.
If I selected recurring electronic debit entries as my payment method I agree:
The amount debited from the account each month will be the minimum payment due as shown on the monthly credit card statement. I understand that the amount automatically debited each month may vary and that the monthly statement will be the notice of the minimum payment due.
I understand the amount debited under this agreement will never be more than the Minimum Payment Due, however, it may be less because payments, returned purchases, and other credits can reduce the amount if they post to my credit card account between the statement closing date and the date my payment is processed.
The amount debited from the account each month will be the statement balance as shown on the monthly credit card statement as “new balance.” I understand that the amount automatically debited each month may vary and that the monthly statement will be the notice of the new balance.
I understand that the amount debited under this agreement will never be more than the New Balance, however, it may be less because payments, returned purchases, and other credits can reduce the amount if they post to my credit card account between the statement closing date and the date my payment is processed.
The amount debited from the account each month will be the amount I have designated (“Custom amount”). I understand that the amount automatically debited each month may vary if the Custom amount is less than the minimum payment due as shown on the monthly credit card statement and will be adjusted to meet the minimum payment due. The monthly statement will serve as notice of the minimum payment due.
I hereby authorize Prosper Funding LLC (“Prosper”), its parent, affiliates, any holder of my loan and their respective agents and their assignees to initiate, depending on the payment method I select on the following page, a single or recurring electronic debit entry/entries to my designated checking or savings account (“Account”) at my designated financial institution (“Financial Institution”) for which I am an authorized user, as well as any Account or Financial Institution I later designate, for payment of the monthly payment(s) on my loan, if my loan originates. I acknowledge that the origination of electronic debits to my Account must be permitted by my Financial Institution, which must be located in the United States.
If I select preauthorized electronic fund transfers as my payment method I agree:
The amount debited from the account each month will be the lesser of my outstanding loan balance and the payment listed on the final Truth in Lending statement (“Final TIL”) or any subsequent document that I have executed to modify my loan. The payment will be debited each month on the due date listed on the Final TIL or the due date listed on any subsequent document that I have executed to modify my loan; however, if the due date occurs on a weekend or holiday, the account will be debited the next business day. I understand that my final payment will vary from the amount stated on the Final TIL or any subsequent document that I have executed to modify my loan if Prosper elects to debit any additional unpaid principal, interest, charges and/or fees. I understand that I must pay all outstanding amounts even if not debited by Prosper.
If I select a one-time electronic fund transfer followed by manual payments as my payment method I agree:
The amount debited from my account on the due date of my first payment will be my monthly payment amount, as listed on the Final TIL. However, if the due date occurs on a weekend or holiday, the account will be debited the next business day.
Debit Card Payments.
If my loan is past due, Prosper may, in its sole discretion, make available an option to schedule a one-time payment using a debit card for which I am an authorized user (“Debit Card”). If I schedule a Debit Card payment, I authorize Prosper to initiate a one-time charge to my Debit Card in the amount and on the date I authorize at the time I schedule the payment. Prosper may change or discontinue the availability of Debit Card payments at any time. This authorization does not permit recurring charges to my Debit Card.
I understand that my authorization will remain in full force and effect until Prosper has received oral or written notification from me at least 3 business days prior to my scheduled transfer to terminate this authorization.