Company Response
9/18/2024
Rise asserts that Prosper gave them a 15.99% APR without Rise signing for the rate despite their FICO score being 840 at the time of application Rise also asserts to be going through hardship and requested assistance, however Rise claims that Prosper denyed assistance and now they are being harassed. Prosper's investigation confirmed that Prosper received an application by phone for an installment loan in the amount of $13,000 on February 4, 2020. An offer was presented to Rise for an installment loan to be paid over 60 months at an interest rate of 16.28%, which Rise accepted electronically that same day. The loan originated on February 6, 2020. A review of Rise's legal agreements and disclosures that were provided through their Prosper My Account profile online, shows that Rise's credit score at the time of application was 695.
Between March 6, 2020, and September 6, 2020, Rise made 7 successful automatic payments in the amount of $318.07. On October 6, 2020, an automatic payment in the amount of $318.07 attempted to draft, however the payment failed due to insufficient funds. On October 6, 2020, Rise contacted Prosper phone requesting assistance due to being impacted by the COVID-19 global pandemic. The agent deactivated Rise's automatic payment feature and provided Rise with one month skip payment relief, which would need to be paid over the life of the loan. On November 13, 2020, Rise made a successful manual payment in the amount of $318.07. On December 7, 2020, Rise made a successful manual payment in the amount of $636.14. That same day, Rise contacted Prosper by phone expressing dissatisfaction about skip pay and asserted that they did not request it. A review of the previous interactions took place and it was confirmed that Rise did request relief and 1 month skip pay was applied to the account. As a courtesy, Prosper waived a fee in the amount of $15.90 on December 8, 2020. Between January 15, 2021, and August 6, 2021, Rise made 8 successful manual payments in the amount of $318.07 from zero to 9 days past due towards the loan balance. On September 7, 2021, Rise contacted Prosper by phone expressing dissatisfaction with the interest rate, advised that they had fallen onto hard times and wanted to renegotiate the interest rate. The agent attempted to advise Rise that the interest rate couldn't be renegotiated and that they agreed to the terms when they were accepted. On September 11, 2021, Rise made a successful manual payment in the amount of $5.00 at 5 days past due, which did not satisfy the monthly payment. On October 7, 2021, Rise made a successful manual payment in the amount of $5.00 at 31 days past due, which did not satisfy the monthly payment. On November 10, 2021, Rise made a successful manual payment in the amount of $5.00 at 65 days past due, which did not satisfy the monthly payment. On December 6, 2021, Rise made a successful
manual payment in the amount of $5.00 at 91 days past due, which did not satisfy the monthly payment. On January 6, 2022, Rise made a successful manual payment in the amount of $5.00 at 122 days past due, which did not satisfy the monthly pymnt. No further payments or payment attempts were made towards the account. On January 4, 2022, the account charged off and was ultimately sold due to non-payment on March 3, 2022, to Crown Asset Management. As part of the debt sale, that same day Prosper submitted a request to the credit reporting bureaus to delete the tradeline from Rise's credit report. Although Rise asserts to not have agreed to the interest rate and that Prosper refused to assist them due to hardship, Prosper's investigation does not support those claims. In response to this complaint, Prosper will be sending Rise a Validation of Debt to Rise
under separate cover which will include physical copies of the loan agreements accepted. Rise also asserts that they are the victim of elder abuse. Prosper takes claims of discrimination and abuse very seriously and denies any allegations of discrimination or abuse. Prosper regrets that its hardship program did not work for Rise. If Rise has any additional questions regarding this loan, they should contact Crown Assert Management directly at 866-696-4442. Prosper appreciates the opportunity to respond and hopes this clarifies the concern.
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