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.