I remember hearing in the past that the loans are fixed at 36 payments, and that the entire remaining balance is due and payable on the day of the 36th payment.
Yep. I can confirm that, Here's an example:
Note Summary
Title: Loan for mature, responsible businessman
Loan #398 | Note #10093 | View listing | View promissory note
Original loan: $15,001 @ 14.00%
36 month loan
Origination date: Apr-05-2006
Note share: $50.00 Principal balance: $0.00
Payment status: Paid
Paid in full: Apr-05-2009
Note Purchase History
Date [Sorted by Date, descending order.] Buyer Balance
Price @
Yield
Net rec'd
Apr-05-2006 Senator $50.00
$50.00 @
13.50%
$61.16
Payment History View: Borrower payments | Lender accounting
Payment
number Post date [Sorted by Post date, descending order.] DPD Type Status Total
paid Prosper
fees Late fees Interest Principal Principal
balance
4713010 Apr-05-2009 0 Automatic Paid $1.80 - - $0.02 $1.77 -
4623106 Mar-05-2009 0 Automatic Paid $1.71 - - $0.04 $1.68 $1.77
4540965 Feb-05-2009 0 Automatic Paid $1.71 - - $0.06 $1.65 $3.45
4445824 Jan-05-2009 0 Automatic Paid $1.71 - - $0.08 $1.63 $5.10
4363524 Dec-05-2008 0 Automatic Paid $1.71 - - $0.10 $1.62 $6.74
4272042 Nov-05-2008 0 Automatic Paid $1.71 - - $0.08 $1.64 $8.35
4208292 Oct-16-2008 11 Automatic Paid $1.71 $0.02 - $0.18 $1.51 $9.99
4175351 Oct-05-2008 0 Automatic Failed $1.71 - - - - -
4077786 Sep-05-2008 0 Automatic Paid $1.71 - - $0.16 $1.56 $11.51
3983247 Aug-05-2008 0 Automatic Paid $1.71 - - $0.18 $1.54 $13.06
3888657 Jul-05-2008 0 Automatic Paid $1.71 - - $0.19 $1.53 $14.60
3795507 Jun-05-2008 0 Automatic Paid $1.71 - - $0.21 $1.50 $16.13
3694469 May-05-2008 0 Automatic Paid $1.71 - - $0.22 $1.49 $17.63
3578108 Apr-05-2008 0 Automatic Paid $1.71 - - $0.25 $1.47 $19.12
3382410 Mar-05-2008 0 Automatic Paid $1.71 - - $0.25 $1.47 $20.59
3219591 Feb-05-2008 0 Automatic Paid $1.71 - - $0.28 $1.43 $22.05
2762885 Jan-05-2008 0 Automatic Paid $1.71 - - $0.30 $1.41 $23.48
2321327 Dec-05-2007 0 Automatic Paid $1.71 - - $0.31 $1.41 $24.90
2164209 Nov-05-2007 0 Automatic Paid $1.71 - - $0.34 $1.38 $26.30
1910155 Oct-05-2007 0 Automatic Paid $1.71 - - $0.34 $1.37 $27.68
1739341 Sep-05-2007 0 Automatic Paid $1.71 - - $0.37 $1.35 $29.06
1597670 Aug-05-2007 0 Automatic Paid $1.71 - - $0.38 $1.33 $30.40
1457059 Jul-05-2007 0 Automatic Paid $1.71 - - $0.39 $1.33 $31.73
1325664 Jun-05-2007 0 Automatic Paid $1.71 - - $0.42 $1.30 $33.06
1196248 May-05-2007 0 Automatic Paid $1.71 - - $0.25 $1.46 $34.36
847542 Apr-17-2007 10 Automatic Paid $1.71 $0.02 - $0.62 $1.08 $35.82
801496 Apr-05-2007 0 Automatic Failed $1.71 - - - - -
649554 Mar-05-2007 0 Automatic Paid $1.71 - - $0.42 $1.30 $36.90
542400 Feb-05-2007 0 Automatic Paid $1.71 - - $0.48 $1.24 $38.20
442696 Jan-05-2007 0 Automatic Paid $1.71 - - $0.49 $1.22 $39.44
365441 Dec-05-2006 0 Automatic Paid $1.71 - - $0.49 $1.22 $40.66
304056 Nov-05-2006 0 Automatic Paid $1.71 - - $0.52 $1.19 $41.89
247980 Oct-05-2006 0 Automatic Paid $1.71 - - $0.52 $1.20 $43.08
195482 Sep-05-2006 0 Automatic Paid $1.71 - - $0.55 $1.17 $44.28
155598 Aug-05-2006 0 Automatic Paid $1.71 - - $0.56 $1.15 $45.44
115417 Jul-05-2006 0 Automatic Paid $1.71 - - $0.56 $1.16 $46.59
80462 Jun-05-2006 0 Automatic Paid $1.71 - - $0.59 $1.12 $47.75
52590 May-05-2006 0 Automatic Paid $1.71 - - $0.59 $1.13 $48.87
You can see that the borrower was late twice and the 36th payment was larger than the rest.