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[ferengi31337]

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.

[Senator]

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.

[Fred93]

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, 

I stand corrected. 

I had a few loans where the final small amount never got paid, and the loans were eventually charged off.  I don't know what caused that.  I figured it was an additional payment that never god made, but now I see it had to be something stranger than that.  ... like a software error maybe?

[Senator]

I stand corrected. 

I had a few loans where the final small amount never got paid, and the loans were eventually charged off.  I don't know what caused that.  I figured it was an additional payment that never god made, but now I see it had to be something stranger than that.  ... like a software error maybe?

I was on one of those too.  CJM020.

Note Detail

   This loan is charged-off
Because payment is more than 4 months late, this loan is charged-off. Once a loan is charged-off, it cannot become current again. Prosper will continue to collect on charge-offs until they are sold to a debt buyer. Any payment on the loan received after charge-off but before sale will be credited to lenders as a recovery. Learn more.

Note Summary
Title:    Combined Loan
Loan #605 | Note #17828 | View listing | View promissory note
Original loan:    $6,000 @ 20.95%
36 month loan
   Origination date:    Apr-25-2006
Note share:    $50.00    Principal balance:    $3.74
Payment status:    Charge-off
In collections
      
Charge-off date:    Jan-26-2009    Charge-off balance:    $3.74
Note Purchase History
Date [Sorted by Date, descending order.]    Buyer   Balance    
Price @
Yield
   Net rec'd
Apr-25-2006    Senator    $50.00    
$50.00 @
20.45%
   $52.29


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
4141246    Sep-25-2008    0    Automatic    Failed    $0.29    -    -    -    -    -
CP166    Dec-29-2006    176    Manual    Paid    $50.54    $0.21    $0.63    $4.73    $44.98    $3.74
158217    Aug-04-2006    10    Automatic    Failed    $1.88    -    -    -    -    -
163303    Aug-04-2006    10    Automatic    Failed    $1.88    -    -    -    -    -
151277    Aug-03-2006    9    Manual    Failed    $1.88    -    -    -    -    -
145226    Jul-28-2006    3    Manual    Failed    $1.88    -    -    -    -    -
139347    Jul-25-2006    0    Automatic    Failed    $1.88    -    -    -    -    -
124969    Jul-13-2006    17    Manual    Paid    $1.88    $0.13    $0.13    $1.38    $0.26    $48.72
118431    Jul-06-2006    10    Automatic    Failed    $1.88    -    -    -    -    -
113731    Jul-03-2006    6    Manual    Failed    $1.88    -    -    -    -    -
104392    Jun-25-2006    0    Automatic    Failed    $1.88    -    -    -    -    -
71937    May-25-2006    0    Automatic    Paid    $1.88    -    -    $0.86    $1.02    $48.90
12 payments

ETA: It appears as though the borrower intended to pay off the entire balance on 29-Dec-2006 and by 25-Sep-2008 their account was long closed and the borrower was nowhere to be found.

[112233]

Fred has awakened from his winter hibernation

you may go back to sleep now