Prosper recently updated it's billing system and the new system calculates balances more accurately than the former one. This change as resulted in small balances reflecting on loans that are paid in full. No action is needed on your part and no derogatory reports have been sent to the Credit Bureaus.
Well if the new system is MORE accurate, then you owe some lender some money. But they say no action is needed on your part. Seems self-contradictory.
Our Technology team is aware of this situation and is actively working to resolve it to minimize the confusion.
That's something a person would say if the new system were broken and something needed to be fixed. Seems in conflict with the statement above that the new system is MORE accurate.
In the examples I've reported, the new system is just bonkers, and has double charged people late fees, reported wrong balances (and by a lot more than a few cents) etc.
Fred -- Personally, I was never late with a Prosper payment. In fact, I was frequently early. When I saw the $0.03 "Loan balance", my first reaction was to fire up a $0.03 manual payment (preferably from my lender account, which has about $3 or so in 'recovery' money in it -- but that's a topic for another thread) and be done with it, regardless of whether I really owed it or not. That proved to be impossible.
As someone who has at least half a brain about money, I've been very frustrated as a Prosper lender, but rather ambivalent as a Prosper borrower. The minor annoyances I had while paying back the loan were all easily dealt with and/or worked around, at least at the time. These days, it appears that with things like manual payments disabled, even the ability to borrow somewhat intelligently has been dismantled. And with phantom $0.03 'balances' appearing seemingly out of nowhere on loans that were believed to have been paid off well over a year ago? That's not exactly raising my confidence in the platform.
While I don't need to borrow right now, I'm not sure I would be willing to borrow at Prosper again knowing that a mid-stream or post-payoff accounting change on Prosper's part could potentially cause a credit bureau report that made it appear as though I were paying late, making partial payments, or not paying at all even though I had been paying according to what I thought were the actual terms of the loan.