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How Can Prosper Help Me?

It can be overwhelming to begin navigating through financing the cost of substance abuse treatment for you or a loved one. We have an experienced and trained staff of addiction experts ready and willing to help you navigate through the details of your payment plan. All you need to do is call and we will walk you through everything. 

Here at Discovery, we understand how important it is to guide you through this process. The road to recovery is an important one and shouldn’t be pushed aside because of financial concerns. Remember, we are here to help you!

What Is PHL?

Prosper Healthcare Lending (PHL) is a subsidiary of Prosper Marketplace, Inc. PHL offers specialized service in offering loans to customers looking to finance a medical procedure. For more information, please visit PHL’s web site:

What Prosper Does

You can use the funds from a personal loan to pay for a variety of needs, such as a special occasion, adoption fees, unexpected expenses, medical costs or remodeling project. You may also use a personal loan to consolidate other debts. In addition, personal loans often enable  you to consolidate multiple types of debts, such as credit card debt and medical debt at a lower rate versus paying on a credit card.With only a single monthly payment, knowing precisely how much is owed each month and when the loan will be fully paid off provides much-needed peace of mind and control over the future of your finances.

  • MANAGE ONE PAYMENT – Reduce mail clutter each month. One fixed monthly payment through Prosper and you’re all set.
  • STAY ON TRACK – Keep credit card bills organized through
    consolidating your debts.
  • SAVE MONEY  –  Save money with no pre-payment penalties.

Getting a Loan

  • Check Your Rate – Select your loan amount, answer a few questions and get your lowest eligible rates instantly.
  • Choose Your Loan – Choose the offer with the terms that work best for you.
  • Get Your Funds – Your money goes right to your bank account through direct deposit.

Prosper Loans for Drug and Alcohol Treatment

Applying for a loan can include some of the costs associated with the following levels of care:

  • Inpatient Hospitalization 
  • Residential Detox or Non-Medical Detox
  • Residential Treatment
  • Partial Hospitalization Treatment
  • Intensive Outpatient or Outpatient Treatment

Our treatment professionals are available 24/7 to help you or your loved one find the right treatment program that suits your needs. It only takes one call to begin your road to recovery!

What Payment Options Are Available For Making My Monthly Payments?

Most borrowers who obtain a loan through Prosper choose AutoPay because it is the most simple way to make monthly payments on time. Additional payment options are mentioned below:

  • AutoPay (suggested):
    AutoPay is a service that automatically schedules and deducts your monthly payment from your bank account on your due date through the automated clearinghouse network. Autopay is the most popular option of our borrowers as it provides convenience and reliability; it is the least difficult way to avoid late payment fees and make monthly payments on time. If you make the decision to use a varying payment method you can switch anytime within 3 business days before your due date.

You can start AutoPay in step 4 of the loan application, in your online account, or through contacting customer service via the phone. You can find the necessary contact information and hours of service on Prosper’s Contact Us page.

  • Pay by check:
    You can pay by check, but we don’t suggest using this option. Check payments are applied on the date the check is received and not on the date the check is placed in the mail. This can inadvertently lead to late fees if the check is not obtained on time.

If you select to pay by check during the application process your first payment will still be automatically deducted from your bank account. If your loan began on or after August 1st, 2017, and you make your payment by check, you will incur a payment processing charge which you must add to your payment amount.  This fee is the lesser of 5% of your payment or $5 (if your payment is higher than $100, you should always add $5).

If you need to submit a check by mail, here are the steps you should take:

Make a check out to Prosper Funding, LLC in the amount of the payment you would like to make and send it to the following address:

Prosper Marketplace Inc.
P.O. Box 396081
San Francisco, CA 94139-6081

Send only loan payments, for example, a check, to the above address. We ask to please not send correspondence.

For all payments, include the loan ID in the memo section of the check (this is a must). If the check is coming from a third party, kindly also include the name of the loan holder in the memo.

If you are trying to pay off your loan balance, sign in to your Prosper account, select the “Pay off loan” link and choose the date you’d like to pay your loan off. The “Payoff amount” button will display the balance on your loan on the selected date. Due to mail transit times, quite a few days can pass between the time the check is placed in the mail and when it is received and applied to your account. For any questions, you can contact customer service.

  • Pay by phone:
    Payments by phone are processed through the automated clearinghouse network and must be made during Prosper’s business hours (M-F 5 am-6 pm PST, Sat 6 am-2:30 pm PST). If you want to make a payment by phone, please contact customer service at 1-866-615-6319. Have your bank account and routing numbers ready in case they’re needed to process your payment. If you use the phone payment method to make your monthly loan payment it is your responsibility to make all payments on time.
  • Pay online:
    You can make any extra payments online by signing into your account and authorizing a one-time payment, which will be processed through the automated clearinghouse network. If you use the online payment method to make your monthly loan payment it is your responsibility to make all payments on time.

Do I Have To Pay Anything Out Of Pocket To Obtain A Loan?

There are no upfront fees when applying for a loan with Prosper. A one-time fee is charged if your loan is funded and money is transferred to you.

This fee is called the “Origination Fee” and is a percentage of the amount borrowed (2.4%-5%, which depends on the on Prosper Rating). It is taken from the loan right away before the loan proceeds are transferred to your account. This means that if you apply for a loan and need an amount to purchase something specific or pay off a balance on a credit card, make sure you ask for enough to cover both the expense and the fee.

Are Loans Through Prosper Fixed Rate Or Variable Rate?

The interest rates for loans through Prosper are fixed. All loans with Prosper are simple interest, fully amortized loans.

Important Information About Procedures for Opening a New Account

To aid in the government fighting the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to properly identify you. We may also ask to see your driver’s license or other identifying documents to verify your identity.

For example, a three-year $10,000 personal loan with a Prosper Rating of AA would have an interest rate of 5.31% and 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 personal loan with a Prosper Rating of A would have an interest rate of 8.39% and 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64.

 Origination fees range between 2.41%-5%. Personal loan APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information given by the applicant in the application form. Eligibility for personal loans is not promised and requires that a sufficient number of investors commit funds to your account and that you meet credit and other necessary conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, member FDIC.
Our different methods of financing treatment are made to make your experience as smooth for you as possible. When you’re ready to begin your road to recovery, Discovery NJ can help. Call us at (844) 478-6563 to learn more about the many programs we offer. You can reach out to us here.


Article Reviewed by Dr. Jeffrey Berman, MD

Dr. Jeffrey Berman, MDDr. Jeffrey Berman is a psychiatrist in Teaneck, New Jersey and is affiliated with Robert Wood Johnson University Hospital. He received his medical degree from State University of New York Upstate Medical University and has been in practice for more than 20 years. He also speaks multiple languages, including French and Hebrew.

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Need Help Now? Get it here!

Discovery Institute of New Jersey can help you or your loved one get one the road to sobriety. No matter how severe the addiction, our team works with each patient individually to get them into recovery.

Insurance may cover up to 100% of your treatment

Discovery Institute works in partnership with most of the leading insurance providers in the country. Depending on your coverage, your stay with us may be covered by your policy’s benefits. Speak to one of our admissions coordinators today to receive a free assessment of benefits.

(844) 433-1101