Welcome to the new Prosper Loans Marketplace — America's only true peer-to-peer lending company.
We've been busy ensuring you receive the world's most transparent and durable market for personal loans. From offering competitive rates of return that may be better than the S&P and the stock market for lenders, to great rates over expensive credit cards for borrowers, we're here for you.
As part of our relaunch, we're pleased to announce that Prosper now offers even more opportunities for California Lenders to invest and see healthy returns.
Those of you who are returning lenders will be familiar with our bidding system on Direct P2P loans:
Borrowers can request up to $25,000 for a three-year fixed rate loan. We provide you with their financial history, and their stated reason for the requested loan. You can search listings by either credit score or specific keywords. You then bid on listings of your choice—offering a great rate for both you and borrowers.
Portfolio plans are also available.
Now here's our exciting new way for you to bid:
In addition to our individual borrowers' listings, we now offer Open Market listings. Open Market listings describe existing loans made by lending companies offered for sale on Prosper, so you can now bid on existing loans (e.g., a car loan). Prosper's Open Market provides individuals and institutional lenders with an opportunity to invest in rebuilding the US economy based on any number of social and financial objectives.
These loans may be secured or unsecured; include existing consumer loans or retail installment sale contracts, and may be in amounts that are greater than our Direct P2P loans. And as with our individual borrowers, we provide you with extensive background information on each listing to help you decide which ones are best for you.
Because Prosper loans have a one-to-one relationship between the investment and the underlying asset, they're inherently transparent and less complex than traditional debt securitization and other traditional bank lending methods.
No matter which listings you choose to bid upon—or whether you're a lender or borrower—you remain in control of your bid at all times. And as a borrower, it's always your choice whether to accept the final rate or pass on it. All our loans are now 14 days in duration.
Find out more information on our Open Market.
As of April 28, 2009, all bidding will be on yield. Bid yield is the rate that investors bid down as the auction progresses. Prior to October 16, 2008 Prosper listings showed a bid rate instead of a bid yield. For direct peer-to-peer loans, the difference between the two is that the bid rate is the interest rate paid by the borrower before lender servicing fees are taken into account. The bid yield is the rate after lender servicing fees have been subtracted. For open market loans, the yield also reflects any premium or discount.
The Trading Platform is coming soon!
With Prosper's new Trading Platform, you will be able to put your Notes up for sale for quick and easy trades. You will be able to browse and purchase Notes there, too.
The Trading Platform will give Prosper lenders the ability to sell a Note if they need access to the funds before the full loan is paid off. It will also give Prosper lenders more investing options by giving them an opportunity to bid on loans they missed out on when the loans were first listed, or to invest in loans with durations that meet their specific investing objectives.
The Trading Platform is not available at this time, as it is subject to regulatory approval. Check back soon for updates on availability.
To further aid lenders, all of our borrowers must now meet a minimum credit score of 640 to place a listing on Prosper. This adds an additional layer of safety and vigilance to the marketplace. Listings with credit scores below 640 are now limited to those professionally underwritten by financial institutions participating in Prosper's Open Market initiative.
Prosper's Improved Risk Rating SystemProsper has also improved its credit grading system with the introduction of a new proprietary credit grading system called Prosper Ratings. Prosper Ratings are based on historical loan performance data and are designed to better convey risk. While the estimated loss rate and estimated returns have been shown at the point of bidding since October 2007, the Prosper Rating letter grade will now be shown in the listing along with a narrower credit score range and other extended credit data. Credit scores shown will be in 20 point ranges (previously 40) and will be consistent across all listings. |
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As we've seen, the old ways of investing and banking are broken. Prosper offers you a different—and better— way to get competitive rates. We provide a financially and socially rewarding way to invest in our nation with unparalleled:
We're firmly committed to the idea of Americans helping Americans and driving our country's economy. Why not join us and become a financial hero today?
Prosper is America’s leading online destination for borrowing money and investing in loans. Prosper’s lenders can get fair returns by bidding on borrowers’ loans, and borrowers great rates as a result of the competitive bidding. And that means everybody does better. Together.
Prosper lenders bid on listings and purchase Prosper Notes. Each Note corresponds to a listing which sets forth the relevant details about the loan, including loan amount, price, yield percentage, and borrower information. Any payment from a Prosper Note is dependent on payments Prosper receives on the corresponding loan.
The Notes are risk bearing and speculative investments for suitable lenders only. If a borrower fails to make payments on the corresponding borrower loan related to your Note, you will not receive payments on your Note. There is the potential that you will not receive any payments on a Note. You should review the Prospectus before bidding on loans.
We have found the best ideas for enhancing our site come from our members. If you want to pass on feedback about these changes, or have ideas for future enhancements, please contact customer support. We appreciate and value your active participation in our community!
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