September 24, 2008

• Severely delinquent loans now charged-off: Loans which are severely delinquent (more than 4 months past due) will now be called "Charge-off".
• Fees and charges: Borrower closing fees for AA credit grade borrowers change to 2%, and the minimum fee for all borrowers changes to $75.

August 14, 2008

• Easy invitations for bids from friends: New lenders who are invited by borrowers to bid on their listing will be able to fund their first bid using PayPal or a credit card.
• Instant transfer changes: Lenders with at least one active loan will be able to transfer as little as $500 ($50 with the Facebook app installed) and as much as $20,000 instantly.
• Performance page changes: The marketplace performance page has been updated, renaming "Defaults" to "Charge-offs", and moving the "4+ months late" loans into the "Charge-offs" category. Learn more.

June 24, 2008

• Portfolio plans: Lenders can now adjust the average bid rate on portfolio plans without editing each slice individually.
• Bankruptcy data for lenders: Lenders will now see the chapter and filing date of bankruptcy filings by borrowers whose loans they own. Learn more.
• Borrowers sign promissory notes: Borrowers will now be required to electronically sign the promissory notes evidencing their loan before the loan will be funded.
• Self-employed DTI changes: Self-employed borrowers will now have their debt to income ratio (DTI) displayed as "Not calculated".
• Stated income display changes: The stated income range of every borrower will always be displayed from now on, including self-employed borrowers and wage earners who indicate that they cannot document their income.

May 19, 2008

• Institutional lenders: We welcome institutions who wish to become lenders on Prosper. Learn more.

April 15, 2008

• Interest rate cap: Prosper's maximum borrower interest rate has been raised to 36% in almost every state. Learn more.
• Instant transfer threshold lowered: The minimum transfer amount for instant transfers has been lowered to $50 for members who have installed Prosper's Facebook application.
• Second loans: The requirements for borrowers taking a second loan on Prosper have been changed based on the credit grade of the borrower.
• Fees and charges: Lender annual servicing fees for AA credit grade borrowers change to 1%, matching the servicing fee for all credit grades.
• Listing duration: Changed listing duration to 7 days for all listings.

February 23, 2008

• Portfolio plans: Lenders can now create their own portfolio plans, share them on their member page, and copy others' plans to automate their bidding.
• Search improvements: Lenders will now be able to search for listings using social lending criteria, like bids from friends, endorsements, and verified friends.
• API bidding: API users can now place bids via the API. Learn more.
• Second loans: The requirements for borrowers taking a second loan on Prosper has been increased from at least 2 months of recent on-time payment activity to at least 6 months of on-time payments.
• Bid source for lenders: When searching loans that they own, lenders will now see a "Bid source" column, indicating whether the bid (or bids) that generated a loan came from a manual bid or portfolio plan. Go there now.

January 4, 2008

• Fees: Borrower origination fees change to 1% for AA, 2% for A-B, and 3% for C-HR.

December 19, 2007

• Lender overview: The lender overview page now includes a daily interest accrual figure, which shows lenders how much in interest their loans are accruing on a daily basis. Go there now.
• Referral program: The referral award for new borrowers changes to a flat $35 award. Refer your friends now.

December 5, 2007

• Loan categories: Borrowers who create listings will now choose a loan category, such as Personal, Business, or Auto. Lenders can search and bid by loan category as well.
• New Prosper blog: Prosper has a new blog. Read it now.
• New discussion forum: The Prosper discussion forums are now tied to the main Prosper web site. Go there now.
• API data export daily diffs: API users can now download changes to the data export in daily difference files. Learn more.

October 30, 2007

• Improved bidding guidance: When a lender places a manual bid, Prosper will subtract estimated losses and fees from the lender's bid rate to give a better idea of the estimated return for this loan and others of its kind.
• Portfolio Plans: Portfolio plans are bundles of targeted standing orders that place bids on listings with an expected level of risk and a predictable return. Choose from up to four portfolio plans.
• Second loans: Now borrowers can have up to two active loans at the same time. Borrowers whose first loan is active and current for at least 6 months may post a listing for a second loan.
• Fees: Lender annual servicing fees for AA credit grade borrowers change to 0%, and servicing fees for A credit grade borrowers change to 1%.
• Interest rate cap: Prosper's maximum borrower interest rate changes from 30% to 36%, subject to state laws in the borrower's state of residence. Learn more.
• Prosper Facebook application: Prosper members who use Facebook can now share their Prosper listings, bids, and watched listings with their friends on Facebook.
• Collection agency performance metrics: Collection agency performance metrics now break out agency performance by credit grade. See collection agency performance metrics.
• Authenticated API: API users can now sign in via the API, and access listing extended credit data via web services. Learn more.

September 12, 2007

• Instant transfers: Lenders who transfer more than $500 and less than 20% of their active loan value will have funds transfers credited to their account instantly, without the usual 4-day wait.
• Group changes: Group leader rewards and group categories have been discontinued.

August 16, 2007

• Prosper loan history: Borrowers taking a second Prosper loan will now have their Prosper payment activity recorded on the listing page and on their member page.
• Borrowers can make payments with Prosper account: Borrowers can now make payments on their Prosper loans using funds from their Prosper cash balance, if they have at least $25 available.
• Borrower activity reported to TransUnion: Borrower payment activity is now reported to TransUnion, one of three major U.S. credit reporting agencies. In addition, all historical Prosper loan activity to date, including payments, delinquencies, and defaults on active and ended loans will also be reported to TransUnion.
• Loans tied to listings: Borrowers' loans are now tied to their listings, both on the borrower's member page and in the API.
• Search help pages: Now you can search the Prosper help pages using keywords. Search help now.

July 1, 2007

• Credit pull frequency update: If you are a borrower on Prosper, we have changed the frequency at which we will pull new credit details from every 20 days to every 30 days.
• Improved performance page: The marketplace performance page has been updated to show suggested loan criteria, and the "Estimated Return" table has been moved to the top of the page for better visibility. Learn more about the marketplace performance page.
• New landing pages for groups: Groups now have dedicated landing + registration pages that they can direct new members to visit. Click "Join this group" from any group page to see the new landing page.
• Fully searchable API: The Prosper API has now been enhanced to add visibility and searchability of the five primary objects: Listing, Bid, Loan, Member, and Group. Learn more about Prosper developer tools.
• New webinar schedule: The schedule for Prosper-hosted webinars for borrowers, lenders, and group leaders has been posted at Help > Webinars". Participate in a webinar to learn more about borrowing, lending, and group leading.

June 6, 2007

• Referral program: Earn money by referring new borrowers and lenders to Prosper. Refer your friends now.
• Borrower listing changes: Borrowers can now save a draft of a listing, preview their listing before confirming, and use past listings as a template.
• New "4+ months late" loan status: Loans which are more than 4 months late and eligible for debt sale will now be designated in a new loan status bucket called "4+ months late".
• Browser search tool: If you use a browser that supports OpenSearch (like Internet Explorer and Firefox), you can install a browser-based listing search from any page on the Prosper site.
• Screen name history: View the history of any member's screen names. Click the "Screen name history" link on any member page.

May 2, 2007

• Watch list: Lenders can create and share a list of watched listings.
• Privacy changes: Questions and answers on listing pages are now only visible to registered lenders. Additionally, borrowers' cities will not be displayed on listing pages, only states of residence.
• Borrower loan history: Borrowers with previous loans on Prosper will have their past loan activity highlighted on their listings.
• Email and lender statements auto-deleted: On-site messages automatically deleted after 90 days, and lender monthly statements from previous calendar years will be deleted in the new year.

April 2, 2007

• New design: The Prosper site gets a much-needed makeover.
• Real-time API: Prosper releases the first real-time API for developers writing applications that use Prosper data. Learn more about the Prosper API.
• Scheduled funds transfers: Now lenders can set up weekly and monthly funds transfers to and from their Prosper account.
• Transfers and payments clear at 9:30 AM: All payments and transfers will be credited to lenders' accounts at 9:30 AM instead of 2:30 PM.

February 12, 2007

• Credit grades: AA-D credit grades remain the same. E and HR credit grades have changed: E is now 560-599, and HR is now 520-559. NC (No credit) and credit scores lower than 520 are no longer able to create listings.
• Fees: Borrower loan closing fees for AA-D credit grades remain the same. E and HR credit grade borrowers loan closing fees change to 2% (may vary by state). Lender annual servicing fees for AA-A credit grades remain at 0.5%, and B-HR credit grades change to 1%. Failed payment fees change from three possible $5 fees to one $15 fee per month (may vary by state). Learn more about interest rate limits.
• Friends and endorsements: Borrowers can invite friends to Prosper and have them write an endorsement for their listing.
• Credit and employment data: More credit report data and employment details have been added to borrower listings.
• Questions & answers: Lenders can now ask questions, and borrowers can answer them. Borrowers also have the option to post the question and answer on the listing page.
• Bid history: Icons have been added to bid history indicating that a borrower's group leader, members, or friends are bidding on the listing.
• Marketplace performance: An "Estimated Performance" table has been added to the end of the performance page to provide average annual return data to lenders.

December 20, 2006

• Debt sale: Prosper completed our first debt sale of delinquent loans, and proceeds from the sale will start appearing in lenders' accounts shortly.
• Year-end lender statements: Lenders will start receiving year-end statements during the first week of the new year.
• Social bookmarking: Social bookmarking links (Digg, Del.icio.us, etc.) were added to listing pages. Learn more about understanding listings.
• Email preferences: A message preference was added that allows group members to opt-out of group-wide messages sent by the group leader. Learn more about account preferences.

November 28, 2006

• Tell a friend: Links to "Share Prosper", "Share this listing", and "Share this group" with a friend were added all over the site.
• API tools: The first tools available are a daily download of all public site data in XML and XLS (MS Excel) data formats, along with a few tools to help you jam that data into the database of your choosing. Learn more about Prosper API tools.

October 19, 2006

• Group ratings: Group ratings will help lenders and borrowers quickly understand how well groups perform against expected (Experian historical) default rates. Groups have to have at least 15 loan cycles billed before they are rated (otherwise they are "Not yet rated"), and can earn a rating of 1 through 5 stars.
• Your bids: Updated the bids on "My Account > Lending" to include bids which are pending review.

September 7, 2006

• Schedule a loan payment in advance: Borrowers (whether they are late or not), can now schedule a loan payment for a day other than today (up to a month in advance).
• More payment options for late borrowers: Previously, late borrowers could only pay the late amount due. Now, they can pay 1) the late amount due, 2) the late amount + fees due, 3) any amount (more or less than the amount due), or 4) the full amount due on the loan.
• Group member management: Group leaders can now view more detail on group members and add an endorsement at any time.
• Links in listings and group pages: If you're a borrower or a group leader, you can now add a link in-line with your listing or group description.

August 10, 2006

• Loan performance data: On the "Bid on Loans > Performance" page, you will be able to see full performance and delinquency metrics for all loans made on Prosper. Learn more about the marketplace performance page.
• Listing review for group leaders: Group leaders will be able to require review of their borrowers' listings, allowing them to control more specifically what kind of listings are created in their group.
• Community payments: Any member registered as a lender will now be able to make a partial or full loan payment for borrowers who are 1 month late or more on their payment. This allows group leaders, members, or just general lenders to make a difference in the reputation of a group or borrower that they care about.
• New graph for lenders: On the lender's account overview, a new graph displays how the lender's portfolio is distributed over site credit grades.
• Blocked groups and borrowers list: Lenders who don't want their standing orders to bid on specific borrowers (by screen name) or the members of specific groups, can add those members and groups to their block list. Learn more about account preferences.

July 19, 2006

• Interest rate cap: Prosper's maximum borrower interest rate changes from 29% to 30%.
• Email preferences: Now you can choose which Prosper email you actually want to receive in your email inbox and your Prosper "Messages" box. You can even choose to only receive messages from members with a role (borrower, lender, GL), or only members of a specific role. Learn more about account preferences.
• Funding forecast: The new funding forecast graph (found on every listing page) will let you know the likelihood that a loan will be fully funded. It's a simple linear extrapolation of existing bids over time, and should help lenders estimate funding and decide whether or not to participate earlier in the bidding process.
• Better interest rate guidance for borrowers: Borrowers will now be given minimum, maximum, and average interest rates for borrowers like themselves when they create their listing.
• Reporting to Experian: Borrowers who track their credit closely may have noted that Prosper doesn't yet show up on their credit report as a tradeline. Starting in the next week or so, we will start reporting all loan repayments (and lack thereof) to Experian.
• Late fee and electronic funds transfer discount changes: We have changed the fee for late payments generally from "the lesser of 5% or $15" to "the greater of 5% or $15" of the unpaid installment amount, contingent on state-by-state regulations. Additionally, the electronic funds transfer discount for borrowers has been raised from 0.25% to 1.00%.

June 22, 2006

• Standing orders: Rather than setting money for standing orders aside in an escrow-like account, standing orders will now draw from your bidding account as funds are available.

May 22, 2006

• Interest rate cap: Prosper's maximum borrower interest rate changes from 24% to 29%.
• Advanced search: Lenders will be able to search using more specific criteria including specific credit grades, minimum rates by credit grade, loan amount, previous bids, and additional credit data.
• Saved searches: Lenders will be able to set up an advanced search and save it for future use.
• Instant account verification: Lenders will be able to verify their bank account immediately (rather than waiting for two deposits from Prosper) and initiate a transfer the same day they register as a lender.

April 18, 2006

• Improved borrower credit and listing data: Along with the credit grade and debt to income ratio being displayed with listings, we will allow lenders to see greater detail into the borrower's credit background, whether or not the borrower owns a home, and whether or not the borrower has a verified bank account with Prosper. Learn more about credit and employment data.
• Lender statements: Lender statements are introduced.

March 30, 2006

• Interest rate cap: Prosper's maximum borrower interest rate changes from 36% to 24%.
• Listing duration: Changed maximum listing duration from 14 days to 10 days.
• Group loan payment statuses: Now you can look at a group's page and see the payment status of each of its members' loans.

March 20, 2006

• Interest rate cap: Prosper's maximum borrower interest rate is introduced at 36%.
• Borrower listing history: If you go to the member page of any borrower, you can now see each listing that that borrower has created, along with the outcome (Funded, Withdrawn, Expired).
• Outbid email: Lenders will receive email notification when they are outbid or partially outbid. Learn more about account preferences.

February 13, 2006

• Prosper launches: The Prosper web site launches to the public.