October 20, 2010

Prosper Unveils 1-Year and 5-Year Peer-to-Peer Loans

By Prosper

Today we are excited to announce the launch of our new expanded product offering including 1-year and 5-year term loans. Our offering of one, three and five year loan terms is now the broadest available in the industry. Read the full press release here.

“The combination our expanded product offering and one-of-a-kind auction based Note Trading Platform, provides Prosper investors with greater diversification opportunities and the broadest selection of investing options available in the peer-to-peer lending industry,” said Chris Larsen, CEO and co-founder of Prosper. “For qualified borrowers, more loan term products provide greater payment and time horizon flexibility.”

Larsen continued, “For debt consolidation borrowers in particular, a 5-year loan term eases their monthly payment burden while at the same time putting them on a clear path to knock out their high interest credit card debt. Young professionals, new homeowners, and small business owners are a perfect fit for a one-year loan, serving as a way to cover security deposits, big ticket item purchases, and unexpected inventory demand requirements. And as always, there are no pre-payment penalties for those who pay off their Prosper loans early.”

Prosper Statistics for September 2010 also available on the full Press Release.