As one of the largest online marketplaces for consumer credit, Prosper regularly calibrates its credit and pricing models in order to maintain a balanced and sustainable marketplace that is equally appealing to both borrowers and investors. Today, we are providing an update on the credit and pricing changes on Prosper’s platform in 2018. These changes are […]
Today we are sharing performance data from the Prosper Portfolio for August 2018. Highlights from the August report include: In August, 63% of originations were rated AA-B as Prosper continues to reduce the risk profile of originations on its platform. Dollar Weighted Average (WA) FICO for August was 717, an increase of 2 points since […]
This week, Prosper crossed an important milestone on our journey to helping people achieve financial well-being: Over 1 million loans have been originated through the Prosper platform, totaling about $13 billion.
In March, we discussed Prosper’s approach to portfolio pricing in a rising interest rate environment. Prosper is committed to delivering value for both sides of the platform by providing a fair price for borrowers and a reasonable return for investors. With this objective in mind, we have been increasing the borrower rates on our platform since March to stay in-line with changes in the interest rate environment (Exhibit A).
Today we’re pleased to announce that Prosper now offers qualified borrowers access to loans up to $40,000. At Prosper, our mission is to help people advance their financial wellbeing. Personal loans offer people a smart alternative to high-rate credit cards for things like debt consolidation and costly home improvement projects. Now, with this new higher loan amount, we are excited to give people even more purchasing power with Prosper’s fixed-rate, fixed term loan product.
Earlier this week in anticipation of the Fed Rate hike, we discussed Prosper’s approach to portfolio pricing in a rising rate environment. Our goal with rate-setting is to deliver value for both sides of the Prosper platform by providing a fair price for borrowers and a reasonable return for investors.