About Us  > Blog
Featured

Saying Aloha to a Debt Free Life in Maui

By Bill Walker

When most people think of Hawaii, they picture pristine beaches, surfing in warm waters and enjoying tropical drinks. That’s the life Barbara Vance imagined when she moved from the mainland to Makawao, a rural area in the eastern part of Maui. But she quickly realized the high cost of island living was too much for her to handle on her own.

“I was at my breaking point spending every penny I was making, paying bills and coming up short pretty much each month,” says Barbara. “[I had] to use a credit card for food and it just wasn’t working out. I was considering moving back to the mainland to a less expensive place.”

Then she opened a marketing letter from Prosper about personal loans and realized marketplace lending could be the solution she needed. She filled out the application quickly and easily and was approved for a loan right away.

The average American household carries $15,863 of total credit card debt, yet only about half of credit card holders pay their balance in full, according to a recent survey commissioned by Prosper Marketplace. Like many Americans, Barbara was struggling to pay off her credit card debt, but since receiving a loan through Prosper, she has paid off most of it. Barbara is thankful to the Prosper community because now she is able to worry less about her financial situation and simply enjoy living in Maui.

Note: This post is based on a video submitted to our $2 Billion Strong Contest. To see more videos, visit our Facebook page.

All loans are personal loans made by FDIC-member banks. Equal Housing Lending. Marketing materials are sent on behalf of WebBank.

by on 09/3/15 | No Comments

Older Entries >

Lenders...

Prosper Introduces Sixth-Generation Credit Model

By Eric Thaller

We are very pleased to announce that starting Thursday evening, August 13th, Prosper will begin using an updated credit model, PMI 6.  We have many goals at Prosper, but first and foremost, we are focused on ensuring that the pricing, credit, risk and underwriting model we use is constantly improving. This benefits all of our customers – retail investors, institutional investors and our borrower members.

Advances in the credit model – from the early days, to PMI 4 in 2013, PMI 5 in 2014 and now PMI 6 – have enabled us to provide access to more loans to credit-worthy people for a variety of purposes, including consolidating high-interest debt. Since inception, more than $4 billion in loans have originated through the Prosper platform, and the company continues to grow as more people turn to Prosper for an easier and smarter way to borrow money.

The launch of PMI 6 underscores our commitment to ongoing improvement, and will enable us to continue our growth while maintaining loan quality.

Investors that have questions about PMI 6 can email the Prosper Investor Services team at investorteam@prosper.com.

by on 08/12/15   [ 1 ]

Prosper Increases Allocation to Fractional Pool

Posted by Eric Thaller

To improve the investing experience for Prosper’s community, Prosper recently made a change to its platform. Prosper started increasing the allocation of loans to the fractional pool over the last week, so that retail investors can invest more in the fractional pool faster and easier.

Prosper’s CEO, Aaron Vermut, alluded to this change earlier this year, and Prosper is pleased to say that by the end of 2015 the retail investor experience should improve even further. Prosper’s goal is to ultimately have an equal allocation of loans between the fractional and whole loan pool. Prosper plans to continue increasing the allocation of loans to the fractional pool in the future, assuming there continues to be demand from retail investors for investing in the categories of loans available on Prosper’s platform.

Prosper is excited to roll out this change to its community, and Prosper is confident it will further build upon the investing experience with Prosper.

by on 07/30/15   [ 1 ]

Older Entries >

Borrowers...

Tennessee Daughter Turns Garage into Home for Her Aging Mother

By Sarah Cain

As the population ages, there are more people in nursing homes and more adult children caring for elderly parents too. Turning a home into a safe place for the elderly isn’t easy, and families often need to revamp their homes to accommodate adding more people to the same space. That’s what Kelli MacDonald-Risner of Maryville, Tennessee, dealt with after her mother was diagnosed with early-stage Alzheimer’s.

Kelli’s mother raised her and her sister all on her own and worked full time, but was still able to take her daughters on vacations to SeaWorld and other places. A few years ago, Kelli noticed changes in her mom’s behavior and doctors ordered tests to find out the cause — Alzheimer’s. Kelli decided that if her mother couldn’t live on her own then she belonged with her family, so she began making arrangements to move her into her suburban home near the Great Smoky Mountains National Park.

With four children of her own, Kelli and her husband already had a full house. With all bedrooms occupied, the only space that could accommodate her mother was the garage. Kelli decided to remodel it into a small “in-law” apartment, but in order to do that, she needed a loan.

Initially, Kelli’s bank approved the loan application but requested additional information. Then the bank rescinded its offer of credit, saying the loan was a “bad investment.” Kelli was even more determined to get the money so she could help her mother.

Kelli and her husband didn’t know where they were going to find the money for the remodel, but then they saw an advertisement for loans through Prosper on CreditKarma.com. They researched Prosper online and initially thought “it sounded a little too good to be true,” Kelli admits. But they went ahead and applied for a loan.

The application process was quick and easy, and within a week they had their loan. They immediately started the remodeling and in a relatively short time they had turned their old garage into a spacious apartment with a living room, kitchen, dining area, bedroom and bathroom. Kelli’s mom would retain her independence but have the security and peace of mind knowing that her daughter’s family was just steps away.

Kelli is thankful to Prosper and its community for enabling her to care for her mother at her home and to keep her family together.

Note: This post is based on a video submitted to our $2 Billion Strong Contest. To see more videos, visit our Facebook page.

All loans through Prosper are made by WebBank, a Utah-chartered industrial bank, member FDIC.

by on 08/31/15   [ 0 ]

Helping People Celebrate Life’s Milestones

By Sarah Cain

When Prosper customer Madeline Lauro wanted to provide her daughter with her dream wedding, she was stuck. She didn’t have the money upfront to pay for the wedding cake, photography, DJ and other wedding expenses. Rather than putting a large purchase on her credit card, Madeline decided to use Prosper to apply for a loan. She was approved, and had her funds within a week.

Celebrating a major milestone like an engagement, wedding, birthday or anniversary can be both exciting and stressful when it comes to the cost. Increasingly, people are realizing that rather than borrow money through high-rate credit cards, there are options to take out loans at more competitive rates through peer-to-peer lending or what is now commonly called “marketplace lending.”

At Prosper, our mission is to advance people’s financial well being. We are inspired by customer stories like Madeline’s, where Prosper was able to provide access to a customer-friendly, affordable option. The process is easy, and borrowers typically receive loans within four to five days, instead of the typical 10 days it takes to get a traditional bank loan. Loans are also fixed rate, fixed term and there is no pre-payment penalty. To get started, visit www.prosper.com.

All loans made by WebBank, a Utah-chartered industrial Bank, member FDIC.

by on 08/26/15   [ 0 ]

Connect with us

Get Involved

Borrowers
Learn about personal loans and how to borrow money on Prosper.

Lenders
Learn how to invest or more about online investing .

Search

Monthly Archive

In the News


Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.