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Hair Salon Owner Takes Her Business on the Road

Posted by Sarah Cain

When blow dry bars started popping up across the country recently, Jennifer Johnson saw a new opportunity and a way to refresh her 17-year hairdressing career. She decided to add a mobile service to her current salon, Pro Do Blow Dry Bar, based in Salt Lake City, Utah. Mobile blow dry bars bring the hair salon experience to customers and are particularly popular for events such as birthday parties and weddings. “I knew with everybody craving convenience these days it would take blow dry bars to the next level,” Jennifer says.

Jennifer wanted to take her business on the road, but was just shy of the capital she needed for this business expansion. She visited her local bank and presented a “bulletproof” application and business plan as part of her loan request, but was rejected, much to her surprise. She didn’t give up, though. She explored other financing options and came across Prosper. She applied for a loan online through Prosper to launch her mobile business, was quickly approved and had her money in a few days.

With the loan, Jennifer bought a 40-foot bus, which she named “Audrey,” and renovated it. She decked it out into a salon on wheels with three stations for hair, complete with mirrors and shampoo sinks, a makeup station, posh wallpaper and lighting. Then she took Audrey on the road. She and her team traveled 1,638 miles from Salt Lake City, Utah, to Nashville, Tennessee, and back, providing everyone from students and stay-at-home moms to busy executives with mobile blowouts, hairstyling and makeup along the way. Jennifer is thankful she was able to expand her business to be mobile with the help of marketplace lending.

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


                                

by on 06/30/15 | No Comments

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Lenders...

Prosper Reports Record First Quarter

Prosper Marketplace just closed out our first quarter and we’re very pleased to report that it was our strongest yet. In the first quarter of 2015, Prosper facilitated a record $595 million in loans through the platform, up 200% from the first quarter a year ago. We attribute this to the increasing awareness of Prosper combined with the rapid growth across the entire consumer marketplace lending industry. On the borrower side, we continue to see more people turn to us for access to three types of personal loans (debt consolidation, large purchases and business loans based on personal credit). They are attracted by the competitive rates and convenience over traditional lending. We also continue to speak with a variety of investors who want access to this asset class.

As we plan for more growth this year and beyond, our focus remains on building a business for the long term. This means focusing on quality underwriting, people and a scalable technology infrastructure. I often say that underwriting is the most important thing we do here at Prosper, and that continues to be true. Our investors have come to rely on the quality and predictability of our platform. We’re also actively working on building out our verification and customer service teams (among other parts of the business) so that we can deliver the best customer service experience in the industry.

On the borrower side, more and more Americans are turning to marketplace lending to finance their home improvement projects, elective medical procedures, special occasions (such as weddings and vacations), and to start small businesses. People are taking out personal loans not just to get their finances in order, but to make their lives happier and less stressful. One example is Cheri of Grand Rapids, Michigan. She’s a single mom who adopted two children from Haiti. After an expensive four-year adoption process, she struggled financially. With a loan through Prosper, Cheri was able to get back on track.

To help reach new types of borrowers, Prosper Marketplace announced that it acquired American Healthcare Lending in February, now Prosper Healthcare Lending. This incredible group of people, who are now Prosper Marketplace  employees, are bringing awareness of marketplace lending as a consumer-friendly financing option for medical procedures. Prosper Marketplace also partnered with a consortium of community banks through Western Independent Bankers to enable them to offer customers access to affordable consumer loans.

We are continuing to build the Prosper team and are always looking for great people. We currently have more than 30 job openings listed on our site, so if you are interested in being a part of what we are building, apply or tell a friend. We have almost 400 employees between San Francisco, Phoenix and Salt Lake City, and will continue to grow well beyond that.

We’re grateful to our loyal borrower members, investors and partners and look forward working with all of you in the future.

Aaron Vermut
CEO, Prosper Marketplace

by on 05/21/15   [ 1 ]

Improving the Investor Experience at Prosper

By Eric Thaller, VP, Investor Services

One of Prosper’s key priorities for 2015 is improving the experience for our retail investors. This group of investors has always been an important part of Prosper’s DNA, and we are committed to making changes this year that improve the products they use. This includes increasing the number of fractional loans in the pool, which is at a record number today.

The goal is to put the information investors need at their fingertips so they can easily understand the status of their Notes and more detailed information about how their portfolios are performing. Over the next several months we will be introducing a series of enhancements that focus on data analytics, account management and other investing tools.

Our first step this week was an update to the My Quick Invest Order history and Order Detail screens to improve the experience for the retail investor. The redesigned pages now give better visibility into pending orders and make it easier for investors to access and download data.

We are committed to making additional improvements for our retail investors this year. Stay tuned for more updates, and we look forward to your continued feedback and ideas.

by on 04/3/15   [ 5 ]

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Borrowers...

Getting Back on Track Financially After the “American Dream Gone Wrong”

Posted by Bill Walker

When Sarah Thomas, a single mother, wanted to provide her young son with a better life, she decided to pursue a Master’s in nursing. She had high hopes for their future, but she found herself instead in the American Dream gone wrong. “I pursued an education and ended up with a ton of financial debt,” says Sarah.

That’s when Sarah turned to the Prosper community to help her manage the financial burden. With a loan through Prosper, Sarah was able to consolidate her high-interest debt and take control of her finances. According to Sarah, taking out a loan through Prosper was “the easiest most streamlined process I have ever had.” Now, instead of focusing on paying off debt, Sarah is enjoying a successful career as a nurse practitioner, having graduated with Associate’s, Bachelor’s and Master’s degrees in nursing.

Sarah also found personal happiness through her new career. She met her husband at the hospital where she works and he adopted her now 11-year-old son. Now, Sarah and her husband are thinking about the next big steps in their lives. They want to buy a new home, expand their family and enjoy life. While they are still dealing with a financial burden, according to Sarah, a loan through Prosper gives them an “attainable way to pay off debt” so they can focus on pursing new dreams and goals.

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

by on 05/27/15   [ 0 ]

Prosper Reports Record First Quarter

Prosper Marketplace just closed out our first quarter and we’re very pleased to report that it was our strongest yet. In the first quarter of 2015, Prosper facilitated a record $595 million in loans through the platform, up 200% from the first quarter a year ago. We attribute this to the increasing awareness of Prosper combined with the rapid growth across the entire consumer marketplace lending industry. On the borrower side, we continue to see more people turn to us for access to three types of personal loans (debt consolidation, large purchases and business loans based on personal credit). They are attracted by the competitive rates and convenience over traditional lending. We also continue to speak with a variety of investors who want access to this asset class.

As we plan for more growth this year and beyond, our focus remains on building a business for the long term. This means focusing on quality underwriting, people and a scalable technology infrastructure. I often say that underwriting is the most important thing we do here at Prosper, and that continues to be true. Our investors have come to rely on the quality and predictability of our platform. We’re also actively working on building out our verification and customer service teams (among other parts of the business) so that we can deliver the best customer service experience in the industry.

On the borrower side, more and more Americans are turning to marketplace lending to finance their home improvement projects, elective medical procedures, special occasions (such as weddings and vacations), and to start small businesses. People are taking out personal loans not just to get their finances in order, but to make their lives happier and less stressful. One example is Cheri of Grand Rapids, Michigan. She’s a single mom who adopted two children from Haiti. After an expensive four-year adoption process, she struggled financially. With a loan through Prosper, Cheri was able to get back on track.

To help reach new types of borrowers, Prosper Marketplace announced that it acquired American Healthcare Lending in February, now Prosper Healthcare Lending. This incredible group of people, who are now Prosper Marketplace  employees, are bringing awareness of marketplace lending as a consumer-friendly financing option for medical procedures. Prosper Marketplace also partnered with a consortium of community banks through Western Independent Bankers to enable them to offer customers access to affordable consumer loans.

We are continuing to build the Prosper team and are always looking for great people. We currently have more than 30 job openings listed on our site, so if you are interested in being a part of what we are building, apply or tell a friend. We have almost 400 employees between San Francisco, Phoenix and Salt Lake City, and will continue to grow well beyond that.

We’re grateful to our loyal borrower members, investors and partners and look forward working with all of you in the future.

Aaron Vermut
CEO, Prosper Marketplace

by on 05/21/15   [ 1 ]

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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.