Prosper welcomes quality borrowers to the first auction based peer-to-peer lending platform to be approved by the SEC. This is a significant regulatory breakthrough for the peer-to-peer lending industry and borrowers looking to get a personal loan. We’ve been busy – expanding upon our founding principles of openness, sustainability, vigilance and transparency.
Here’s what we’ve implemented to help:
New Risk Rating System – Borrowers will now be assigned a Prosper Rating for each listing, based on the estimated loss rate. The Prosper Rating is a letter that indicates the level of risk for your listing and corresponds to an estimated loss rate range. These ratings are based on historical loan performance data and are designed to better convey risk to our lenders.
New Minimum Credit Score – Please be aware that our new minimum credit score for new borrowers listing a loan on Prosper is now 640.
New Images – Along with providing a durable marketplace, we also want to make the entire loan process as easy as possible. You can upload your own photo. Or if you don’t have a suitable photo, Prosper will assign an image for you.
Help Spread the Word on Prosper
As the past few months have shown us, the old ways of opaqueness and backroom deals that favor the few over the many won’t cut it anymore. The old school financial foxes know this. They hear the calls of public discontent. Now it’s time to show them the door.
If you, or someone you know, is at the mercy of high loan rates, we’re here to help.
At Prosper, we see the strength in Americans helping Americans; it happens on our marketplace every day. As a nation, we possess both the initiative and ingenuity to succeed. In times of past darkness, our country has pooled its collective spirit to rise above any problem.
Together – we can do it again.