About Us  > Blog

Prosper Sees Spike in Borrowers Seeking to Knock Out Credit Card Debt

by Prosper on 12/8/09

Today Prosper released our November 2009 performance data. Notable in November, the average credit score of funded borrowers was 718 and 54% of loans were for debt consolidation purposes.

“This is the second month in a row where the majority of borrowers on Prosper are seeking to knock out their credit card debt at better rates and terms,” said Chris Larsen, Chief Executive Officer and Co-founder of Prosper. “Debt consolidation has always been the number one use case on Prosper with business loans being the second most popular. However, debt consolidation borrowers have historically tracked at approximately 45% of peer-to-peer loans. The fact that getting a peer-to-peer personal loan for debt consolidation has spiked for high credit score people who are consolidating credit card payments at a lower rate indicates that consumers are looking to get out from under their increasingly untenable variable credit card rates.”


  • CP

    very interesting piece of information. what could be the reason behind this spike ?

  • http://blog.prosper.com Prosper Blog

    Thank you for your comment. The spike seems to be consumers who are trying to get out from under high credit cards rates, and get a loan to pay off that debt at a better rate and at a set term of 3 years.

  • Yankeefan

    Do you have the updated December analysis yet?

  • http://blog.prosper.com Prosper Blog

    The Q4 numbers will be live on the site under “Marketplace Performance” with our next maintenance, within the next couple of days. Thank you for your patience!


posted in Borrowers,Featured,Prosper News 4 comments »

Connect with us

Search

Borrowers

Prosper Gives Back: A Social Timeline Recap

By Prosper on 04/10/14   [ 0 ]

As of yesterday, the Prosper Gives Back campaign has come to a close. After hitting our $1 billion dollar mark, we connected with the whole Prosper community, we spoke with you guys, and we celebrated our butts off! While giving out $2,000 a day was exhilarating and fun, the greatest reward to us was hearing [...]

Read More

Prosper Crosses $1 Billion in Loans Funded

By Prosper on 04/3/14   [ 0 ]

Today is a huge day for Prosper. We crossed over the $1 billion mark in peer-to-peer loans. Its been a long road since the first loan in 2006. Since then the $1 billion dollars issued through Prosper went towards helping people fix their debts, pay medical bills, chase their dreams, and much more. The greatest [...]

Read More

Prosper Gives Back: Thanks from the Prosper Team*

By Prosper on 03/26/14   [ 0 ]

Whew! What an incredible journey it has been.  This past year has been monumental for Prosper as more and more people experience how easy it is to borrow and invest with people just like you.  We’ve evolved from a small disruptive force in the lending industry into a major voice in the finance market.  We’ve [...]

Read More

« Older Entries

Monthly Archive


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.