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.”


Leave a Comment

Prosper moderates all comments and will approve those that are directly relevant to the post. We do not publish comments that are spam, are offensive or appear to pass you off as another person.

(required)
(required) Email will not be published.
 

Comment Policy

 

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word

4 Responses


CP | December 9th, 2009 at 12:51 pm

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


Prosper Blog | December 18th, 2009 at 3:34 pm

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 | January 13th, 2010 at 1:00 pm

Do you have the updated December analysis yet?


Prosper Blog | January 19th, 2010 at 2:58 pm

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 Platform Surpasses $3 Billion in Loans, Closing Out Record First Quarter

By Prosper on 03/31/15   [ 0 ]

By: Aaron Vermut Today we are very excited to announce we have officially surpassed $3 billion in personal loans issued through the Prosper platform since inception. In April 2014, we announced that we crossed the $1 billion mark. It took us eight years to reach that milestone and it was huge achievement for our company. [...]

Read More

Karate Academy Improves Student Training with New Equipment

By Prosper on 03/4/15   [ 0 ]

Posted by Bill Walker Note: This post is based on a video submitted to our $2 Billion Strong Contest. To see more videos, visit our Facebook page. Kevin Johannes, a seventh degree black belt and owner of TASK Karate Academy, borrows through Prosper Loans because it offers him the best interest rates. But, that’s not [...]

Read More

Prosper Marketplace Partnership with Western Independent Bankers Expands Credit Opportunities for Small Banks and Their Customers

By Prosper on 02/26/15   [ 1 ]

We’re excited to announce today a partnership with Western Independent Bankers — a consortium of small community banks — that will give more banks the opportunity to offer credit to their customers, and more consumers access to affordable loans. Banks are under increasing pressure to deliver attractive interest rates for all consumers, and smaller banks [...]

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.