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Prosper Unveils 1-Year and 5-Year Peer-to-Peer Loans

by Prosper on 10/20/10

Today we are excited to announce the launch of our new expanded product offering including 1-year and 5-year term loans. Our offering of one, three and five year loan terms is now the broadest available in the industry. Read the full press release here.

“The combination our expanded product offering and one-of-a-kind auction based Note Trading Platform, provides Prosper investors with greater diversification opportunities and the broadest selection of investing options available in the peer-to-peer lending industry,” said Chris Larsen, CEO and co-founder of Prosper. “For qualified borrowers, more loan term products provide greater payment and time horizon flexibility.”

Larsen continued, “For debt consolidation borrowers in particular, a 5-year loan term eases their monthly payment burden while at the same time putting them on a clear path to knock out their high interest credit card debt. Young professionals, new homeowners, and small business owners are a perfect fit for a one-year loan, serving as a way to cover security deposits, big ticket item purchases, and unexpected inventory demand requirements. And as always, there are no pre-payment penalties for those who pay off their Prosper loans early.”

Prosper Statistics for September 2010 also available on the full Press Release.

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7 Responses

leopoldine | October 20th, 2010 at 8:15 am

WOW, now this makes a lot of sense. I think this is the best update yet., since not everyone needs a 3 year loan and if you are buying a car, you can opt for the tradiditonal 5 year loan. With the lower payment amount a 5 year offers, it hopefully will decrease defaults even more. GREAT JOB GUYS AND GALS @ PROSPER!

Rich | October 21st, 2010 at 8:59 am

How will the automated plans be changed to deal with these new options for borrowers?

Prosper Blog | October 25th, 2010 at 5:47 pm

The two affected Prosper model plans – AA Plan and A-B-C Plan – have been updated so they will bid on 1 year and 5 year loans. The minimum bid yields on the 1 year loans are lower than that for the 3 year loans, while those on the 5 year loans are higher. If you have one of these plans, you can click the “Update Prosper Plan” button on your plan to update with the new criteria.

Rman | August 9th, 2013 at 4:02 pm

Where have the one year notes gone to?

ProsperLoans | August 12th, 2013 at 9:25 am

Hi Rman- We removed one year loans from the service offering last March. One year loans are not in high demand by our borrowers. Thanks for reaching out.


posted in Borrowers,Featured,Lenders,Prosper News 7 comments »

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