We are excited to announce that the Prosper website has a new look and we have launched some new features that improve the experience for both our borrowers and lenders. The biggest change is that we have eliminated the auction for all new loan listings – from now on listings will have pre-set interest rates.
“While many lenders enjoyed the auction system conceptually, we heard consistent feedback that in practice, auctions made the deployment of funds more time consuming with little gain in lender returns,” according to Chris Larsen, Prosper CEO. “We’re excited about the many improvements and hope they make your investment and borrowing experience with us even more prosperous.”
One of the main benefits for lenders will be a quicker deployment of funds on the platform, and for borrowers they will likely get their loan listing funded sooner as well. An additional implication for lenders is that listings will close as soon as they are 100% funded, so they will need to check the site for new listings regularly. Lenders can also set up automated plans so they can invest in new listings as soon as they are posted.
To learn more about our new pre-set interest rates and other updates, please visit our homepage at Prosper.com.
Notes offered by Prospectus