At Prosper we value loyal borrowers who take more than one loan on the platform. And they clearly value Prosper as well: the credit risk performance of repeat borrowers has been spectacular!
In recognition of the continuing great performance of repeat borrowers, a series of changes were implemented last week to provide greater benefits to that valued group. In many cases Prosper Ratings were improved, which enables these borrowers to get loans at much lower APRs than they could previously.
The bottom line is that repeat borrowers get an amazing deal at Prosper: even lower rates on second loans, and huge discounts from the first-loan APRs they would qualify for!
Here is a table illustrating the loan rate discounts for repeat borrowers:
Borrowers become eligible to take a second loan as soon as 6 months after their first loan, as long as they have a successful on-time payment track record. To apply, Prosper borrowers simply sign-in to their account, enter the terms of their next loan and see their new rate.
The process is also much faster for repeat borrowers: less verification is typically required and Prosper investors fund these loans more quickly!
We are pleased to announce these changes because repeat borrowers deserve the lowest APRs possible, and we appreciate their loyalty to Prosper!
P.S. APRS for first-time borrowers rated AA, D, and E were also reduced!
You can find a complete list of our rates and fees here.
* For example, if you have a B rating and no previous loans and take a three year loan, your interest rate will be 17.99% (20.20% APR) and you will make 36 monthly payments of $180.74.