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Karate Academy Improves Student Training with New Equipment

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 the sole purpose of his loans.

As the owner of a karate and family fitness center in Wixom, Michigan, Johannes took out a loan to buy new exercise equipment for the preschool and kindergarten programs. With new foam machines and trampolines, preschoolers can grow strong and stay active, and kindergarteners develop tactical skills by practicing rolls on new floor mats and kicks with target aids.

The Dojo, or training hall, is fully matted for safety and mirrors help students develop proper form. Students use heavy bags, focus mitts and kick target aids to improve their technique and learn proper contact. Because the academy has updated equipment, students receive more advanced training and are winning more competitions, including the World Karate & Kickboxing Commission World Championships. Johannes is thankful to the Prosper community for helping him teach young kids karate skills and self discipline with updated equipment — and we’re thankful to him for training a new generation of karate kids!

03/04/2015 by in Borrowers, Featured, Lenders, Personal Finance Education, Prosper News, Prosper Spotlights

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

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 just can’t compete with the big institutions in offering credit, primarily because of overhead and other operating costs. At Prosper Marketplace, we believe that independent and community banks are essential to the future of the American economy, and this partnership gives them the ability to broaden their product offerings and vie for a piece of the credit market.

This exclusive WIB Endorsed Program partnership with Western Independent Bankers (WIB) opens the consumer credit doors to more than 160 independent and community banks in 13 states in the U.S. WIB provides community banks with networking opportunities, educational programs and access to new products and services. Not only does the partnership allow consortium banks to offer access to unsecured loans to customers, but it educates consumers about alternative lending as a smarter, lower cost option for borrowing money.

Community banks comprise 96.8 percent of all banks in the U.S., amounting to nearly 7,000 community banks with more than 50,000 locations. They’re the primary source of lending for small businesses and farms. Community banks focus on providing high-quality service for local families and business, much like we do for our borrowers and investors. That’s just one area that we see eye to eye.

Smaller banks are always looking for new ways to generate revenue while offering low interest rates. In fact, interest rate pressures are one of the top barriers community banks face for significant growth. We’re happy to welcome WIB into our community to provide more loans with attractive interest rates to a wider group of consumers.

Aaron Vermut

CEO, Prosper Marketplace

02/26/2015 by in Borrowers, Featured, Lenders, Personal Finance Education, Prosper News, Prosper Spotlights

Prosper Marketplace Announces Acquisition of American Healthcare Lending

Today, Prosper Marketplace is excited to announce its first-ever acquisition — American Healthcare Lending, a leading patient financing platform. This is an important step in expanding our capabilities and bringing our product into a market where we believe it can make a positive impact.

Healthcare lending is a growing industry, and one that we’re excited to become more involved in via this acquisition. The healthcare industry is plagued with high deductibles and spotty customer service. We see a huge need for consumer-friendly, competitively priced financing alternatives for people whose elective medical procedures aren’t covered by insurance or fall below the deductible. American Healthcare Lending gives its nationwide network of healthcare providers the ability to offer affordable loans to patients right from the doctor’s office.

This means that women who need lengthy and costly fertility treatments can pay for them, and patients who need to lose weight and are considering surgical options that insurance won’t cover can still get them. They won’t have to wait to get treatments that can improve their quality of life. They don’t have to walk away from procedures that could make their future brighter. Health and wellness aren’t luxury items.

This is best illustrated by Scott, the winner of Prosper’s $2 Billion Strong video contest. Scott was in need of gastric bypass surgery. When his insurance wouldn’t cover it because he wasn’t sick enough yet, he turned to Prosper for a loan. You can watch his inspiring story here.

2014 was a year of tremendous growth for Prosper. There were a record $1.6 billion in loans made through the platform, up more than 350 percent from the previous year, with $205 million in December alone. 2015 will be another year of growth, and we’re excited about this opportunity to bring financing options to people in need and to expand into a vital and growing market.

01/27/2015 by in Borrowers, Featured, Lenders, Prosper News, Prosper Spotlights

Prosper Updates its Data Policies and Reiterates Commitment to Investors and Data Quality

Prosper has recently made the following updates to its API and data files:

1. As of January 25th, historical data for each calendar quarter will now be made available 45 days after the close of the quarter.
2. Investors on the Prosper platform will still have access to the same data for new listings as they are deciding whether or not to bid on loans.
3. Additionally, investors will still have access to the same performance data for the notes and loans they own.

We are making these changes in order to protect our intellectual property and proprietary data, not to inhibit our clients who are using the data for their credit models and to make investment decisions. We understand that our investors need our data to analyze investment performance, but we also need to ensure that people can’t reverse engineer our underwriting model. One of Prosper’s main competitive advantages is our data asset, and we have spent a considerable amount of time and effort building it. These changes strike a balance between maintaining appropriate levels of transparency and protecting our intellectual property.

We remain committed to providing a true marketplace connecting borrowers and investors. We will continue to be a collaborative player and support our clients, partners, and the industry ecosystem, and we have plans this year to invest in building the retail channel. We look forward to working with all our investors and are committed to answering any additional questions about these changes.

Investors can contact us at investorteam@prosper.com or by phone at 877-611-8797.

01/26/2015 by in Borrowers, Featured, Lenders, Prosper News, Prosper Spotlights

Announcing the Winners of the $2 Billion Strong Contests!

This last month, you all have been voting on your favorite photos and videos that Prosper borrowers have submitted to the $2 Billion Strong Photo & Video Contests. We wanted to find the best Prosper stories out there, and the people have spoken!

We present to you the winning photos and videos:

Video Contest Winners

Second Prize

Susie from Eastman, GA

“When an unexpected setback threatened my finances, I needed help, and fast. I did some research online and discovered Propser’s community-funded loan system. I was impressed by the rates, the convenience, and the reviews and decided to give it a shot. With the help of Prosper’s investors I was able to quickly turn a near-disaster into a new opportunity.”

First Prize

Kelli from Maryville, TN

“We learned about Prosper.com from an advertisement on CreditKarma.com. After a devastating diagnosis of early onset Alzheimer’s disease, we had to come up with a plan to care for my mother. She has been capable of living on her own for a few years now, but has progressed as to need full-time care. We could not accept the idea of placing her in a nursing home, but did not have the space for her in our home. We decided our best option was to convert our garage into a living space for her. We did not have enough in savings for this project so sought out funding through our bank. We were approved, then denied because the reason for the loan was not, in their opinion, a good investment. We came to Prosper.com and were quickly approved and received our funds! Our construction is underway!”

Grand Prize

Scott from St. Louis, MO

“I have nothing but positive things to say about Prosper, they helped me when I needed it the most – when my life depended on it.”

Photo Contest Winners

Second Prize

Clayton from Buffalo, NY

“By getting my loan I was able to go to Fort Stewart in GA to pin my son’s sergeant stripes on him as he has reached the same rank as I did in the army. My son is now in Korea and is gone for a year and because of prosper I got to have the time with him before he was sent to Korea.”

First Prize

Cheri from Grand Rapids, MI

“I am a single mom who adopted 2 amazing children from Haiti. My daughter is profoundly deaf with other special needs. After wading through an extremely difficult and expensive adoption process that took over 4 years (3 of which I lived in Haiti) I struggled financially. The prosper loan has helped me consolidate my debt and hopefully will move us into debt free living to open up our options. Hoping to gain the financial ability to get some services that my daughter needs as well as work towards adopting again!”

Grand Prize

Jennie from Chippewa Falls, WI

“Helped me pay off the credit cards used to pay off my medical bills.”

That’s it! We hope you had a great time learning more about our other community members, and creating all of the awesome photo and video entries we received! Getting to know some of our borrowers personally, and learning about all the ways that Prosper has positively impacted people’s lives has been an incredible experience, and one that reaffirms to us everything we’ve done to get to this point.

We hope you’ll stay in touch with us on Facebook and Twitter, and keep us posted on exciting things happening in your life with Prosper! As always, stay tuned to our social sites for great articles regarding Online Marketplace Lending, personal finance, and beyond!

12/15/2014 by in Featured, Prosper News


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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.