This week, Prosper crossed an important milestone on our journey to helping people achieve financial well-being: Over 1 million loans have been originated through the Prosper platform, totaling about $13 billion.
Today, in addition to sharing performance data from the Prosper portfolio for June 2018, we are excited to introduce our new Chief Credit Officer, Ashish Gupta. Ashish joined Prosper in 2017 and was appointed Chief Credit Officer in the beginning of July 2018. In his current role, Ashish oversees all elements of Prosper’s credit strategy, including pricing, underwriting strategy, verification strategy, loss-forecasting, model development, model governance and credit risk aspects of new product development.
Today we’re pleased to announce that Prosper now offers qualified borrowers access to loans up to $40,000. At Prosper, our mission is to help people advance their financial wellbeing. Personal loans offer people a smart alternative to high-rate credit cards for things like debt consolidation and costly home improvement projects. Now, with this new higher loan amount, we are excited to give people even more purchasing power with Prosper’s fixed-rate, fixed term loan product.
It’s tax season! To help navigate this process we’ve created a 2017 Prosper tax guide with general information about the 1099 tax form(s) you may receive from Prosper.
It wasn’t easy but we’ve selected the #MyProsperStory 2017 finalists. Vote now to help decide who will win a full loan payoff, up to $35,000. Voting ends 12/10.
Today Prosper reported growth in both transaction revenue and loan originations for the third quarter of 2017. Continued demand for Prosper’s personal loan product resulted in $822 million in loan originations through its platform, up 6% quarter-over-quarter and 164% year-over-year. The company also grew transaction fee revenue 5% quarter-over-quarter and 164% year-over-year.