Today we are sharing performance data from the Prosper portfolio for July 2017. Our risk team implemented a credit tightening in July aimed at removing certain populations of borrowers from originations on a go-forward basis. As a result of this credit tightening, the overall distribution of the book shifted slightly towards lower risk loans. This slight shift resulted in an overall portfolio coupon decrease of 45bps and an overall return estimate decrease of 26bps.
With the summer winding down, college students across the country are preparing for another year of learning, and many are also preparing to manage life expenses while they focus on schoolwork. Everyone knows the cost of tuition is sky-high, but housing, books, and miscellaneous living expenses can add up just as fast. According to the College Board, these costs can average an extra $15,000 on top of tuition and fees at a four-year in-state school.
Today Prosper reported significant growth during the second quarter of 2017. Driven by strong demand for its personal loan product, Prosper facilitated $775 million in loan originations through its platform, up 32% quarter-over-quarter and 74% year-over-year. The company also grew transaction fee revenue 32% quarter-over-quarter and 84% year-over-year. “We are very pleased with our second quarter […]
Today we are announcing that we’ll be discontinuing the Prosper Daily app as of August 31st. To help our users through this transition, we’ve teamed up with Clarity Money, a personal finance app that offers many of the same features as Prosper Daily. Since its launch in 2016, Prosper Daily has helped people track their […]
When people are short on cash, they’re most likely to turn to friends and family, so found a recent finder.com survey. These loans from our loved ones add up to a whopping $184 billion in estimated annual debt. For context, this friends and family debt — or “FF Debt” — is more than what Americans […]
Today we are sharing performance data from the Prosper portfolio for June 2017. The weighted average borrower rate for Prosper’s June 2017 vintage is similar to May 2017, a continuation of a platform rate which is the highest since 2013.