I received an email from Prosper today detailing a new feature and inviting me into the beta: Rapid Transfers

Dear Kevin,

Prosper is testing a new service called “Rapid Transfer” for established customers. We’d like to invite you to participate.

If you initiate a transfer of more than $500 before Noon PST Friday May 18th, we will approve your transfer within fifteen minutes and you will be able to begin bidding immediately. Please note the transfer page may show the status as in-process for a couple of days even after the money has been approved.

This is a great time on Prosper as there are plenty of excellent high-quality listings.

Get started with Rapid Transfer now » (link to promo that says you clicked the link removed)

Rapid transfer is one of the most requested features on the forums and your response will help us gauge interest and determine whether to extend this program.

Thank you for all your support and we look forward to your continued participation in Prosper.

Sincerely,

John Witchel
CTO & Co-Founder
Prosper Marketplace  

I tried it.  It worked.  Sweet!!!  I love this feature… While the amount is slightly high by my standards if there is ever a listing that I NEED to bid on, now I can. 

I think this feature should be made permanent and for all amounts greater than $50 for all lenders with loan balances 10 times greater than the transfer amount.  In other words, you need a $500 loan portfolio to make a $50 rapid transfer or a $5,000 loan portfolio to make a $500 rapid transfer.

Furthermore, even if you didn’t receive the email you can still participate.  John Witchel posted the following in a thread on the forums(http://forums.prosper.com/index.php?showtopic=25561)…

Quick note:       

A couple of you didn’t get the invite (Gulp, etc.) — don’t take it personally. We had a query prepared to select “seasoned lenders” and randomly picked a thousand names. If you want in just initiate the transfer and email Bryan at (lenders at prosper dot com) he’ll make sure your money clears when he gets in.

Anyway, we really appreciate the support, so far so good on the test.

-john

I originally called for this feature in one of my earliest posts: http://www.rateladder.com/2006/12/27/prosercom-the-one-bad-thing/

Can interest be far behind? http://www.rateladder.com/2007/02/04/prospercom-lenders-unite-where-is-our-interest/

 

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