Dear Kevin,

As a Group Leader, you know that we have always focused on one thing: Giving people a chance to take charge of their finances, through responsible person to person lending.

Last week we announced we will discontinue group payment rewards on new loans. Today we implemented the payment reward change as well as two additional changes to our groups program:

(1) Group categories will be removed  

(2) Group leaders will no longer receive personal contact information as part of a group membership request.

We believe these two changes coupled with discontinued group payment rewards will return Prosper Groups to their original vision: as a way for tight-knit communities to help their members through person to person lending. We have found that the best-performing groups are based on offline friendships, affiliations, familiarity, and endorsements. We also hope the changes will simplify the user experience for everyone—leading to better listings and more bidding.

Rest assured, you will continue to earn payment rewards on your existing eligible loans as well as all eligible loans that result from listings that were posted on or before September 12. You will still earn referral rewards for every new borrower or lender you invite to Prosper.

If you have any other questions or concerns, click here.

You are a very important part of our continued success. Thank you for your participation on Prosper.

Sincerely,

Prosper

Related Posts

• Why Would a Lender Want to Join a Group? -- Prosper Group Analysis Part 2 Previously I posed several questions on prosper groups.  Here is the second installment of answers.  Why would a lender join a group?  I think that the answer must be you are getting a higher ROI and/or that you are supporting some ethical, political, collegiate, or ??? value.  Given that I......
• Two Millionaires Why Do You Make Community Payments? Permission is granted to anyone to publish this message about the Two Millionaires groups on www.prosper.com unchanged, in it's entirety. It is a response to an inquiry about why we make community payments, from Kevin at www.RateLadder.com   The question is: "Why are you making community payments? Can I publish......
• Prosper Group RateLadder Update  Prosper Group RateLadder. I would to thank the members of my group for their support... As I could have guessed most of my readers and friends are lenders... The Prosper group is now 12 strong... I correspond with many of them regularly. I have gotten a lot of ideas for......
• Please Close Major Loophole for Deadbeat Lender/Group Leaders There has been a minor uproar on the forums over deadbeat lenders/group leaders.  That is to say, Prosper.com members that are lenders and borrowers with late payments on the loan given to them.  The consensus seems to be that Prosper should be impounding the loan payments they are receiving in......
• Interview of FANAFI Foundation The following is an interview of Jeff and Heather aka FANAFI Foundation.  This interview was conducted Thursday February 14th 2008 in the wake of the recent drama surrounding their blog (starting point for initial back story here).  These are my questions and their unedited words. (I did add a few......

Related Websites

• Fear and Greed - your Trading enemies Let me ask you something... How aware are you of the elements of Fear and Greed? Are you telling yourself the right story, or is your subconscious mind tripping you mercilessly? If you were just one step away from reaching your goal of flooding your life with wealth, would you......
• Is The Time Right To Take Out A Personal Loan? Choosing the right time to take out a personal loan can be a difficult decision for many people.  Sometimes, there are financial reasons that make it a good idea to take out a personal loan while in other cases, a new personal loan will end up causing a financial hardship......
• Upside Down Car Loans: Eight Simple Steps To Get Out Fast Let’s face it; most Americans love cars. Unfortunately, most Americans also have way too much car debt. In an article from Auto Blog posted just a few months ago, they cited increases in new car pricing, and the effect those prices are having on family finances. A study by Comerica......
• A Better Way To Lend Money To Friends & Family Lending money to friends and family can be a strain on the relationship (not to mention your finances). Seeing that you're doing well, everyone wants to hit you up for a small loan. If its a short-term thing its fine, but if you're worried about the borrowers ability to repay......
• Lots of cancelled loans on Prosper.com? For those of you who are lenders on Prosper.com:  Have you noticed that listings are get cancelled more often after they are completed?Maybe I'm just hitting a run of bad fortune and having my money tied up for a week or so while Prosper.com tries to close the loop with......

Online Stores

• 2 Person Saunas Pools & Spas Yard, Garden & Outdoor Living
• Knights of Columbus Fraternal Groups Historical Memorabilia Collectibles
• Shoulder Rest Violin String Acoustic Musical Instruments
• Two Person Spas & Hot Tubs Pools & Spas Yard, Garden & Outdoor Living Nursery
• Posters, Prints Boy Scouts Fraternal Groups Historical Memorabilia Collectibles

If you liked this article, vote for it on del.icio.us and stumbleupon.


Categories:

Features, Prosper.com

Tags:

azerbaijan, mozambique