With a banking partner in WebBank, Prosper opens up to a nationwide audience of borrowers. Their timing couldn’t have been better. Welcome borrowers! (Except Texas and South Dakota)
Minimum instant transfer of $50 on 50% of your active loan value is now possible… In my opinion, this change greatly reduces (maybe eliminates) the need for interest on fallow money. Now you can leave your money in your favorite interest bearing account and transfer in money just in time to bid on listings.
There were several other changes and the promise of many under the hood improvements at The Prosper Blog: Second loan criteria updated, AA borrower lender servicing fee adjustment, listing duration set to 7 days, online tax forms, and other improvements.
And Doug Fuller gave a recent collections update. AmSher is showing promise.
Thanks Prosper!
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4 comments ↓
Excellent news about the rates! Now I can actually go for a loan at Prosper and have a reasonable chance of getting it.
[...] that Prosper is going now covering the whole country – minus Texas and South Dakota – with the ability to fund a loan at a rate of up to 36%. This is great news for those of us who were restricted in some states, which had interest rate [...]
The need for Interest on on fallow money is there and Stronger than ever.
Remember that already Prosper holds the Borrower’s Payment as “in-transit” for several days, so it is hard to figure out when exactly money reaches the acccount or reaches the minimum $50 needed to bid.
For those of us with any kind of reasonable loans amount, the money can quickly pile up in cash, and if you don’t visit weekly or more often, they are just sitting there now, no interest nothing…
Prosper seems to be a great alternative. I was trying for a loan at a D rating when their were capped interest rates at 17% in the state I live in (Kansas). Im glad that has been done away with. Im currently trying to pay a few cards off now but really just establishing myself as a good borrower. My is Listing #314382 if anyone wanna help.
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