On front page:
Exciting changes at Prosper
Our site has a new look, and we've eliminated the auction and simplified our loan process so that we can connect lenders and borrowers more efficiently. Borrowers will receive pre-set rates and lenders cannot be outbid. We hope you’ll appreciate this streamlined and even more prosperous experience.
On account page:
Prosper has a new look and some exciting new features that will improve your experience as a lender. The biggest change is that we have eliminated the auction for all new loan listings - from now on listings will have pre-set interest rates. While many lenders enjoyed the auction system conceptually, we heard consistent feedback that in practice auctions made the deployment of funds more time consuming with little gain in lender returns. The change to pre-set pricing means that listings will close faster and that you can’t be outbid – so more of your bids will convert to investments and start earning you great returns more quickly!
What’s changing:
Auction eliminated; pre-set borrower rates
Listings fund automatically at 100%
Listing period extended to 14 days
Listings that expire and are at least 70% funded may still originate
HR listings not currently available
Note that auctions will still exist in our secondary market – you can still sell your loans to the highest bidder.
Automated Plans:
If you have active plans, most of them are still investing. However, the following plans have been made INACTIVE:
Plans with an HR slice
Plans with any slice where the bid yield is higher than the new pre-set rates
To continue investing in plans with similar characteristics you will need to choose one of our automated plans or create a custom plan.
Go to Automated Plans now to check your plans and see which ones have become inactive.
Improved Prosper Score
A new Prosper Score has been developed that incorporates more recent performance history. The improved score will replace the Prosper Base and Prosper Enhanced Scores.
Criteria Changes
The student loan category, retired/part-time employment status and automatic funding option are no longer available for borrowers and will no longer appear on listings. Borrowers can still choose to fund their listing "manually" once it reaches 100% funding.
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