Prosper.com, the world's largest peer-to-peer lending marketplace with over one million members and $206 million in funded loans, today announced it has expanded its product offering to include 1-year and 5-year term loans. Prosper's product offering of one, three and five year loan terms is now the broadest available in the industry. Prosper also released peer-to-peer lending market survey statistics for September 2010.
"The combination our expanded product offering and one-of-a-kind auction based Note Trading Platform, provides Prosper investors with greater diversification opportunities and the broadest selection of investing options available in the peer-to-peer lending industry," said Chris Larsen, CEO and co-founder of Prosper. "For qualified borrowers, more loan term products provide greater payment and time horizon flexibility."
Larsen continued, "For debt consolidation borrowers in particular, a 5-year loan term eases their monthly payment burden while at the same time putting them on a clear path to knock out their high interest credit card debt. Young professionals, new homeowners, and small business owners are a perfect fit for a one-year loan, serving as a way to cover security deposits, big ticket item purchases, and unexpected inventory demand requirements. And as always, there are no pre-payment penalties for those who pay off their Prosper loans early."