Prosper Marketplace, which operates a leading online marketplace that connects borrowers and investors, and HomeAdvisor, a leading nationwide home services digital marketplace, announced today the launch of an exclusive partnership.
Under this multi-year agreement, Prosper Marketplace will be HomeAdvisor’s exclusive partner for providing homeowners access to home improvement financing through the HomeAdvisor website. The partnership also provides the home professionals in HomeAdvisor’s prescreened network the ability to offer their customers a consumer financing option at the point of sale, making this a first for the industry.
“Home improvement projects are a great way to increase the value of a home, but not all homeowners have access to home equity lines of credit as a financing option,” said Aaron Vermut, CEO, Prosper Marketplace. “Prosper offers people the opportunity to borrow money at rates that are typically lower than credit cards – it’s a smart financing option that can help homeowners improve their property while staying in financial control.”
Prosper saw home improvement loans double in 2015 as marketplace lending gains popularity. This partnership will help increase awareness of Prosper’s consumer-friendly fixed-term, fixed-rate loan product to the millions of people who use the HomeAdvisor website. As part of the partnership, homeowners will be able to research project costs using HomeAdvisor’s True Cost Guide, as well as calculate their estimated monthly loan payments when financing their project through Prosper.
“We’re at the kickoff of home improvement season when homeowners submit more planning and budgeting requests for kitchen and bathroom remodeling projects than any other time of year,” said Chris Terrill, HomeAdvisor’s CEO. “Offering Prosper’s smart financing option strengthens HomeAdvisor’s commitment to helping homeowners achieve their home improvement goals.”
As a leading digital home services marketplace, HomeAdvisor has connected more than 35 million homeowners to the company’s growing network of prescreened home service professionals. Additionally, HomeAdvisor provides homeowners with information on local and national project costs, design inspiration, and other tools and resources for completing home projects. Service professionals in HomeAdvisor’s network undergo a criminal and financial background check prior to joining the network and are customer-rated and reviewed.