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.
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