Prosper Site Update 12/2007 | P2P Lending, Peer to Peer Lending, People to People Lending


Tonight we did a bunch of back-end work and made a couple of changes that you might notice…

Lender overview changes

We’ve received a lot of feedback from lenders that the “Active loan summary” box on the “Your Account > Lending” page is confusing and unclear. Furthermore, it looks like some of the items should add up, but then they don’t, which is frustrating.

We changed the data which is displayed there to simplify the display a little, and allow you to get gory details (all of your repayments can be split into principal, interest, and fees, for example) if you want to, but otherwise just see the rollup figure. You’ll also now be able to see the daily interest accrual on your loan portfolio.

Go to the lender overview now:

Borrower payoff guidance

As part of their loan detail, borrowers will now be able to see the estimated amount of their final payment, and the estimated date on which that payment will be due.

This helps increase the visibility to late borrowers of the impact of late payments (incurring late fees and insufficient funds fees) on their final loan payment. For borrowers who are paying their loan on an accelerated schedule, the due date will move forward as more and more is paid down early.

Referral program changes

We changed the referral award for new borrowers from 0.5% of the loan amount to a flat award of $35 per new borrower who gets a loan funded and makes his or her first monthly payment.

Refer your friends now:

Marketplace Performance page performance improvements

(Say that five times fast – I dare you.) There aren’t actually any changes to this page, except that you quant geeks will find it a lot snappier as you tweak criteria and reload the page for all the combinations and permutations you can stand.

Enjoy the speed:

Tax season is coming

And we’re improving our year-end statement and tax reporting documents for when we deliver them in January. Rather than sending tax forms by snail mail (like we did last year), we’ll be delivering tax forms for most members electronically – you will be able to download a consolidated form 1099 from the “Your Account > Statements” page.

If you’re a Grinch who has already looked past Christmas to tax season, or are just a glutton for punishment, you can read more about tax reporting here:

And for details on the electronic consolidated form 1099:

API Additions – Marketplace object

The API now includes a Marketplace object, which includes featured listings, a table of recent interest rates by credit grade and loan amount, the number of members on Prosper, and the total loan volume
on Prosper.
Learn more about the API:
Those are the biggies. Enjoy the holiday season, and we’ll see you back in the new year with more improvements and changes based on your feedback.

Best regards,

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