Prosper announced this past April having surpassed the $1 billion mark in loans. This was an important event for the peer to peer lending platform and it took 8 years to loan this amount. Six months later Prosper has easily doubled that figure and has now loaned over $2 billion. Prosper stated;
“This October, we shattered all expectations and reached our second billion dollars in loans in just 6 months.
Wow, that was fast. And it was all thanks to you, The Prosper Community!
Even though it’s only been half a year since our last big announcement, Prosper has been rapidly growing and expanding – from new team members, to new eligible states, to better terms and new features on the website. “
Prosper has created a visual slide show of the achievement which you may view here (including a cool map of where your state stands in the line up).
A few data points from Prosper include:
- Prosper now has 78,189 investors (lenders)
- Prosper now has 156,159 borrowers
- Debt consolidation is the number one reason to borrow money standing at over $1.3 billion in loans
- Average loan takes 10 minutes to apply
- Average loan takes 5 days to fund and 3 years to payoff
- Average size loan is $10,000
Prosper states that “plain old traditional lending is past its peak”. Prospers growth is now “exponential” fueled by consumer demand and growing investor interest. The investor demand is no longer just your peer – it is hedge funds, institutions, family offices and more.
