Prosper Marketplace and HomeAdvisor have signed a multi-year agreement for Prosper to be the exclusive partner to provide home improvement finance via the HomeAdvisor website. HomeAdvisor, based in Golden, Colorado, is an operating business of IAC (NASDAQ: IAC) and is said to have connected more than 35 million homeowners to the company’s growing network of pre-screened home service professionals. Prosper saw their home improvement loans double in 2015 and thus has become a targeted sector for growth. The new partnership will not only boost Prosper’s lending business but will also increase awareness of the Prosper brand and fixed rate loan products of the millions of users on HomeAdvisor. Prosper also explained that prospective borrowers researching on the HomeAdvisors site will be able to quickly and easily calculate estimated monthly payments to streamline the financing process for home improvement projects.
“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.”
HomeAdvisor has an established and growing network of pre-screened home service professionals. HomeAdvisor can provide 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.
Chris Terrill, CEO of HomeAdvisor, said the spring home improvement season was kicking-off and they wanted to be prepared;
“Offering Prosper’s smart financing option strengthens HomeAdvisor’s commitment to helping homeowners achieve their home improvement goals.”