Prosper Marketplace announced access to a new fixed-rate Home Equity Loan (HELoan) product for its customers in select US markets, “following the lending platform’s strong performance in personal loan origination last quarter.”
This new product “complements Prosper’s suite of home equity products and resources and allows homeowners to leverage the equity in their home to secure a loan up to $249,0001.”
Pandemic-driven demand “sent home values soaring over the last few years, resulting in U.S. home equity hitting a record $27.8 trillion dollars in June 2022, according to the Federal Reserve.”
Meanwhile, interest rates are “expected to continue rising throughout the remainder of the year, causing many homeowners to seek alternatives to cash-out refinancing.”
Unlike a traditional home equity line of credit (HELOC), a HELoan “lets homeowners tap into their home’s equity with an interest rate that remains stable.”
Homeowners can “access HELoan funding to invest in the home improvement projects they’ve always dreamed of, to make a significant purchase like a new car or truck, to consolidate debt, or to meet any of the unexpected needs that life may bring.”
“Inspired by our customers’ interest in a fixed rate home equity product, we are thrilled to offer the HELoan alongside our existing lineup of home equity, personal loan, credit card, and investment products,”
David Kimball, CEO of Prosper Marketplace, said:
“Building on the momentum we gained in the first half of 2022 with the launch of the Prosper credit card and strong performance in personal loan origination, we are continuing to look for opportunities to diversify our offerings, increasing the value we deliver to our customers and investors.”
Backed by the strength and stability of Prosper and supported through personalized customer service, homeowners interested in a HELoan “can secure an instant offer through Prosper’s easy online application and receive cash in hand in as little as 11 days.”
The launch of Prosper’s HELoan product “comes at a time of immense year-over-year growth for the company.”
Last year, Prosper “launched its first credit card product, securing over 100,000 customers within the first six months.” Supported by a strong executive team and with over $22 billion dollars in personal loans originated to date, Prosper continues “to serve and empower its customers across the credit spectrum, even through fluctuating market environments.”
Kimball added:
“This is an exciting time for Prosper. Driven by our noble mission to advance financial wellbeing, coupled with our passionate employees and an enhanced product mix, we’re poised to be there for our customers and investors for decades to come.”
Prosper has “been recognized as a Bay Area Best Place to Work by the San Francisco Business Times and Silicon Valley Business Journal and continues to expand its workforce with a number of open roles.”
Prosper recently “welcomed a number of new executives to its leadership team, including Ashish Agarwal, Chief Marketing Officer; Pete Woodhouse, Chief Technology Officer; and Jeff Killian, Executive Vice President of Operations.”
