Friday, August 3, 2007

Rapid Transfer Details

While trolling through the Prosper forums a while ago, there was some commentary on express transfers for Prosper lenders (also from RateLadder). It caused money transfers from banks to post immediately to the lender's Prosper account instead of the usual 4 business days.

I got contacted by a Prosper Lending Services Manager. I suspect the call was because I've been doing lots of transfers to fund more loans (which, incidentally, is what's been distracting me from posting these last few weeks) and they like happy lenders. He was friendly enough, and I did have the opportunity to ask about the rapid transfer service.

To qualify, a lender needs at least $2500 in active loans. I have interpreted this to mean principle in active loans, but once you hit $2500, that's splitting hairs. Once this happens, the service is automatically enabled and the lender can get the rapid transfer on any amount greater than $500 and less than 20% of the active loan amount.

I'm guessing this'll show up in the next non-maintenance post in the announcement forums, but only time will tell.


RateLadder said...

Nice Info... Did you get this person's name?

Mike said...

I've got it, but I figured I'd be kind and not cite it. As long as Prosper doesn't deny it, I'll leave him alone - he was doing his job.