Tuesday, September 11, 2007

Rapid Transfer Behavior Confirmed

A while back, I disclosed the rapid funds transfer criteria after a Prosper lending services rep was kind enough to tell me (that'll teach him). I can now confirmed that it works roughly as outlined. Some time after I passed $2500 in outstanding loan balances, I transfered $500 into my Prosper account. I got a notice that the money would be available in the usual 4 business days. Later that afternoon, the money was available for bidding.

This all happened automatically without any additional action from me. I did not test the maximum transfer limit (20% of loan balance) - sorry. The one frustration with the experience is that Prosper's website does not provide any guidance or information. I cannot find any reporting that shows my account having rapid funds transfer enabled. On the money transfer page, they do not hint that the feature is available or what the minimum and maximum qualifying transfer amounts would be. Small details, but not very hard ones either.

1 comment:

Andrew said...

Hi Mike - Rapid transfers have been in beta (albeit a non-publicized one) on Prosper over the last few months. We will be releasing a much more intuitive and better-documented version of it shortly. Stay tuned.