Tuesday, April 15, 2008

New And Shiny Prosper Interest Rates

Prosper dropped a large bomb this morning with their latest site upgrade. The headline topic: 36% interest rates everywhere [1]. Besides being miffed that they couldn't have announced it one day earlier and saved me some time, I find this to be a phenomenal development. Prosper has been limited in their growth due to the state usury limits, and this should increase the borrower volume, especially in the portfolio-worthy credit ranges.

Prosper also rolled out a number of other features at the same time

And to round up all those other bloggers chattering away on this
[1] - Void in Texas and South Dakota. Surprisingly, this isn't void in Utah.

10 comments:

Tom said...

[1] - Void in Texas and South Dakota. Surprisingly, this isn't void in Utah."

Why Utah? That's where Prosper's new bank is located.

Mike said...

A joke referring to the fact that lotteries and prize give-aways are not allowed in Utah. Back in the day, before the disclaimers would say "Void where prohibited", they would say "Void in Utah".

thiloklein said...

Hi Mike, thanks for the troublesome work of updating the state interest rate caps again and again. I am actually writing my masters thesis and want to control for these cap changes in my model. I found your information very helpful but am wondering why there are only rate caps for 18 states on your posts before December 2007. According to the data export, Prosper was lending to 50 states in this time period. Is it that these states' rate caps just didn't change and I can use the caps as of December 2007 for the previous months or where these states not rate capped at all and I can use the rate cap history of prosper on http://www.prosper.com/help/topics/whats_new.aspx ?

Sincere thanks for a reply! Best, Thilo

Personal loan said...

36% percent on debts? I think its too much.I am not a fan of Prosper because of the reviews I read about them and the challenges that they seem to neglect. Anyway, I think I have to reconsider and visit the site myself.

Aussie said...

I hope this new rates stay so that I won't have difficulty in adjusting to new rates again.

american express said...

Prosper has raised the interest rate cap in the District of Columbia from 6% to 24%. Additionally, Arkansas, Delaware, Kentucky, and Tennessee have had interest rate caps lowered commensurate with the Fed’s lowering of interest rate indexes.

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