Prosper 5th Birthday Promotion

Prosper, one of the leading peer-to-peer lending providers, is celebrating its 5th Birthday on Thursday, February 17th, by making the second payment up to $300 for you if you become a borrower on February 17th and list a loan.

Prosper recently lowered borrower rates. Now individuals with excellent credit can 1-year borrow personal loans through Prosper with rates as low as 5.90% APR (with AA Prosper rating). For 3-year loans, which are very common in P2P lending, the rate for borrowers with AA rating is 6.33% APR and 5-year loans 9.20% APR. For 3-year and 5-year loans, rates for top rated Prosper borrowers are lower than those rates for Lending Club borrowers. The starting rate at Lending Club is 6.89% APR for 36-month loans for borrowers with top rated credit.

The fine print of this promotion:

To be eligible for the offer, you must submit your loan listing between 12:00 a.m. and 11:59 p.m. PT on February 17, 2011, and that loan listing must result in an originated loan. If you meet these criteria, Prosper will credit your second required loan payment up to $300. The credit will be posted to your account within 30 days of Prosper receiving your first payment.

Check out the Prosper promotion and compare its rates with Lending Club’s if you are looking for a personal loan.

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