A strategic partnership between Prosper Marketplace and HomeAdvisor in the US will allow its network of home improvement professionals to access finance options at the point of sale for the first time.
Since its launch in 2006 as the first marketplace lender in the US, Prosper Marketplace has evolved into a personal finance company that offers products and services beyond personal loans to help people get on top of their finances.
Meanwhile HomeAdvisor is a nationwide digital home services marketplace providing homeowners the tools and resources for home repair, maintenance, and improvement projects.
HomeAdvisor’s marketplace lets homeowners view average project costs coast-to-coast using its 'True Cost Guide', find local pre-screened home professionals and instantly book appointments online or through the company's award-winning iOS and Android mobile apps.
Under the multi-year agreement, the two digital companies will combine exclusive resources to provide homeowners access to finance for renovations through the HomeAdvisor website.
“Home improvement projects are a great way to increase the value of a home, but not all homeowners have access to home equity lines of credit as a financing option,” says Prosper Marketplace CEO Aaron Vermut.
“Prosper offers people the opportunity to borrow money at rates that are typically lower than credit cards – it’s a smart financing option that can help homeowners improve their property while staying in financial control.”
Vermut says Prosper saw home improvement loans double in 2015 as marketplace lending gains popularity.
"This partnership will help increase awareness of Prosper’s consumer-friendly fixed-term, fixed-rate loan product to the millions of people who use the HomeAdvisor website," he says.
"As part of the partnership, homeowners will be able to research project costs using HomeAdvisor’s True Cost Guide, as well as calculate their estimated monthly loan payments when financing their project through Prosper."
HomeAdvisor CEO Chris Terrill adds the home improvement season is just kicking off.
“This is the time homeowners submit more planning and budgeting requests for kitchen and bathroom remodeling projects than any other time of year,” he says.
“Offering Prosper’s smart financing option strengthens HomeAdvisor’s commitment to helping homeowners achieve their home improvement goals.”
As a leading digital home services marketplace, HomeAdvisor has connected more than 35 million homeowners to the company’s growing network of pre-screened home service professionals.
Additionally, HomeAdvisor provides homeowners with information on local and national project costs, design inspiration, and other tools and resources for completing home projects.
Service professionals in HomeAdvisor’s network undergo a criminal and financial background check prior to joining the network and are customer-rated and reviewed.
"Through Prosper’s flagship loan product, borrowers get low, fixed-rate loans with no hidden fees or prepayment penalties and investors can earn great returns through the platform’s data-driven underwriting for personal loans," Vermut explains.
"The Prosper Daily app helps people stay on top of their money, credit and identity.
Prosper Marketplace is headquartered in San Francisco with offices across the country and in Tel Aviv.
The Prosper lending platform is owned by Prosper Funding LLC and the Prosper Daily app is owned by BillGuard Inc, both of which are subsidiaries of Prosper Marketplace.