More than 35 million U.S. homeowners gain access to a smart financing option for home improvement projects
March 14, 2016 (SAN FRANCISCO and GOLDEN, Colo.) – Prosper Marketplace, which operates a leading online marketplace that connects borrowers and investors, and HomeAdvisor, a leading nationwide home services digital marketplace, announced today the launch of an exclusive partnership. Under this multi-year agreement, Prosper Marketplace will be HomeAdvisor’s exclusive partner for providing homeowners access to home improvement financing through the HomeAdvisor website. The partnership also provides the home professionals in HomeAdvisor’s pre-screened network the ability to offer their customers a consumer financing option at the point of sale, making this a first for the industry.
“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,” said Aaron Vermut, CEO, Prosper Marketplace. “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.”
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. 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.
“We’re at the kick-off of home improvement season when homeowners submit more planning and budgeting requests for kitchen and bathroom remodeling projects than any other time of year,” said Chris Terrill, HomeAdvisor’s CEO. “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.
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 True Cost Guide, find local prescreened home professionals, and instantly book appointments online or through HomeAdvisor’s award-winning iOS and Android mobile apps. Access to all of HomeAdvisor’s resources is free for homeowners, with no membership or fees required. HomeAdvisor is based in Golden, Colo., and is an operating business of IAC (NASDAQ: IAC).
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. 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. 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. For more information visit: www.prosper.com and follow Prosper on Twitter @ProsperLoans.
Vice President Corporate Communications
Sr. Director of Communications