Prosper Marketplace Inc. said it would cover the second payment for approved loans that are applied for on its website Thursday.
The San Francisco person-to-person loan facilitator said it would make a payment of up to $300 for eligible borrowers. The promotion is to mark its fifth anniversary. For most of its run, Prosper allowed investors to set the rates for loans they funded in an auction-style process. In December, Prosper instead began setting rates itself. It said this process allows loans to get funded in under two days, whereas it previously took up to four days.
