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Prosper $50 New Account Promotion Offer

When peer to peer lending first started, the biggest name in the market was Prosper [3]. I was skeptical about the whole business of peer to peer lending and it showed in my review of Prosper [4], which was more about peer to peer lending than it was about Prosper itself. Since then, with the arrival of SEC oversight and other competing businesses like Lending Club [5], I have a little more faith in peer to peer lending networks [6].

$50 New Account Promotion

Prosper fell behind LendingClub because both had to enter a quiet period as the SEC reviewed their filings, LC just came out first. The “notes” were considered securities and subject to SEC oversight. Now that Prosper has started accepting new borrowers and lenders/investors, they’ve decided to really push it hard by offering a $50 bonus for new lenders who bid on two loans.

The only requirement is that the $50 sign up bonus cannot be immediately withdrawn and must be invested by bidding on loan listings before December 31st, 2009. If you don’t invest it, it expires.

Prosper is also running a cash rebate for investors. If you invest $1,000 – $4,999 then you’ll receive 1% cash rebate back into your account. Invest $5,000 or more and get a 2% cash rebate back into your account. The Cash Rebate Fall Promotion for Lenders [7] program expires November 15th and the rebate is deposited by December 4th.

Do you have experience with Prosper that you’d like to share? A lot has changed in the last two or three years in the social lending world and I’ve been unable to participate because residents of Maryland can’t invest!