Last month Prosper announced a great referral program. New lenders receive a free $25 when they sign up. If you sign up and then sign up your spouse (as Matt described in an earlier post) you effectively make an immediate $75 on a $100 investment. The referral program ends on August 31. Here's a referral link if you want to sign up now.
If you are interested, here is some more information about the Prosper referral program in their own words:
What is the referral program?
Prosper's referral program was established to encourage our most ardent supporters (our members) to bring their friends and family to Prosper. In return for bringing active borrowers and lenders, Prosper pays cash awards to referrers.
Here's how it works:
- You add a special link to Prosper on your web site, blog, discussion forum, MySpace page, Facebook page, in your email signature, and so forth. Create a referral link now.
- A friend clicks on your Prosper link.
- Your friend joins Prosper within 30 days of clicking on your link.
- Within 90 days of joining Prosper, your friend gets a funded loan (as a borrower) or funds a loan (as a lender).
- As soon as your friend's first monthly payment clears (as a borrower), or first loan originates (as a lender), you get cash in your Prosper account.
To qualify for referral awards, you have to meet the following conditions:
- The invitee must have clicked on a link with a referral code.
- The invitee must come to Prosper directly from a link outside of Prosper.com or any other Prosper-owned domains.
- You can direct invitees to any part of the Prosper web site, excluding the Prosper discussion forums or the /prm directory.
- The invitee's Web browser must accept cookies.
- The invitee must be a new member, and must join Prosper within 30 days of clicking on your link.
- The invitee must take an action (borrow money or make a loan) within 90 days of joining Prosper.
- If the invitee is a borrower, he or she must make the first monthly payment successfully.
You can only earn one borrower award and one lender award per new referred member.
When a friend you have referred joins Prosper, you will receive an email notifying you that your friend has joined. Keep in mind that you won't receive any awards until your friend has taken a loan and made a payment (as a borrower) or funded a loan (as a lender).
Once your referred friend borrows or lends, you'll receive another email notifying you that the referral award has been paid.
In my experience, when I refer someone there is immediate feedback when they signup. I received the following email.
Thank you for referring a new member to Prosper. [name deleted] just joined Prosper, and if he or she becomes an active participant in the marketplace within the next 90 days, you will receive one of these awards:
- Borrower: 0.50% of the loan amount when his or her first monthly payment clears.
- Lender: $25.00 when his or her first loan is funded.
large number of loans go unfunded, having a lender's assistance can be helpful.