Those that signed up prior to June 30th will still receive the $25 bonus when they fund their first loan. Prosper is expected to announce a new referral program this month with the goal of working directly with a few dozen, quality referral partners as opposed to hundreds of partners operating under a "one size fits all" approach.
Referral programs have been used by most peer to peer lending companies to grow their user base.
- Lending Club started off with a $5 referral bonus which they eventually increased to $25. Their program was halted in April 2008 when they entered their quiet period to register with the SEC. In addition, Lending Club briefly offered a 5% bonus to large lenders. It is expected that Lending Club will restore their referral program, perhaps in a different form, when they open again.
- Fynanz just announced a $25 referral bonus program with a 3-5% bonus to large lenders.
- Although it is not a peer to peer lending company, Revolution Money Exchange also has a $25 referral bonus program which has been very popular with our readers.