“Home-improvement projects are a great way to increase the value of a home,” Prosper Marketplace CEO Aaron Vermut said. “But not all homeowners have access to home-equity lines of credit as a financing option.” Vermut says that homeowners will be able to borrow money for home financing projects via HomeAdvisor at rates lower than those typically accompanying credit cards.
Through the partnership, homeowners will be able to research the cost of home improvement projects via HomeAdvisor’s True Cost Guide, and then review monthly repayment estimates for Prosper’s fixed-term, fixed-rate loan product.
“Offering Prosper’s smart financing option strengthens HomeAdvisor’s commitment to helping homeowners achieve their home improvement goals,” said HomeAdvisor CEO Chris Terrill. A national, online marketplace for home services, HomeAdvisor helps connect homeowners with home repair, maintenance, and improvement resources. The service is free to access and has put more than 35 million homeowners in touch with its network of prescreened home service professionals. HomeAdvisor is headquartered in Golden, Colorado.
Prosper also made headlines last week with the launch of Prosper Daily, a rebranding of the BillGuard app the company acquired as part of its purchase of BillGuard last fall. Also this month, Prosper announced the appointment of its new CFO David Kimball, a former USAA executive. The company announced surpassing $4 billion in loan originations last July, and have since updated that total to more than $6 billion.
Founded in 2006 and based in San Francisco, Prosper demonstrated its technology at the very first Finovate conference in 2007.