As we posted earlier, Propser.com runs these promotions from time to time. The current promotion is for this weekend only. We here at BYM continue to believe these aren’t really a good thing in the long run. We would prefer they raise rates or raise the bar for borrowers to qualify to fix imbalances between borrowers and lenders.
The details are available here. Remember to read the fine print:
The promotional period for this offer begins on Friday, April 22, at 7:00 PM PDT and ends on Sunday, April 24, at 11:59 PM PDT. To be eligible, investments must be made manually on listings posted to http:// www.prosper.com/invest/individual_loans.aspx, after the listing has appeared on the page. Only eligible investments during the promotional period that become funded Notes before the payout date will be considered “invested”. Invested funds can only qualify for one cash back promotion; in the event that a given investment qualifies for two different such promotions, then the investments will count toward both qualification thresholds, if applicable, and the lender will be paid the higher of the two rebate amounts. All rebates will be paid within 60 days of the date that your bid is placed. Investments made by automated plans are excluded from the promotion.