I first wrote about Prosper’s Premier service back when it was introduced earlier this year. At the time I said it was a good move by Prosper because there are many investors who like the potential returns offered by p2p lending but don’t want to go to the trouble of selecting loans themselves.
If you are this kind of investor and you have been considering Prosper then there has never been a better time to start investing. Prosper is offering a $1,000 bonus to the first 25 SLN readers who sign up for Premier and invest at least $25,000. All the details are below.
How Prosper Premier Works
Before we get into the details of this bonus let’s first take another look at the Premier service. Prosper bills it as “the fastest, most convenient way to earn great returns”. You choose a couple of parameters including your level of risk and Prosper manages your investment for you.
Here are the steps needed to open a Premier account:
Choose a target allocation based on the different loan grades from AA down to HR.
Allocate a percentage to different loan terms (1, 3 and 5-year) or just select all loan terms.
Choose the maximum dollar amount to invest per loan.
Decide whether to reinvest payments or not.
Fill out funding instructions.
Before your money is invested you will speak with one of Prosper’s investment analysts who will confirm your instructions. If want to add a specific filter, such as number of inquiries, repeat borrowers only or no delinquencies to name a few possibilities, then you can add them when you talk with the analyst.
Once your criteria are all set your selections will run every time new loans are added to the platform. In reality your investments are batched with the Automatic Quick Invest orders and run with them. You will receive an email confirmation whenever your money has been invested.
How to Get Your $1,000 Bonus
This bonus is only available to readers and subscribers of this blog. Prosper contacted me a couple of weeks ago and wanted to run a special promotion just for the readers here. So, in order to get your $1,000 this is what you have to do. Fill out the order form and then call the Premier number at 1-877-611-8797. You should be connected to Austin Bryant or Cameron Fleischer. When you speak with one of them mention you saw this offer on the Social Lending Network blog and you should get your $1,000 bonus, as long as you are one of the first 25 people.
Of course, there are some conditions:
You need to invest a minimum of $25,000.
You need to keep your account as a Premier account. You cannot open a Premier account and then switch it back to a self-managed account.
If you are an existing Prosper investor you need to transfer in an additional $25,000 and convert to a Premier account.
Prosper cannot provide investment advice – you make all the decisions on the application form.
I get no kickback from this offer; I am sharing this because I believe it is an excellent deal for investors.
Before making any investment you should read our disclaimer section as well as the Prosper prospectus. You should also consult with a financial professional to ensure this investment is appropriate for your financial situation.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.