Peer to peer lending company Prosper Marketplace has released their February loan statistics and have now reached a total loan demand of $1.8 billion.
In a statement made by the company, Prosper asserted that it “maintains approximately two-thirds of the U.S. peer-to-peer lending market and, according to Deutsche Bank Research, Prosper is the largest peer-to-peer lending marketplace worldwide.”
The statement made by the company is a rebuff to critics that have noted that the amount in new loans that Prosper Marketplace has originated has declined significantly since its re-launch following litigation from the Securities and Exchange Commission.
Lending Club has seen a much faster growth rate in loan origination during the last year than Prosper Marketplace has. Lending Club originated just over $8 million in loans during the month of March and Prosper Marketplace has originated just $2.25 million.
During the month of February, the average borrower credit score on Prosper was 724 with 40% of loans going to borrowers with credit scores of 760 or higher, and 26% of loans going to borrowers with scores between 720 and 759. Debt consolidation remains the overwhelmingly most popular use case on Prosper, accounting for 56% of February loan volume.
