Prosper Marketplace Launches Credit Card to Help People Manage Finances

Digital lending platform Prosper Marketplace is launching the Prosper Card to help people get a handle on their finances no matter where they fall on the credit scale.

The credit card offers affordable rates, no annual fee for the first year with autopay, no-fee ATM cash advances, no security deposit, and other perks, the company said in a press release on Wednesday (Jan. 12).

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“Consumers working to build their credit profile have historically found it difficult to find an attractive entry point and are often forced to rely on costly alternatives. With the Prosper Card, people get access to the affordable credit they need when they need it, as well as tools and resources to help them stay on track with their personal finances,” said David Kimball, CEO of Prosper Marketplace.

“Since launching in 2006, our platform has facilitated $20 billion of affordable credit solutions for more than a million consumers across personal loans and home equity lines of credit, and we are excited to reach even more people with our credit card product,” Kimball added.

The Prosper Card aims to encourage personal empowerment while also being simple to use. People can apply online and choose their own payment deadline, which the company indicates is the “best opportunity for making on-time payments on a regular basis.”

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Prosper Card users can also tap member-exclusive perks that were developed to help improve customers’ overall financial well-being. Classes in personal finance are offered that can be tailored to users’ needs and help them meet financial goals. The My Prosper Card App is available to help users stay on top of their spending, manage payments and sidestep fraud.

Launched in 2005 in Silicon Valley, Prosper strives to help people reshape their lives by offering affordable financial solutions on an easy-to-use platform.