Prosper Enhances API and Aims to Increase Peer-to-Peer Lending

Eric Carter, Founder & Corporate Counsel, Dartsand
Mar. 15 2013, 09:00AM EDT

Prosper, America's first peer-to-peer lending marketplace, launched a new set of API services that enable lenders to develop tools that enhance the ability to reach investment goals. The API provides over 550 data points that lenders can use to evaluate investment opportunities. Propser expects users to integrate the Prosper API into existing tools or build new tools based on the API and its underlying data set.

Prosper has planted itself as a new investment/borrowing opportunity in a space traditionally dominated by household banking names. The Prosper network now includes more than 1.6 million members with over $400 million in loans funded. The new API only increases the opportunity for potential lenders to gauge investments. Nickel Steamroller, a strategic Prosper lender, praised the API offering:

“We are especially excited about the expanded data points as well as the speedier performance, which lets us build robust tools in less time.”

The API uses REST protocol and returns calls in an XML data format. The API provides access to the Prosper Marketplace. Key enhancements to the API include expanded access to credit profile data points (over 475 variables), access to notes (principal, interested, fees, etc.), and simplified querying. Those interested can learn more at the API site.

In the past decade, investors have developed significant distrust of the large banks that seemingly run the world. Prosper offers a "bankless" investment opportunity to those with money, and an alternative borrowing mechanism for those who need money. With an enhanced set of data points available via API, prosper should attract more lenders and increase its reach.

Eric Carter Eric is the founder of Dartsand and Corporate Counsel for a specialty technology distributor. He is a frequent contributor to technology media outlets and also serves as primary legal counsel for multiple startups in the Real Estate, Virtual Assistant, and Software Development Industries. Follow me on Google+

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