I was transferring some money into my Prosper account today and I noticed a new feature: Prosper now supports instant transfers, so you no longer have to wait the standard 4 days before the money appears in your account and is and is available for bidding on loans.
This is great news. Now, under certain conditions, you can transfer funds and get right to your bidding!
From the Prosper help files, describing the new feature:
When a transfer to Prosper meets certain requirements, funds are made available in a lender's Prosper account instantly, with no delay. Requirements for instant transfer:
- Transfer amount must be between $500 and $10,000
- Sum of pending transfers must be less than 20% of lender's active loan value
For example, if you had an active loan value of $10,000, you could transfer between $500 and $2,000 to your Prosper account instantly. If you attempted to transfer $3,000 to Prosper, it would not qualify for instant transfer because the amount is more than 20% of your active loan value. Your $3,000 transfer would still continue, but would be subject to the standard 4-day waiting period.