Prosper Marketplace, which operates a leading online marketplace that connects borrowers and investors, today announced that Radius Bank, a full-service bank serving consumers nationwide through an industry-leading virtual banking platform, will now offer a new personal loan option through the Prosper platform.
The partnership integrates the Prosper marketplace lending platform with Radius Bank’s innovative approach to banking, providing easy access to apply for loans anywhere, anytime from any device at radiusbank.com. Investors commit to fund loans through the Prosper platform, and the loans are issued by a FDIC-member bank at a fixed interest rate, providing consumers with a powerful alternative to traditional bank loans.
“Radius is recognized as a bank providing a next-generation banking experience, just as Prosper Marketplace is using technology to offer the platform’s members a new and better way to borrow and invest money,” said Itzik Cohen, Chief Business Officer at Prosper Marketplace. “We’re looking forward to working with Radius Bank to bring clients access to a personal loan product that offers competitive rates and transparent, easy-to-understand terms.”
Headquartered in Boston, MA, Radius Bank is known for adopting the most advanced and secure technologies to provide its clients with greater flexibility and convenience through digital banking and forward-thinking strategic partnerships. Recent rollouts have included an upgraded online and mobile banking experience, streamlined mobile account opening, a student loan rewards pay down program in partnership with SmarterBucks and a branded solution high-yield personal checking account with Aspiration Partners LLC.
“We are challenging the traditional banking model by looking for new, innovative ways to bring exceptional products and services to market,” said Mike Butler, President and CEO of Radius Bank. “Our partnership with Prosper Marketplace allows us to continue to fulfill that commitment, while also aligning us with a company that shares a digital, forward-looking approach to personal banking.”
Consumers will be able to apply for a loan between $2,000 and $35,000 through the Prosper platform at www.radiusbank.com starting in the coming week.
Read the original article on EIN News.
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