Prosper Marketplace and national home services digital marketplace HomeAdvisor are partnering to offer home improvement financing on HomeAdvisor’s website.
HomeAdvisor screens home improvement professionals via criminal and financial record checks before allowing them access to the HomeAdvisor website. Those professionals are also reviewed by HomeAdvisor users. In addition to providing a network or vetted professionals HomeAdvisor also offers reviews, project design tools and cost calculators.
The partnership will especially benefit small business owners, who can generate more revenue by offering point of sale financing.
Not everyone has access to traditional financing sources which are often accessed to improve the value of homes, Prosper Marketplace CEO Aaron Vermut explained.
“Home improvement projects are a great way to increase the value of a home, but not all homeowners have access to home equity lines of credit as a financing option. Prosper offers people the opportunity to borrow money at rates that are typically lower than credit cards – it’s a smart financing option that can help homeowners improve their property while staying in financial control.”
As more people become aware of marketplace lending, they are using the option to renovate their homes. Prosper saw such loans double in popularity last year.
The announcement comes as much of the nation emerges from winter with home renovation projects on their mind, HomeAdvisor’s CEO said.
“We’re at the kick-off of home improvement season when homeowners submit more planning and budgeting requests for kitchen and bathroom remodeling projects than any other time of year,” said Chris Terrill. “Offering Prosper’s smart financing option strengthens HomeAdvisor’s commitment to helping homeowners achieve their home improvement goals.”
More than 35 million homeowners have accessed the HomeAdvisor network.
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