Prosper Running a $1,000 Cash Giveaway

Prosper $1,000 Sweepstakes

Prosper has a new promotion to start out the New Year. Just provide them with your name and email address and you will have a chance to win $1,000 cash. There is nothing else you have to do to enter.

You can also increase your chances of winning by using your special referral link and getting your friends to sign up. The contest runs through January 31st and you can enter up to 25 times. As you would expect there is plenty of fine print on the contest but nothing I read that would cause concern.

I am not a big fan of promotions like this because you get a bunch of free loaders who never have any intention of becoming a borrower or investor. But they might generate some marketing buzz by getting media coverage and it is a pretty cheap way to create a list of potential prospects.

I get no kickback from Prosper for mentioning this contest – but it is a free $1,000 and it takes roughly 15 seconds to enter. So go at it.

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gharkness
Jan. 15, 2012 2:52 pm

Mr. Renton! Oh my! I think you may need to edit your first paragraph. What it says is that anyone who registers their name and email address WILL get $1,000. But I think what you meant to say was that they will have a CHANCE to win $1,000. Is that not so?

Granted, the actual sweepstakes becomes clear after reading a couple more sentences, but I think the first sentence is a bit confusing!

Thanks 🙂

gharkness
Jan. 15, 2012 2:53 pm

Oops…it’s the second sentence that’s confusing, not the first one 🙂

Sorry!

Roy S
Roy S
Jan. 15, 2012 8:57 pm

re: “I am not a big fan of promotions like this because you get a bunch of free loaders who never have any intention of becoming a borrower or investor.”

It doesn’t appear that they are making a big deal of this contest. I did not hear about it until I read your blog, but it has been going on for a few days. If they run it more under the table and only publicize it on select forums like this one, it might be a more targeted form of advertising that may be successful in weeding out the free loaders. I’m not saying this is their intention, but it does make sense–market to those who are more willing to check out their site as well as potentially steal market share from LC by drawing in current LC investors.

Roy S
Roy S
Jan. 16, 2012 10:07 am

, Well, they’re aren’t targeting me. I even checked my spam folder (I don’t even read all of my emails so looking into my spam folder was a big step for me), but I did not see an email sent to me regarding this promotion. The only things I did find were a few emails that should not have gone into my spam folder! But it’s not like I would have read them anyway…

Roy S
Roy S
Jan. 16, 2012 7:06 pm

, I was wondering about that “pay off your debt” phrase. This makes a lot more sense now. I’m sure they’re looking for people to refer other potential borrowers, and they’re trying to get referrals from borrowers who have personal experience with getting a loan from Prosper. Seems like a cheap way for them to start generating loan volume, but I’m still seeing a lot of loans go unfunded. I think Prosper needs to start targeting investors more than borrowers.

Perhaps a campaign to get more people to deposit money as well as diversify their holdings would be in order. Maybe a commercial, too? They should probably reward any current or new investor that transfers in $1,000 or more and funds a minimum of 40 Notes would receive a bonus of some amount or something. Maybe have the offer presented more than a day or two before it begins (unlike their cash back offers) and have it last a month (with commercials during that month, too). They could even have steps to the offer that increase with the dollar amount and Note diversification needed to achieve each bonus. Not only will this encourage people to invest more than $100 or $250, but it will also get people to invest their $1,000 in more than just 5 or 10 Notes. This should lead people to having a greater likelihood of having positive returns and thus a positive experience.

And if Prosper chooses to implement my idea, and it works out favorably for them…a bonus for me, while not required or expected, would be greatly appreciated! 🙂

Dan B
Dan B
Jan. 24, 2012 2:51 pm

The only loans that go unfunded are the ones that worthblanket2 doesn’t invest in. He/she is taking $5k bites on average out of loans & Prosper’s average loan is only like $6.5k.

Glenn G. Millar
Jan. 30, 2012 11:31 am

– You are correct. The promotion was targeted at borrowers and previous borrowers.

@Dan – Every investor has just as much chance of investing in a loan as Worthblanket2 as long as they are using Automated Quick Invest. Our new listings go up at 9:00 am and 5 pm PST. Anyone on Automated Quick Invest has equal chance, but they do have an advantage over someone doing manual investing unless that manual investor is on right when the listings are posted.

Glenn G. Millar
Prosper Employee