Prosper.com "loans" Reviews | Glassdoor

Prosper.com Employee Reviews about "loans"

Updated Apr 26, 2019

To filter reviews, or .

3.6
63%
Recommend to a Friend
81%
Approve of CEO
Prosper.com CEO  David Kimball
David Kimball
48 Ratings
Pros
  • "Great people, culture, and benefits(in 14 reviews)

  • "Inspiring leadership, great benefits, solid product and terrific atmosphere(in 11 reviews)

Cons
  • "First thing the CPO says after the layoffs is that now it's much easier to fit in meeting rooms(in 11 reviews)

  • "Consistent lack of success outside of personal loans(in 7 reviews)

More Pros and Cons

Reviews about "loans"

Return to all Reviews
  1. Helpful (3)

    "Complete package"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prosper.com full-time for more than a year

    Pros

    You are given the opportunity to do your best work here. The culture is positive, and people are genuinely happy to be here. The team lives the values. Management actively seeks feedback and acts on much of the feedback. We are a scale player in personal loans and are launching new products.

    Cons

    We need to continue to clean out tech debt. The company has been around for over 10 years, and a lot of the original design was less flexible than is required now.

    Advice to Management

    Keep bringing in great talent!

    Prosper.com2019-01-02
  2. Helpful (17)

    "The Very Definition of Love/Hate"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Manager in San Francisco, CA
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Prosper.com full-time for more than 3 years

    Pros

    * Some teams do very interesting work. If you get on the right projects and have the right project partners, there are significant opportunities for growth. All new staff should seek to understand all internal teams and do their best to work on projects they find rewarding; Prosper will go to great lengths as an organization to align an employee's interests with company objectives. * Many genuinely good people. You... will make many friends here. * Both a pro and a con: there is a serious lack of accountability on some teams. This means that if you are looking for a clock-in/clock-out job or a job where it is acceptable to show up late and leave early, you may have found your match!

    Show More

    Cons

    It's hard to know where to begin: * The industry is absolutely brutal. It is extremely competitive and there is very little product differentiation. If the industry as a whole is doing well, a medium-sized player like Prosper will struggle for market share. If the industry or the market is not doing well (and we know those times will come), you can forget about it. There is massive downside risk with little upside... - a totally unenviable market position and one that every new hire should accept coming in. * A serious lack of quality people managers. Many folks spend their days forwarding emails and holding meetings about meetings with very little actual work product to show for their efforts. * For a long time, a serious lack of HR leadership. This has, however, improved over the last year or so as new members have been brought to the team. * Lack of transparency around pay, promotion, and PTO. At the beginning of 2016, folks were told that pay adjustments were meager because 2016 was going to be a tough year (and it was). Then, at the beginning of 2017, pay adjustments were meager again...because 2016 was a tough year. * Some employees are allowed to take seemingly endless amounts of PTO without recourse. There is a complete lack of consistency around the enforcement of PTO policies. * In a company with a significant middle management layer, it becomes very hard to understand who contributed to what. This leaves employees with the option to either shamelessly and relentlessly promote themselves, or be looked over for promotions. * The CEO is a genuinely nice guy, but has been pushing his "nice guy" shtick a little bit too hard of late. When the business begins to turn, this routine will tire very, very quickly. * Consistent lack of success outside of personal loans. An attempt at a point-of-sale product and a foray into a personal finance app were both failures of epic proportions. Leadership has attempted to cast HELOC as a different sort of product (since "we built it from scratch") but that is also off to a rough start in every sense. * Understaffing across several teams and over long periods of time has led to some significant errors, and presents a significant risk exposure moving forward. See, for example, the recent $3mm settlement with the SEC for an error calculating investor returns. * Job titling is a mess. For example: "managers" who don't manage anyone or anything; "Head of XYZ" to describe roughly half of the staff on some teams. Settle on a nomenclature and stick to it. * Some teams are in a constant state of disarray and this prevents many initiatives from launching on time or at all. “We don’t have the engineering resources” might as well be Prosper’s slogan.

    Show More

    Advice to Management

    The current management team is more cohesive and less dysfunctional than leadership teams of the past (although this is a low bar). A recent review was right on the money: keeping bad employees around will inspire the good ones to leave. A fundamental issue with this company is that the execs hold a large portion of the option pool and therefore have financial motivations that are misaligned with that of (even... longtime) staff (e.g. implications of selling the company). I wish Prosper had a more liberal culture around firing underperforming execs; there are many VP and above level folks who should be shown the door for the good of the company. I often think about what life would be like at Prosper if some of these people recognized this and just resigned.

    Show More
    Prosper.com2019-04-26
  3. Helpful (6)

    "Good momentum, after a tough 2016"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     in San Francisco, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prosper.com for more than a year

    Pros

    Prosper has a big opportunity to change the way lending is done in the US. It already has two products that work- a loan and an ability to invest in loans - that are relevant to a lot of people. The company is now on solid footing (after a turbulent year of 2016) - it is cash flow positive and has $100M in cash. Leadership is aligned and people throughout the organization are collaborating well. It is... transparent and clear what the goals are and what the progress is towards those goals. Good office culture and colleagues you enjoy hanging out with.

    Show More

    Cons

    Prosper is in a very competitive market and a clear winner has yet to emerge. The company still has to prove its ability to succeed through a recession. Some employees are burnt out after a rough year of 2016. But new hires are strong and bring fresh wind.

    Advice to Management

    Show people how they can advance their careers at Prosper. Even if that means taking some risk on folks.

    Prosper.com2017-10-06
  4. Helpful (8)

    "ups and downs, but good work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Senior Software Engineer in San Francisco, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prosper.com full-time for more than 3 years

    Pros

    Lot's of work and lots of hard workers help the days go by quick and a sense accomplishment. Plenty of room to prove your worth if you're good at what you do. The industry has gone through a period of frozen liquidity and despite the false buzz of high valuations from the year of inflated unicorns (2014-2015), after recovering from this downturn we are better slotted for success than ever before. Despite all... we've been through, the management at the top are good guys and passionate about the positive side of the industry. We leverage larger institutional funding for our loans, but at the core we represent smaller funds, giving individual lenders the opportunity for higher returns, and providing loans to thousands of people that have nowhere else to turn. The big banks have done their damage and our product is a p2p network of people helping each other compete in a space we create. Check out the facebook page to get an idea of the impact this product offering has had on people's lives. Also, we've achieved great success purging toxic energy internal to the company. After the big layoffs, anyone else still not happy has had plenty of time to find something else. The people left are here to work and if anyone is still complaining about the past, they just look bad like they must have been such a bad hire they can't find anything else. For the people that want to work, there are plenty of open ears and opportunities to help improve things. I find it impressive how much we've been able to turn everything around for the positive. Now is a good time to join because we're rebuilding and expecting rapid growth again, but this time we're better prepared for it.

    Show More

    Cons

    All the ruminating on negativity instead of working towards solutions, shown by many of the reviews on this site. The engineering work is hard enough in itself, balancing tech tradeoffs and choreographing iterative production releases can be crippling if you don't find your voice heard or your work getting out into production. Luckily most the engineers suffering from this constraint ruminating have moved on, but to... understand how so many people who gained upwards of a 50 percent salary adjustment to their career can complain about the company that launch padded for their career, you have to understand the history of the department. Since the company was bought by new management late 2013, we've had three major changes in engineering management. The initial purchase came with a series of layoffs that left an elite skeleton crew with much pride and passion in their work and a plan for solving the lingering technical bottlenecks. The 2014 management came in talking about how we would fix all our problems with introducing a rapid development stack, which was not well received by the previous tech leads and people started leaving with a sense of all their hard work not being appreciated even though the company grew around 400%. 2015 was new prosper management v2, move to Java ASAP with rapid hiring. This wave peaked with dissatisfied employees. Older employees were told to fall in line with the new political agenda (silicon valley's box in the back of a server farm effect) and new employees were pulling long hours on a thrown together platform without functional dev infrastructure support resulting in their boss getting a promotion for their work, seemingly no appreciation from the older staff, and too much time spinning the wheels on the hell that appears from overwriting shared configs, libraries, and deploys from a few overcrowded dev environments. It felt like a war of management, the new java initiative had over promised deliverables, lies had already been told to the executives on the progress of said deliverables, there was apparent pressure for heads to roll when deadlines were missed and everyone was trying to cover their tracks. It wasn't just a war between dev, product, and QA, it was the classic fear of mentioning that the emperor wasn't wearing any clothes. It sounds dramatic, but when stress and passions are high, things are dramatic and this is why there are so many bad reviews from every different perspectives on this site. 2016 new management v3, forget the politics, let's make prosper great again. (note, there is no public discussion of the actual presidential race, it's just a good metaphor ) Despite the much needed round of layoffs, we finally have management with very high approval ratings. The extreme glassdoor reviews gives insight into the amount of toxic purging done. We're finally focusing on paying off tech dept, building out a great platform template with all the microservices best practices, fixing our environments, configs, deploys, and anything else that was crippling us under load. We can finally get back to actual engineering and building software in harmony. Working in smaller teams is a little easier and we've gotten back to good collaboration, centralized architecture focus, and fixing all the problems that haunted us under load. It's been a year of less new feature development and more fixing internal issues.

    Show More

    Advice to Management

    Continue polling low level employees for feedback to verify the advice from your reporting structure, and continue the culture of transparency and communication.

    Prosper.com2016-10-23
  5. "Legit but shortsighted"

    StarStarStarStarStar
    Former Contractor - Anonymous Contractor in San Francisco, CA
    Doesn't Recommend
    No opinion of CEO

    I worked at Prosper.com for more than a year

    Pros

    At first I was concerned that Prosper might be a scam. It's not. People were sincerely trying to do the right thing. Smart, sincere, capable people. Good location, a 10 minute walk from Embarcadero BART station.

    Cons

    They laid off a fourth of the staff in mid-2016 because they had long neglected mom-and-pop investors in their shortsighted rush for the huge institutional investors and getting more and more borrowers in the door. When the economy shifted and a couple of the huge investors backed off – as is the nature of huge investors to do – there was no plan B. They suddenly realized they needed to attract more mom-and-pop... investors to fund all these loans. Prosper has an unfortunate tendency to put massive amounts of energy into froth like branding and colors and making sure their website looks exactly like every other website, regardless of how poorly the website satisfies users' actual needs. Noisy environment.

    Show More

    Advice to Management

    Focus on building solid fundamentals, like making the website serve users' actual needs. Financial services are supposed to be boring, so grow slowly for the long haul.

    Prosper.com2016-11-16
  6. Helpful (4)

    "winning product, great team, dynamic environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     in San Francisco, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Prosper.com

    Pros

    I am currently an engineer at Prosper. I will speak mostly of the engineering/product/ops/finance side of the business, because that's what I know. Prosper has two great financial products. On the one hand, we lend money for unsecured loans at far better rates than banks or credit card companies. On the other hand, we offer investors a truly superior fixed income product, with stock-like returns but bond-like... volatility. Banks' spread is like this (picture my arms extended fully); our spread is like this (picture my hands maybe a foot away from each other). We are more efficient than banks, less greedy, hungrier, faster-moving, and less lazy. They are ripe for disruption, and we will disrupt them. Lending Club's problems allowed us to leapfrog them into the #1 position in this fast-growing space, which is still only a tiny fraction of what it could be. The potential market for Prosper is huge, because for better or for worse, consumer debt in the US is ginormous. When I first arrived at Prosper, there were some folks in product, engineering, and ops who didn't want to be here, or didn't care enough about the company to do a good job. Most of these folks are now gone. Some of them have written vitriolic reviews of Prosper on glassdoor. Every month, things get better. We have a lot of seasoned industry folks making methodical, strategic decisions, and we have a fast, startup-like pace, and the engineers are herded by (in my experience) really good product people. At this point, I am able to spend a significant portion of my time here doing actual engineering, more so than when I joined the company, and more so than at most places I've ever worked. And as I look around, I see teams full of really smart people. And respectful, and nice, and (dare I say) somewhat mature. There's not a lot of shenanigans, but there are a lot of interesting people, and there's diversity and respect. And the life/work balance seems quite good--almost like at a non-tech company! If you are good at what you do, there is a lot of potential for you at Prosper. If you're not good, or you don't care, or you have a low tolerance for change, or you just want to punch the clock, then do me a favor and go somewhere else. As for the "Recommend to a Friend" question? I've already referred two.

    Show More

    Cons

    If you want something completely predictable in a mature space, this may not be for you. (But you may be missing out on some potential upside.)

    Advice to Management

    Continue the great momentum, and excellent prioritization: tuning the core financial products; creating new ancillary products; tuning the eng/product/ops organization; and running a clean, above-board business.

    Prosper.com2016-08-03
  7. Helpful (7)

    "Great place until the board realized you can't have peer to peer company funded by wallstreet"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Sales Executive in Salt Lake City, UT
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Prosper.com full-time for more than a year

    Pros

    The base was incredibly low but the ability to make commission was great.

    Cons

    Base was low which added a ton of unneeded stress. Also, the company as a whole is a Peer to Peer lending company, yet 99% of the money we were using to fund loans came from wall street. As soon as wall street pulled money we no longer had money to fund people. Due to this it didn't matter if we grew the business, there was nothing to fund with.

    Advice to Management

    If you are going to be a Peer to Peer lending company, BE A PEER TO PEER LENDING COMPANY. Spend your time and resources having Peer's invest. Just because you are friends and buddies with hedge fund and mutual fund managers, does not mean that is the only place to go for money.

    Prosper.com2016-05-31
  8. Helpful (2)

    "Great Culture... Tough Times"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Draper, UT
    Doesn't Recommend
    Negative Outlook

    I have been working at Prosper.com full-time for more than a year

    Pros

    Amazing people and culture. Great vision of what healthcare lending could and should be. I work with an amazing pool of talented people. I hope that wherever I go next has a culture like this one.

    Cons

    The business wasn't prepared to withstand the tough capital market conditions we find ourselves in. The business is dependent investors funding loans and right now, that is not reliable.

    Advice to Management

    Hopefully, the investor side of the business can get straightened out and the company can get back on track. Peer to peer lending is a great concept and hopefully it works out.

    Prosper.com2016-05-03
  9. Helpful (22)

    "Blow It Up"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Prosper.com

    Pros

    Benefits are great. So are perks with commuter and wellness reimbursement. Stocked snacks are cool. Innovative ideas within the business model. Too bad they couldn't execute

    Cons

    The train ran out of track and just fell off the cliff. They just laid off 200 of us to try and improve income performance..... Or decrease loss and cash burn. Or maybe they are trying to create value to sell the business just to deepen execs coffers at the expense of real people with real passion. They let go of their CBO and COO today. Along with 200 other layoffs. Yet they leave two of the main problems on.... How on earth can you let that pompous CPO stay when he hasn't done anything to improve the business. You can't improve sales when you have a crap product. And even if you have a great product, it doesn't matter when you bank on three major investors to buy all our loans. Your senior exec in charge of the investment side did nothing to diversify, yet he is still employed. How can you not forecast for what will happen to the business in a down economy when he did not diversify with a larger investor pool. And because of your poor planning and careless behavior, you just significantly affected several people's lives...... In a bad way.

    Show More

    Advice to Management

    Fire your CPO. Get someone who understands how a bank works. And learn to diversify your investor pool. Also, when the economy turns positive again, don't expect to double growth as easy as you once thought it would be.

    Prosper.com2016-05-04
  10. Helpful (17)

    "Get out while you can"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Doesn't Recommend
    Negative Outlook

    I worked at Prosper.com full-time

    Pros

    Great location and good snacks

    Cons

    1. Someone has to own the mess that was created. Laying off 200 people doesn't mean you can get behind the excuse that times are tough for online lending. What happened to the strategy, product guys? 2. The Chief Risk officer is the best in class you can expect. He was also gone with rest of us. One can only think how the company will now price in the risk and service the loans. Remember he is the one who built... this company from scratch when times were tough. 3. HR and culture - I understand the layoffs. we need to reduce the cash burn but at the expense of the three stools that management talks about. There are people who aren't impressed with the product leadership and they feel bored and scared to stay behind.

    Show More

    Advice to Management

    Times will get better but the goodwill stays on. Laying off such a huge number creates jitters in the existing folks and the fact that all key management is gone makes everyone nervous. the CBO was a dealmaker and brought in volumes of business. I wish the board realizes the mess the company is in and looks at the frustration among existing employees. Something needs to change and this was unprecedented.

    Prosper.com2016-05-04
Found 13 reviews