The online loan facilitator Prosper Marketplace Inc. has expanded the types of loans available on its website.
Borrowers can go to the site to request unsecured loans in an auction-style process. Investors bid to fund parts of the loan at interest rates they are comfortable with, given the borrower's history.
The San Francisco company said Wednesday that it is letting prospective borrowers request one-year loans or five-year loans. Until this week, would-be borrowers were able to seek only three-year loans.
The new loan ranges give the investors who fund the loans "greater diversification opportunities and the broadest selection of investing options available in the peer-to-peer lending industry," Chris Larsen, Prosper's co-founder and chief executive, said in a press release.