Quick Invest is an investment tool you can use to place orders for Notes when investing on the Prosper platform. With Quick invest, you set search criteria for the types of Notes you are looking for and submit an order. Quick Invest compiles a basket of Notes that meets your search criteria and invests the funds you have committed in your order. If the basket of Notes exceeds the total dollar amount you wish to invest, Notes associated to listings that have completed the loan verification process will be selected first. If the basket of Notes still exceeds the total dollar amount you wish to invest, a “first-in first-out” filter will be applied. In other words, Notes associated to listings posted on our marketplace earliest will be selected first. In the case where the basket of Notes that meet the investor member’s search criteria are insufficient to fill his or her order, the investor member is advised of this shortfall and given an opportunity either to reduce the size of the order or modify the search criteria to make the search more expansive.
If the investor member’s search criteria include multiple Prosper Ratings, Quick Invest divides the basket of Notes into equal portions, one portion representing each Prosper Rating selected, and then attempts to fill each portion in the manner just described. If there are insufficient Notes available from a particular Prosper Rating to fill that portion of the investor member’s basket, Quick Invest attempts to make up the deficit by including additional Notes from the other Prosper Ratings in the investor member’s search criteria in equal proportions. If there are still not enough Notes to fill the investor member’s order, the investor member is advised of this shortfall and given an opportunity either to reduce the size of the order or modify the search criteria to make the search more expansive.
By using Quick Invest, you place a single order based on your search criteria. Should you wish to make a standing order choose Auto Quick Invest. Auto Quick Invest uses the search criteria you have set up and will continually look for and invest in Notes that meet your criteria, committing all available funds in your account.