Prosper, a peer-to-peer lending platform, will inaugurate a new digital Home Equity Line of Credit product in 2019, working with banks to improve the application process and reduce the time from application to closing.

Banks will have the opportunity to increase their HELOC business because they will be gaining access to Prosper’s customer base, proprietary technology and marketing expertise. If projections are correct, the opportunity is large: An estimated 10 million consumers will take out HELOCs between 2018 and 2022, which would be more than double the number originated from 2012-2016, according to a study from Trans Union.

Applying for and obtaining a HELOC has often been a difficult and lengthy process for consumers.But customers on Proper will be able to complete an online application within minutes, receive an instant HELOC prequalification offer, and save weeks versus the traditional process. HELOCs originated through Prosper will have no origination fee and offer the same competitive rates as banks.

“We are taking advantage of our expertise in consumer credit and personal loans to build a product that removes the complexity and time-consuming barriers in applying for a HELOC,” said David Kimball, CEO, Prosper Marketplace. “For many of our customers, a HELOC could be a better choice for their financial needs and we’re thrilled to be working with our bank partners to render the traditional process obsolete with a new digital HELOC process that is simple, fast and painless.”