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Prosper is working hard to gain access for investors in all states

by Prosper on 07/20/09

Although Prosper completed the federal regulatory process, Prosper must also complete a different regulatory process for each state before lenders in that state may invest though our marketplace. 

We are diligently working through the process, but ultimately Prosper does not control the timeline involved to get approval. We will alert lenders once lending is open in their state of residency. Rest assured that this is a priority for us and we will let you know as lending opens up in new states.

The current states eligible for participation by Prosper lenders can be found at: http://www.prosper.com/help/investing.aspx#states


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32 Responses


NewHorizon | July 22nd, 2009 at 8:39 am

In addition to alerting lenders via Email when a state becomes open to Prosper lending, would it make sense to post an announcement in Prosper’s “Announcment” area in Prosper’s forums at https://connect.prosper.com/ for ALL members of the Prosper community to see?


Prosper Blog | July 22nd, 2009 at 1:26 pm

@NewHorizon

Thank you for this suggestion. We will post in the Lender forum immediately.


Alby | July 22nd, 2009 at 10:44 pm

Hurry up and get Virginia approved.


Savage | July 23rd, 2009 at 10:11 am

Wow, I’m surprised at how few states are on that map.
I guess there is a ton of bureaucratic red tape.
What ever happened to the interstate commerce clause?


jenny | July 23rd, 2009 at 2:06 pm

How do we know that the process has acutally been started in a particular state? I mean can we really believe that it’s truly an ongoing process that is constantly being worked on?


Prosper Blog | July 23rd, 2009 at 7:05 pm

@jenny

Why would we lie about this? It is in our interest to have as many Americans eligible to participate as lenders. Also, we had no part in the Kennedy assassination.


Mac | July 24th, 2009 at 5:12 pm

@ProsperBlog – Does Prosper’s lack of involvement in the Kennedy assassination explain why they have not produced monthly or quarterly updates to those involved in the NAT loans? I believe Prosper promised they would do this too.


Scott | July 25th, 2009 at 10:38 pm

Don’t be defensive, Mr. Oswald. I assume the question is more about how long the wait might be. If I am very excited to participate in your innovative process, I wonder how long I will have to wait. Should I give up and try another P2P lender, or should I wait for Prosper, which promises to be the leader in this space and the best experience. Perhaps you could post an estimated date range for approval in each state, or a “percent complete” bar for each state like you see when you download a large file.


Seacrist | July 26th, 2009 at 9:54 am

I realize Prosper does not have control over the timeline the regulatory process takes, but has an estimate been given to Prosper that can be shared with prospective lenders on the Prosper website? When I access the website, I just see that lending is not available in my state, but not sure how far along the process is or approximately how long it will take. Thanks.


John Haddow | July 26th, 2009 at 8:11 pm

All of this is news I guess but have you mentioned the default rate that Prosper now has. I had 52 loans and 7 of them will default. That is a pretty high rate and make is difficult to gain a return on your investment. Have you also advised investors that you do not allow your collection agencies to aggressively go after the money. There are many tools they can use but Prosper does not permit them to use them. They an send them a letter and ask them to pay but that is about it. Why not allow them to go to court and garnish their wages? They simply close the bank account and walk away.


Sherman Frey | July 28th, 2009 at 3:08 pm

I joined Prosper as a lender just a short time before you went into your quiet period for the SEC and anxiously waited (nine months) for the quiet period to end so that I could do some serious lending only to find out that Arizona had not been cleared for lending. I was better off before you sought SEC clearance. Now, I have not only waited for nine months but must also wait for an undetermined length of time for Arizona clearance. I’m 80 years old and I don’t know how much longer I can wait. I am in a position to help alot of borrowers out there and my bank account is earning less than one per cent.


Bryan | July 28th, 2009 at 3:34 pm

In florida and ready tp invest. keep me posted

Great stuuf


jenny | July 29th, 2009 at 1:39 pm

I don’t believe that Propser would flat out lie about things like this but with no status updates and the fact SEC filing caught a lot of people by surprise because there were no status updates, how are we supposed to know what is being worked on or not? And if I am being paranoid by not believing every party line that comes out of Prosper, than I can live with that.


dan | July 30th, 2009 at 12:29 pm

heres my concern. if you look at lending club they have like 25 states that can lend. i bet those will eventually be the states that will be able to lend through prosper also. lending club says the same thing there woking on other states to be approved. i live in maryland and its been more then a year and cant lend to lending club either. so bottom line i bet you can get an idea what states will be approved for prosper my looking at the approved states at lending club. so is this true prosper?


Mary | July 30th, 2009 at 2:51 pm

When will Virginia be approved? I am ready to be a lender and was dismayed to find out I can’t yet.


NewHorizon | January 12th, 2010 at 12:12 pm

“@NewHorizon

Thank you for this suggestion. We will post in the Lender forum immediately.”

OK, I give up. Where’d the forums go?


Prosper Blog | January 13th, 2010 at 12:57 pm

The forum has not been used much recently, and most users have migrated to our blog. Therefore we made the decision to remove the forum and post relevant information on the Prosper Blog. Check back here for updates on state launches, topical news, offers, etc.


monopolyman2 | January 28th, 2010 at 2:19 pm

Looks like the financial industry uses the same lobbyists as the health care industry. God forbid the citizens of THESE UNITED STATES should have equal access to the financial organization that best meets their needs.


Russell | February 14th, 2010 at 9:16 pm

hi, im just wondering if there is a date on arizona lending?


Mark | June 17th, 2010 at 3:56 pm

This freeze ruined my Prosper experience.


John Armstrong | June 21st, 2010 at 11:38 pm

Is there anyway for you to update progress in states that are not yet approved. Perhaps filing dates or recent updates from the states agency. Thanks.


Tyler Wernsing | January 17th, 2012 at 3:37 pm

Sadly I just updated my address from MN to AZ and realized I am no longer able to invest. Lovely, let me know if there is anything I can do to assist. I miss my 10+


Chris | January 30th, 2012 at 10:34 am

Has there been any update recently on progress made in unavailable states? I just moved to Maryland and I cannot invest anymore!!!


kurt | January 31st, 2012 at 8:40 am

What is the current list of eligible lending states? very limited discussion of any recent progress. I’ve been waiting patiently for NJ to come online – are there significant roadblocks for NJ state registration?


Russ | March 4th, 2012 at 9:40 am

how much longer for Arizona?


Eric | June 17th, 2012 at 5:11 pm

Where does the process stand for Maryland. I’ve been waiting years! I used to love my prosper account and I want it back! What can I do to move the process faster? Can I write my govonor or someone?


Mike | July 5th, 2012 at 12:52 am

How much longer until Arizona becomes active?


Prosper Blog | July 9th, 2012 at 11:09 am

Thank you all for your continued support and interest in Prosper. We assure you all that we are constantly pushing toward getting more and more states approved to use our platform. Our goal is to offer our services as widely as possible.
We will send out announcements as new details develop.


NewHorizon | July 9th, 2012 at 12:25 pm

kurt asked, “What is the current list of eligible lending states?” Answer:
http://www.prosper.com/help/investing.aspx#states

And he wrote, “very limited discussion of any recent progress.”

While each new eligible state garners a new blog post from Prosper (see “Related Articles” below), this here 3-year old blog post seems to be the only “central”, if you will, location of any discussion with the Prosper community about the current, um, state of bringing states online – near as I can tell. (But even so, keep in mind that these discussions are moderated by Prosper marketing, not Prosper customer service.)

Meanwhile, if we extrapolate the rate of progress to date, we quickly discover that these past 3 years are probably going to prove to be only the beginning. So let’s all bookmark this blog post, shall we? :)


oberona | March 28th, 2013 at 3:59 pm

A little more transparency would inspire more confidence in prospective investors. “We are working diligently and this is a priority” is not very encouraging in a four year old (as of 2013) blog post. For the states you are showing “in progress”, how about posting some information on whether the ball is in your court (you have to do something to meet regulatory requirements) or the state’s (you have met the requirements and applied but have not yet received approval). Timelines for the states are out of your control, but you should have timelines for your own actions. And of the 27 or so eligible states, did any of them become eligible after the blog post in 2009?

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