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Prosper now open to Rhode Island and Virginia Lenders

by Prosper on 08/19/09

Prosper is pleased to inform our Lenders in Rhode Island and Virginia that we have received state clearances and are now effective for business. We already have hundreds of lenders and borrowers participating in the first auction based peer-to-peer loans platform and welcome our members in Rhode Island and Virginia.

Prosper is currently available to lenders in the following states: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Maine, Minnesota, Missouri, Montana, Nevada, New Hampshire, New York, Oregon, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin and Wyoming.

Prosper is in the process of working with every state to allow lending; however each state has their own process and ultimately Prosper does not control the timeline involved to get approval. Rest assured that this is a priority for us and we will let you know as lending opens up in new states. Prosper delivers competitive rates of return ranging from 7.18% for AA listings to 4.59% for E Prosper Rating listings, based on return on investment for all loans as of 6/30/2009. These are healthy returns that confirm peer-to-peer lending is a viable alternative asset class in which to invest.

To read more about the changes we have made to ensure we deliver the world’s most transparent and durable personal loans trading platform read here.

Be sure to follow us on Twitter, become a fan on Facebook, and check back here on the Prosper Blog to learn as we add more states.

Welcome back and happy investing!

Notes offered by Prospectus

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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5 Responses


dan | August 19th, 2009 at 12:46 pm

wheres maryland


aardvark | September 7th, 2009 at 7:58 am

Could you provide a little more information? A blanket “we’re working on it” or “each state has their own process” isn’t very helpful. How about stating specifically who you are working with to get things fixed. There are specific individuals that control the decisions. If you want help from you customers then give us a list of names, who is holding up the process, and who they are representing.


tweety bird | November 15th, 2009 at 10:27 am

We voters can help your campaign. Post a letter that we can sign and send to our state reps. I’ve extremely disappointed that this is not available in Maryland.

Also, please lobby to lower the requirement of net worth of $70,000 from lenders, especially when minimum loan contributions are as little as $25. The whole point of me lending is to achieve such a net worth!

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