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Innovative Financial Startups Band Together

by Prosper on 10/20/09

Ongoing economic challenges cannot be solved simply by fixing the traditional financial institutions, which proved to be opaque, fragile, and in some cases reckless. Navigating this ongoing financial crisis means embracing alternatives and new innovations that will make the country less dependent on any single point of failure, or institutions that are too big or too interconnected to fail. New companies and organizations are emerging to fill the void and to do so in a better, more responsible way. What solar panels and wind turbines are to the energy industry, alternative credit models are to financial services and consumer lending. They are new innovations that require new rules and fresh thinking to reach their full potential and mandate for change.

“Coalition for New Credit Models” members include, CreditKarma, Loanio, ProFounder, Progreso Financiero, Prosper, The Receivables Exchange, and SecondMarket.

The Coalition for New Credit Models policy recommendations for Congress and the Administration include:… Read More


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3 Responses


Gary Carlson | October 22nd, 2009 at 10:57 am

The posting seems to imply more transparency for Prosper than for other traditional institutions. What exactly does this mean? What are we users of Prosper allowed to see of the big picture of the company? Is there an periodic independent audit that would assure us that all the loans are real and not made up as an elaborate Ponzi scheme? Can we see statistics on the new notes market to understand how it is working and have the same information to work with as company insiders? I want Prosper to work and I have some of my money in it. Please make the claim of transparency real.


Same Day Loans | October 24th, 2009 at 5:15 pm

Actually the global recession appears to be producing many new and innovative products. As in all recessions, the businesses who prosper will be the ones who serve their customers best when times are tough.

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