We are excited to announce that the Prosper website has a new look and we have launched some new features that improve the experience for both our borrowers and lenders. The biggest change is that we have eliminated the auction for all new loan listings – from now on listings will have pre-set interest rates. Continue reading Exciting new enhancements at Prosper
Stephanie’s Quinceañera would be her dream come true. This rite of passage is on the minds of many young girls turning 15. But for Stephanie, the dream included a horse Continue reading Lessons from a $300,000 Birthday Party
VIDEO: MSNBC Morning Meeting w/ Dylan Ratigan
July 17, 2009
Wall Street Journal- The Wallet Blog
As Prosper Gets The Green Light, A Comeback For Peer-to-Peer Lenders?
July 14, 2009 by Jane J. Kim
Prosper welcomes quality borrowers to the first auction based peer-to-peer lending platform to be approved by the SEC. This is a significant regulatory breakthrough for the peer-to-peer lending industry and borrowers looking to get a personal loan. Continue reading Prosper Welcomes Quality Borrowers
In this economic downturn unfortunately this is happening more and more. There are two types of bankruptcy that a company may file – Chapter 11 or Chapter 7. Depending upon which they file, it affects the safety of your job and therefore your benefits.
Chapter 11 allows the company to restructure. Many large corporations have done this such as the Tribune Company (the publisher of the Chicago Tribune and the Los Angeles Times), United Airlines and of course, GM.
Chapter 7 is the complete shut down of a company. As a result of this all future benefits to the employee are terminated. If you have a 401(k) with this company the 401(k) will be liquidated and the assets will be distributed. You can then roll these funds over into an IRA to avoid tax penalties.
Chapter 11 more than likely means that your position may be retained; however you could be facing financial cutbacks such as reduction in salary and even benefits.
With regard to a Chapter 11 filing, it is important to know your legal rights as there are laws that protect you:
- Your 401(k) assets – these have to be held in a trust account and cannot to accessed by your employer or creditors. However, as mentioned earlier, one of the cut backs you may experience is the ceasing of matched contributions.
- Your health benefits may be reduced – if you are let go you can use the coverage from your employer for 18 months through COBRA. However, look around for alternates as there are less expensive options out there – some people have said that Costco has a good option. There are websites you can visit to do some comparison shopping.
Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.