Hello and good morning to all our readers. Welcome to another edition of the Prosper Roundup. We have lots in store for you today, including a large section for our small business entrepreneurs and for those looking to create their own start-up during this economic situation. Drop us a line when you’re through to tell [...]

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• Mixed Lots Indian Head 1859-1909 Small Cents Coins US Coins Paper Money

Continue reading → Prosper.com Roundup - Small Business and the Economic Crisis

While America becomes a nation of privatizing profits and socializing losses, Prosper account balances are FDIC insured.

The recent financial markets meltdowns are causing a global panic. If you are a Prosper lender, you can rest assured that your Prosper cash balances are FDIC insured.

Prosper…

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• Manic Panic Lipstick Makeup Store

Continue reading → Prosper Account Balances are FDIC Insured

It’s not surprising that lenders have recently been calling and emailing us to find out if their Prosper cash balances are FDIC insured. We want to take this opportunity to let our lenders know that their cash balances are, in fact, FDIC insured.  Prosper is not a bank, does not take deposits, and is not [...]

• Cash Registers Banks, Registers Vending Collectibles

• Bank of Canada Canada North, Central America Paper Money World Coins Paper Money

Continue reading → Lender funds have FCIC coverage

It’s not surprising that lenders have recently been calling and emailing us to find out if their Prosper cash balances are FDIC insured. We want to take this opportunity to let our lenders know that their cash balances are, in fact, FDIC insured.  Prosper is not a bank, does not take deposits, and is not [...]

• Cash Registers Banks, Registers Vending Collectibles

• Bank of Canada Canada North, Central America Paper Money World Coins Paper Money

Continue reading → Lender funds have FCIC coverage

The collection of links this week comprises a list of reads for small businesses and those looking to start a small business. Several articles discuss investors and start-up money. Browse the other categories to read about lending, banking, and stocks.
Peer-to-Peer Lending:
• Learn how P2P lending’s popularity surges over at Seo(X)Factor.
• Tiny Crunch Newswire writes Washington Mutual Bites [...]

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• Small Size Notes Paper Money US Coins Paper Money

Continue reading → Prosper Roundup – Bailouts and Business

As you may have read, Citigroup recently agreed to purchase Wachovia’s banking operations for about $2.1 billion in a deal brokered by federal regulators. Wachovia’s troubles are similar to those of Washington Mutual, whose assets were seized by the Federal Deposit Insurance Corporation last week and sold to JPMorgan Chase. Wachovia sold thousands of adjustable [...]

• Banking, Insurance Advertising Collectibles

• Federal Reserve Notes Large Size Notes Paper Money US Coins Paper Money

Continue reading → Help Your Neighbors

Welcome to this latest edition of Prosper’s Weekly Roundup. The title for this week’s roundup comes from a Forbes headline. There’s a lot going on in the news! Be sure to check out the Stocks and Banking Industry section for more information.

Peer-to-Peer Lending:
• TNL.net presents fast pace look into the History of Currency. P2P Lending is [...]

• Banking, Insurance Advertising Collectibles

• Postal History Worldwide Stamps

Continue reading → Weekly Roundup - Bottom-Feeders and the Banking Industry

Last night we released another update to the Prosper site. The most significant change is the way that severely delinquent loans (charge-offs) are now reflected in lender’s accounts. You may also notice a few other small changes that we hope you will appreciate, as I will detail below.
Loans designated as “Charged-offs” after 4 months late
As [...]

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• Night Cream Skin Care Store

Continue reading → Site Update – September 24, 2008

Welcome to a new edition of the Prosper roundup. There are many stories this week to relate. The first section of this roundup is on the stock exchange and the banking industry. If you have had your head in the sand use these links as a way to dive headfirst into what’s going on in [...]

• Banking, Insurance Advertising Collectibles

• Sand Dollar Shells Rocks, Fossils, Minerals Collectibles

Continue reading → Prosper Weekly Roundup

We have completed the programming and testing on the routine to apply collection account refunds to lenders impacted by the change of accounts from PennCro to AmSher. We are planning to do the initial run of the program on September 22, 2008.  The refunds will include interest on the overage. The logic was developed in such a [...]

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• Pool Chemicals Testing Pools Spas Yard, Garden Outdoor Living

Continue reading → Collection Refunds Update

Due to state regulations, Prosper banned lenders from Pennsylvania. This caused an immediate and angry response from Prosper lenders. One started a petition and blog - Pennsylvanians for Prosper Lending.Many PA lenders left angry comments on the offi…

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• Pennsylvania US State, Town Views Postcards Collectibles

Continue reading → PA lenders angry over ban

Ever since we changed the marketplace performance page from listing old loans as “Defaulted” to calling them “Charge-offs”, and then promising more changes inside lender accounts, we’ve had a lot of questions. Let me try to explain why we’re making this change, how it will look if you’re a lender, and what you can expect [...]

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Continue reading → Charge-offs Explained

Pennsylvania appears to be one of the least friendly when it comes to peer to peer lending. One year ago we reported that Pennsylvania borrowers avoided Prosper due to the low rate caps. Borrowers residing in Pennsylvania could only request loans at …

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• Pennsylvania US State, Town Views Postcards Collectibles

Continue reading → Pennsylvania lenders booted from Prosper

We have made the decision to discontinue accepting new lender registrations, and new bids from existing lenders, from residents of the Commonwealth of Pennsylvania. Our decision to make this change was based on our ongoing discussions with regulators in Pennsylvania, which led us to believe the change was necessary to comply with their current interpretation [...]

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• Pennsylvania US State, Town Views Postcards Collectibles

Continue reading → Important Notice for Lenders Residing in Pennsylvania

Prosper roundup gets switched around! Easy to read categories are going to be our new way of organizing the roundup.
Categories may change from week to week, but overall the feel of the roundup will be the same. 
Business Loans:
• SFGate posts an article this last Sunday on how right now it’s a hard time to get new [...]

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• Lamp Posts Outdoor Lighting Yard, Garden Outdoor Living

Continue reading → Prosper Weekly Roundup

When I search through listings on Prosper, I generally look for loans from borrowers who have really taken the time to give Prosper lenders a good understanding of their financial situation and the purpose of their loan.
After I bid on a loan, I tend to feel so confident that they are trustworthy and credit worthy [...]

• Credit, Charge Cards Trading Cards Collectibles

• Engines, Multi-Purpose Outdoor Power Equipment Yard, Garden Outdoor Living

Continue reading → Diversification

A highly unusual Prosper borrower bankruptcy case, which is of course a matter of public record, has raised questions among some members of the Prosper lender community. Therefore, we believe it is appropriate and necessary to provide factual clarity to set the record straight.
Specifically, the discussion centers on three main questions:
1) Is this a case [...]

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• Straight Razors Shaving Vanity, Perfume Shaving Collectibles

Continue reading → The Facts of the Matter

My job at Prosper is to show lenders how to use Prosper and its various bidding tools. I speak with dozens of new lenders at Prosper every day. I often share the learnings of successful lenders, as well as the teachings of the marketplace results.
One of the most critical messages I try to share with [...]

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• Air Tools Tools Home Improvement

Continue reading → The Marathon, not the Sprint

Kiplinger’s recently published an article about Prosper entitled “Risks and Rewards of Online Lending.” The article addresses the expectations Lenders should have with regard to interest rates.
“Lend to a borrower with bad credit and you can expect a higher interest rate. A borrower with a better credit history will get you a lower rate?”
Generally speaking, [...]

• Credit, Charge Cards Trading Cards Collectibles

• Heart Rate Monitors Monitors Pedometers Gym, Workout Yoga Exercise Fitness

Continue reading → Distinguishing between Interest and Return

Let’s start with some housekeeping issues. First of all, the refunds of AmSher collection fees should be processed in the next few days. We have calculated the refund amounts on all payments through the end of July. Once the program is written and tested is should be an easy matter to run it for [...]

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• Tee Times Green Fees Golf

Continue reading → Collections Update

Michael Phelps has won another World Record, another race, and another gold. This makes the total gold count 13. He has won 7 gold from this Olympics. Phelps has now surpassed Mark Spitz in Olympic gold medals.
Corporatism where investment income is taxed differently than earned income by Brip Blap this week looks at taxes and [...]

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• Foreign Gold Gold Bullion Coins Paper Money

Continue reading → Prosper Roundup the ‘Michael Phelps Has Done it Again!’ Edition

In a site update today, Prosper eliminated all defaults - well, they renamed them. Defaults will now be known as “charge-offs”. As reported on their blog:”We are changing the way we display seriously delinquent loans on the marketplace performance page…

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• Storage, Display Supplies Cards Sports Collectibles

Continue reading → Prosper eliminates defaults

Prosper just released their monthly market survey for July 2008. For the first time, the survey includes statistics showing how borrowers who list and get funded in the Prosper marketplace indicate how they plan to use their personal loans. Also notewo…

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• A Simple Plan A Rock, Pop Music Memorabilia Entertainment Memorabilia

Continue reading → Prosper Releases Market Survey Results

If you are a first time loan seeker, whether for home, auto or any other personal need, what do you need to do or know? What do loan institutions look for when assessing potential borrowers? There are many sectors of your personal finances that you need to delve into before you start your loan search [...]

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• Canteens Personal, Field Gear Surplus Militaria Collectibles

Continue reading → Are You a Loan Ranger?

The Olympics are upon us and I for one have been looking forward to this event for some time — the purest form of athletic competition and a political tool. Will the issues around censorship and human rights get the attention they deserve?
Get Fit Slowly (the fitness and health counterpart to the wildly popular Get [...]

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• Olympics Autographs-Original Sports Collectibles

Continue reading → Prosper Roundup Beijing Olympics Edition

Starting a business is a daunting task – but for many it is a desire to follow a dream. To embrace risk…and the possibility of failure. It’s impressive how many people start businesses, follow their dreams and take those risks. And we see it everyday on Prosper – interesting stories about members’ business ideas.
As I glanced [...]

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• Hydroponics Hydroponics Seed Starting Gardening Plants Yard, Garden Outdoor Living

Continue reading → Starting your own Business

Prosper has been in the news recently…

At MSNBC, Prosper is mentioned in regards to formalizing terms of a loan, something I’ve blogged about before

An eBay for lending at aLive

ECommerce Times talks about an easier path to cash, calling person to person lending the “teller window” on the…

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• 3-4 Person Tents Tents Canopies Camping Hiking

Continue reading → Prosper in the News

Well, I’ve finally recieved some noteriarty from the Prosper.com website, my blog has been listed!

It’s nice to be recognized for my effort in contributing useful information to the community.

If you want to check it out, go to their 3rd Party page.

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• Republican Party US Political Historical Memorabilia Collectibles

Continue reading → I’ve Been Listed on the Prosper Website!

In October 2007, Prosper launched a Facebook application for our members. In April 2008, we then launched a new Facebook application which allows people to transfer funds to their Prosper lending account instantly. We provided this service because lenders wanted a more immediate ability to bid on loans they liked without having to wait for [...]

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• People Postcards Collectibles

Continue reading → Prosper Facebook Application Reaches 5,000 Users

It seems that most of California is on fire. While the smoke in my part of the Bay area has subsided some what, several friends from other parts of the state have reported very poor air quality. 
We appreciate all the hard work put in by the firefighters and their support.  Our thoughts and prayers go out [...]

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• California US State, Town Views Postcards Collectibles

Continue reading → Prosper Roundup California is Burning Edition

As Chief Marketing Officer at Upromise from 2002 - 2004, I had the good fortune to meet Michael Bronner, who founded the company, and to work with Senator Bill Bradley, who sat on the Board of Directors.  Both shared my passionate belief in the right to a college education and saw the impending shortfall in [...]

• Marketing Businesses for Sale Opportunities

• Work Womens Shoes

Continue reading → Student Loans: It Takes a Village

The fires caused by last week’s unusual dry lightening storm are start to be brought under control in some areas… The smoke is still noticeable in my part of the Bay…  Our thoughts and prayers to those that have suffered a loss.
The blogosphere had  some interesting posts this week…
Rich Credit Debt Loan is Making Extra [...]

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• Lightening Cream Skin Care Store

Continue reading → Prosper Roundup Fires in Northern California Edition

Its been a topic of conversation among blogs and message boards: are there any institutional lenders using Prosper? Is it even allowed?

Well, the answer is yes, they are allowed and as of now, they are being promoted. Prosper allows asset managers, hedge funds, and other institutions the…

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• Hedge Trimmers Outdoor Power Equipment Yard, Garden Outdoor Living

Continue reading → Prosper Introduces Institutional Lending

Prosper.com is now providing chapter and filing date information for bankruptcies filed by prospective borrowers. If a Prosper loan listing appears where a bankruptcy has taken place, a new set of fields will appear with details of the incident.

This is a positive developement because up until…

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• Air Force Militaria Date Unknown Militaria Collectibles

Continue reading → Prosper Starts to Publish Bankruptcy Details

A few people have asked for more detail about our new feature and process change where borrowers will now be signing promissory notes. We’ve been asked whether the change was made to fix a weakness in the process.
There has never been any weakness in the manner in which borrowers have signed Prosper promissory notes. Prosper’s [...]

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• Federal Reserve Notes Small Size Notes Paper Money US Coins Paper Money

Continue reading → Borrower Signed Notes

One of our primary objectives in making Prosper market data fully transparent and freely available via an API is to allow and encourage anyone to study the Prosper market and consumer credit markets in general.  We deeply appreciate the level of diligence and analysis so many have contributed using Prosper’s marketplace data.  We are also [...]

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• Credit, Charge Cards Trading Cards Collectibles

Continue reading → New Study on Prosper Returns and Dynamics

Every Friday, we’ll take a look at some of the stories surfacing in mainstream news about peer-to-peer lending and what people are saying about the major players in the field. We hope this will provide lenders, borrowers & executives some perspective about how P2P lending is being received and how the industry is continuing its [...]

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• Media Guides Publications Vintage Sports Memorabilia Sports Collectibles

Continue reading → Friday Media Report - June 6, 2008

Prosper Vice President of Operations Doug Fuller updated lenders Friday night on the status of the numerous defaulted loans that Prosper has been trying to load off on junk debt buyers. Unfortunately, the news isn’t what most lenders want to hear: Prosper is holding onto the paper due to lack of what they call a [...]

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• Night Lights Lamps, Lighting Collectibles

Continue reading → Prosper Holding Onto Defaulted Loans - For Now

I know that many people have been anxiously waiting for an update on the debt sale.  We’ve been working very hard toward finding a more favorable bid, as well as considering alternatives, but we’ve met with some severe obstacles.
Once bids with unacceptable contract conditions were eliminated the highest bid we received was only 1.5 cents [...]

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Continue reading → Debt Sale Update

There seems to be a lot of chatter within circles of p2p lending users about who exactly is to blame for loans gone awry and where the responsibility actually falls. The debate comes about because social loan marketplaces like the one popularized by Prosper do not allow users to make direct person-to-person loans, but rather [...]

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Continue reading → Marketplace Protection & Collections: A Closer Look

One of the controversies that I should’ve alluded to in my opening post but didn’t, was the subject of subprime borrowers; those with credit scores below 640 and whether or not p2p lending marketplace sites are embracing them as potential customers or eliminating them as targets.
Obviously, these higher risk borrowers have a higher rate of [...]

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Continue reading → Embracing Sub-prime: Yes or No? Part 1 - Preliminary Analysis

Prosper CEO Chris Larsen recently released loan statistics for April that showed a growth in membership but only a slight growth in the amount of funded loans. In fact, while the amount of borrower listings increased by 700, the amount (in actual dollars) of loans funded actually dropped from $8.7 million to $8.5 million. This [...]

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• Early Dollars 1794-1804 Dollars Coins US Coins Paper Money

Continue reading → Prosper Market Survey For April 2008

I wanted to give everybody a quick update on collections. I know that many of you are anxious for an update on the debt sale. Regretfully, I have nothing to tell you yet. I expect to have another update on this subject early next week (Monday or Tuesday).
In the meantime, I want [...]

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• Collections Comics Collectibles

Continue reading → Legal Test Update

One of the most satisfying experiences at Prosper has been working on our recent initiative to tell the personal stories of lenders and borrowers in the Prosper community. When I recently met several Prosper members in person, listening to their stories of how peer-to-peer lending fit into their lives, I was truly struck by their [...]SHARETHIS.addEntry({ title: “Personal Stories of Lenders and Borrowers”, url: “http://blog.prosper.com/2008/05/05/personal-stories-of-lenders-and-borrowers/” });

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• Canteens Personal, Field Gear Surplus Militaria Collectibles

Continue reading → Personal Stories of Lenders and Borrowers

As most lenders’ know, Prosper had been planning to execute a debt sale during the month of April. To this end, a “bid file” was cut on April 11th. This bid file contained all loans that were more than 120 days past due as of that date that did not have a bankruptcy [...]SHARETHIS.addEntry({ title: “Debt Sale Update”, url: “http://blog.prosper.com/2008/05/02/debt-sale-update/” });

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Continue reading → Debt Sale Update