Rate Ladder

I will be attending Finovate Startup today (where Prosper is scheduled to speak). I will be live Twittering at http://twitter.com/BlogTrafficExch

Just in my email Prosper:

Dear Kevin,

Prosper is back with even more ways for you to earn a great return.

To activate your portfolio plans and to start investing right now, sign in and review our new
Lender Registration Agreement.

Introducing New Ways to Invest on Prosper
While speaking about Prosper, Preston DuFauchard, the Commissioner of the California Department of Corporations, said recently, “New ideas and approaches are needed to increase access to consumer and small business credit, especially in today’s environment.”

We couldn’t agree more.

At Prosper, our aim is to provide you with more than just investments. We feel it’s time to take back the system and provide the financial stewardship our country needs – one based on Americans helping Americans. To help bring this about, we’ve worked hard for the past six months to offer you new ways to invest and grow.

Invest on Our Open Market

In response to our nation’s credit crisis, you will now be able to invest in loans made by other financial institutions through our new Open Market initiative. Open Market listings describe existing loans made or owned by lending companies offered for sale on Prosper (such as a car loan).

And because Prosper can offer you a one-to-one relationship between the investment and the underlying asset, these loans are inherently transparent and less complex than traditional debt securitization and other traditional bank lending methods.*

Sound good? There’s more.

Improved Risk Rating System

We’ve been working diligently at revamping our risk rating system, too. Our new robust system allows us to maintain consistency when rating listings—regardless of the loan seller, type of credit score used or type of loan being offered for sale.

We do this in part by combining our proprietary Prosper score with one pulled from Experian’s Scorex Plus. This allows you to better analyze a listing’s level of risk since the final rating represents an estimated average annualized loss rate range—making it easier for you to decide which listings may be your best investments. While we cannot guarantee performance, now you’ll have even more financial information on potential borrowers, along with the assurance that the new Prosper minimum credit score is 640 for individual marketplace listings. At Prosper, we constantly strive to provide you with all of the financial assurance and tools you need to make it easier to invest through us.

Coming Soon…Trade Existing Loans

In other exciting news, you will soon have the option to be able to buy, sell and trade Notes on our new Trading Platform. Please be aware that trade investing through Prosper is not available at this time, as it is subject to regulatory approval.

At Prosper, we’re excited to welcome you back with these new ways to invest—all built upon the financial transparency, vigilance and openness you deserve.

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Back in April of this year, the Lending Club announced that it would be going into a quiet period due to the beginning of a registration process involving the SEC, the United States Securities and Exchange Commission. Now the Lending Club is pleased to announce that the process has been completed, and now the Lending Club is available both to borrowers and to lenders as well. The Lending Club community is taking a major step forward with this SEC registration, which is also a grand step forward for social lending in general. Because of this SEC registration, the Lending Club is establishing itself as a viable investment alternative to the more traditional set of debt and credit instruments and products that only the larger financial institutions tend to offer.

What this SEC registration means for lenders and borrowers:

- It means that under the registered offer, lenders with the Lending Club will be able to invest in notes corresponding to portions of loans that are made to members who are borrowers. These notes will have stated interest rates that range from 6.69% to 18.63%, once a 1% service charge has been applied.

- It means that Lending club is going to become the first social lending network that gives lenders the option of a trading platform, because Lending Club partnered with FOLIO Investments Inc. On this trading platform, the lenders who become customers of the FOLIO Investments, Inc. Company will also be able to put up notes for sale in the event that liquidity is needed before a note’s term is completed.

- It is also believed that the SEC Registration will significantly accelerate the mainstream adoption of the social lending concept, which will allow more potential borrowers to get the funding they need more quickly.

As a result of the current financial crisis that our economy is experiencing, consumers are beginning to build a great distrust of larger financial institutions. For this reason, consumers are beginning to demand alternatives that allow them to have much more control over their investments and finances. Lending Club is leading the way to delivering this much needed alternative by crafting a network where lenders can fund loans that were posted by borrowers. The Lending Club community continues to show borrowing behavior that is exceptionally responsible, especially over the past 18 months. Since May of 2007, the default rate for these loans has remained below a mere 2 percent.

The prospectus that the Lending Club filed with the SEC is available in PDF format. In a time where the financial landscape is making the concept behind Lending Club even more useful both to borrowers and to lenders, the Lending Club is clearly thrilled that they are once again able to accept business from new lenders as this allows them to facilitate healthy lending relationships between responsible borrowers and responsible lenders, providing a much needed alternative form of borrowing and lending in times of economic crisis.

• Prosper Marketplace Auctioning Debt The Baltimore Sun is reporting the Prosper Settlement. A settlement for $1 million dollars paid to 20 different states was announced today, with Prosper Marketplace agreeing to the payout after complaints poured in claiming that the peer-to-peer lending service was selling securities that were unregistered. Prosper Marketplace is a business......
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