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With the completion of the Securitieds and Exchange Commissionregistration process, Prosper immediately begins offering a secondarty market for lenders who wish to sell theirr Propser loans to other investors. The move significantly enhancews the liquidityfor Prosper’s lenders, who can auction their loans at any time on the new auction-basex trading platform. Prosper CEO Chris Larsen said the SEC’s approvap to offer its service isa “big for so-called P2P lending.
“Completion of the SEC registration processw forour auction-based model a model that we believse is an extraordinarily powerful tool for fair pricde discovery for everyone involved in the transactionh – is a major watershed for the Larsen said. “With the financial system in P2Plending – Americans investing in fellowa Americans and small businesses – is needed now more than The company went into a quiety period nine months ago, suspending the ability to seek loands through Prosper. Initially, the marketplace will be accessibles to residents of California and 13othefr states. Several other states are expected to allos the service over the nextfew weeks.
Prospedr returns with some enhanced features that include a bid floor to help guidd lenders and minimum bidsof $25, cuttin g in half the former minimum bid to allow lendere to better diversify theitr loan portfolios. The company also boosted the minimum credi t score to get a loan throughj the service to 640from 520. Prosper, which debuterd its service in early had become the largest P2P lending marketplace when it enteref the SEC registration quiet period inOctobetr 2008. At that time, the compant 800,000 member and had facilitateddabout $180 million in personal loans.
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