Peer-to-Peer Lender Prosper Reopens Today at FinovateStartup (NetBanker)

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Peer-to-Peer Lender Prosper Reopens Today at FinovateStartup

By Jim Bruene on April 28, 2009 5:39 AM | Comments (1)

There's good news in peer-to-peer lending today as Prosper reopened for business. The announcement was timed around its appearance at FinovateStartup today.

The company is adding a loan-resale component called Open Market (see diagram below). Open Market loans are initiated by other financial institutions, then resold on the Prosper platform. Open Market loans must have been originated by Prosper-vetted financial institutions, and be current and have had at least three on-time payments.

We'll look deeper at the new Prosper in coming weeks; for more coverage now, check out articles today at The Wall Street Journal, CNET and the San Francisco Chronicle.

How Open Market lending works

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By Tom on April 28, 2009 8:04 AM

This is great news but, unfortunately, limited to lenders in CA right now.

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