Nine months after being hit by a
government-imposed suspension of service pending registration with
the Securities and Exchange Commission, US peer-to-peer (P2P)
lender Prosper is back online.
The country’s largest P2P player has resumed
its operations in 14 states, including California, Georgia,
Illinois and New York with other states set to follow.
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In a statement, Prosper said its website would
work in the same way as it did prior to its suspension, with the
addition of a secondary market, where lenders can buy and sell
Prosper loans “notes” to each other. The firm has also strengthened
its risk rating system, with loan listings by individuals needing
to meet a minimum credit score of 640 (previously 520).
In the period between its 2006 launch and
going offline last October, Prosper had grown to more than 800,000
members and facilitated approximately $180 million in personal
loans.
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