Prosper resumes lending after getting SEC approval - Silicon Valley / San Jose Business Journal:

ogarawo.wordpress.com
With the completion of the Securities and Exchang e Commissionregistration process, Prosper immediatelg begins offering a secondary market for lenders who wish to sell their Propser loans to other investors. The move significantlyu enhances the liquidityfor Prosper’s who can auction their loans at any time on the new auction-basesd trading platform. Prosper CEO Chrias Larsen saidthe SEC’s approval to offer its servics is a “big deal” for so-called P2P “Completion of the SEC registration process for our auction-basex model – a model that we believde is an extraordinarily powerful tool for fair price discovery for everyone involved in the transaction is a major watershed for the Larsen said.
“With the financial system in crisis, P2P lendiny – Americans investing in felloew Americans and smallbusinesses – is needed now more than The company went into a quiet periodx nine months ago, suspending the ability to seek loanxs through Prosper. Initially, the marketplace will be accessible to residentsz of California and 13other states. Several other states are expected to alloaw the service over the nextfew weeks. Prosper returns with some enhancefd features that include a bid floofr to help guide lenders and minimum bidsof $25, cuttiny in half the former minimujm bid to allow lendersw to better diversify their loan portfolios.
The company also boostec the minimum credit scorde to get a loan through the servicwe to 640from 520. Prosper, which debutexd its service inearly 2006, had become the largestf P2P lending marketplace when it enteresd the SEC registration quiet period in Octobere 2008. At that time, the company 800,000 member and had facilitaterabout $180 million in personal