20 September 2017
Visit http://response.ncr.com

Prosper shuts down again

13 May 2009  |  5984 views  |  0 STOP

US person-to-person loan exchange Prosper has shut down operations again, just a couple of weeks after coming out of an enforced six month spell on the sidelines.

Prosper - like rival outfits Lending Club and Loanio - was forced to close its doors to new loans last year as it looked to register its business with the Securities and Exchange Commission.

But last month it received an intra-state exemption from the California Department of Corporations. This meant Californian residents and businesses could make loans, with anyone in the US able to borrow.

However, SEC registration was not completed and the company has now "decided to voluntarily shut down" operations until this is done.

Says the firm: "As a result, due to regulatory concerns, and in the interest of working toward getting our registration statement effective as soon as possible, we are discontinuing our California intrastate offering at this time."

Existing lenders and borrowers will be unaffected.

The company has provided no explanation for the quick U-turn or guidance on when it expects to start business again, saying only this will be "in the hopefully not too distant future".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Prosper resumes lending; opens market to financial institutions

Prosper resumes lending; opens market to financial institutions

28 April 2009  |  6642 views  |  0 comments
Lending Club raises $12m funding

Lending Club raises $12m funding

19 March 2009  |  6030 views  |  0 comments
Student P2P lending site Fynanz stops taking new loans

Student P2P lending site Fynanz stops taking new loans

12 January 2009  |  8059 views  |  1 comments
Prosper pays $1 million to settle securities violation

Prosper pays $1 million to settle securities violation

02 December 2008  |  6970 views  |  0 comments
Loanio stops taking new loans as SEC outlines reasons for P2P lending freeze

Loanio stops taking new loans as SEC outlines reasons for P2P lending freeze

28 November 2008  |  10305 views  |  1 comments
Prosper stops taking new loans

Prosper stops taking new loans

17 October 2008  |  6796 views  |  0 comments
P2P lender Zopa reports soaring uptake as credit crunch bites

P2P lender Zopa reports soaring uptake as credit crunch bites

09 October 2008  |  13037 views  |  0 comments
Lending Club shuts down P2P loans

Lending Club shuts down P2P loans

14 April 2008  |  9187 views  |  0 comments
Canadian P2P network IOU Central falls foul of regulators

Canadian P2P network IOU Central falls foul of regulators

03 March 2008  |  5245 views  |  0 comments
Banks facing increasing competition from social networks - Gartner

Banks facing increasing competition from social networks - Gartner

06 February 2008  |  15826 views  |  0 comments
Zopa teams with credit unions for US launch

Zopa teams with credit unions for US launch

30 November 2007  |  8305 views  |  0 comments
Lending Club moves out of Facebook with new community site

Lending Club moves out of Facebook with new community site

14 September 2007  |  7995 views  |  0 comments
Prosper raises $20m in series c financing

Prosper raises $20m in series c financing

20 June 2007  |  6698 views  |  0 comments
CommunityLend to set up online P2P loan exchange in Canada

CommunityLend to set up online P2P loan exchange in Canada

09 March 2007  |  15062 views  |  0 comments
Prosper signs up 100,000 members; generates $20 million in loans

Prosper signs up 100,000 members; generates $20 million in loans

01 November 2006  |  8567 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.temenos.comvisit www.capgemini.com

Who is commenting?

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
10527 views comments | 23 tweets | 39 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10306 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9143 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7619 views comments | 5 tweets | 4 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7479 views comments | 14 tweets | 15 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job