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[ira01]

Can you repost it here? Some of us are banned 

As reviewed in Fred93's blog (which I can't link to but you can google search for).

Prosper has filed an answer in a bankruptcy filing and stated the following:

Loans in a total amount of $25,000.00 were extended to the Plaintiff by individual bidders using Prosper’s website (“Lenders”) and the funds were disbursed to the Plaintiff by Prosper through direct deposit to the joint checking account of Defendant, Ashley Gaerke, and the Plaintiff. Prosper acted as the Plaintiff’s authorized agent to procure loans in the total amount of $25,000.00 from various Lenders on behalf of the Plaintiff. 

By way of further answer, it is denied that Prosper loaned any money directly to the Plaintiff or Defendant, Ashley Gaerke.

This is in stark contrast to the Lender Registration Agreement [(LRA) which states

Note: Your role as a Prosper "lender" is that of a loan purchaser, and your rights and obligations as a purchaser or prospective purchaser of Prosper loans are set forth below. Although you are referred to in this Agreement and on the Prosper website as a "lender," you are not actually lending your money directly to Prosper borrowers, but are, instead, purchasing loans from Prosper.

Further, the LRA says

All loans originated through Prosper are made by Prosper Marketplace, Inc. from its own funds, and then sold by Prosper to the winning bidder or bidders on the listing.

Which is it Prosper?

Thanks for any help you can direct our way, and thanks to that Lender/Blogger for once again bringing something important to light.

[Flying Missle]

I didn't think the first one would go through, so I also submitted another one after about an hour...

I was reading some guys blog, "Fred93", and he was talking about a filing Prosper made in court that said they don't make loans but that the Lender's do.

 

That's different than what the LRA says.

Can Prosper clarify?

My intention was to drive people to Fred's blog. They posted both of them, so now it looks like I spammed the board or something.

[Capital_Finance_Group]

Unfortunately I do not believe that P has a "splainin" department.

[JammingJAY]

Not to worry folks! JShorts is all over this on the .com forums - "There is nothing new in your Post, and there is no contradiction here. Read the Help section and all of this is described clearly.". 


Got it? It is "described clearly" in the "help section" and "nothing new".

I can somewhat agree with nothing new at Prosper.

It sure is great to have him around, he must know about the current job position at Prosper.

Troublemakers. 

 

[112233]

Organs - Splain

A splain acts as a filter for your investment, cleansing it of disease, misinformation, and other debris. When money flows through a splain, brain cells attack and remove any foreign invaders. This keeps your investment clean and helps protect against infection.

[God-Father]

Organs - Splain

A splain acts as a filter for your investment, cleansing it of disease, misinformation, and other debris. When money flows through a splain, brain cells attack and remove any foreign invaders. This keeps your investment clean and helps protect against infection.

I have heard that the disease, misinformation and other debris is expelled via kid knees.  However I don't believe this because knees don't have holes.   

[cubbiesnextyr]

Not to worry folks! JShorts is all over this on the .com forums - "There is nothing new in your Post, and there is no contradiction here. Read the Help section and all of this is described clearly.". 


Got it? It is "described clearly" in the "help section" and "nothing new".

I can somewhat agree with nothing new at Prosper.

It sure is great to have him around, he must know about the current job position at Prosper.

Troublemakers. 

 

JShorts is all over that forum... I think they think they know all there is to know about Prosper... I'm sending the person a PM...

ETA:  n/m.  I see Jshorts already has an account here, and was active yesterday.  Why he continues to lend then is beyond me...

[Flying Missle]

Not to worry folks! JShorts is all over this on the .com forums - "There is nothing new in your Post, and there is no contradiction here. Read the Help section and all of this is described clearly.". 


Got it? It is "described clearly" in the "help section" and "nothing new".

I can somewhat agree with nothing new at Prosper.

It sure is great to have him around, he must know about the current job position at Prosper.

Troublemakers. 

 

JShorts is all over that forum... I think they think they know all there is to know about Prosper... I'm sending the person a PM...

ETA:  n/m.  I see Jshorts already has an account here, and was active yesterday.  Why he continues to lend then is beyond me...

I tried to reply to the thread yesterday, but apparently my post didn't pass moderation.

My question to Jshorts was just, "If prosper didn't make the loan, who did? We know it's not the lenders because Prosper clearly states that they are not th lenders."

[Cushie]

Every time I read the .com forums I have the urge to scream in frustration.

[xraider]

I read the .com forums today and saw a complaint about negativity.  I was tempted to refer them here but figured not a chance in hell of that passing moderation.

[mothandrust]

I tried to reply to the thread yesterday, but apparently my post didn't pass moderation.

My question to Jshorts was just, "If prosper didn't make the loan, who did? We know it's not the lenders because Prosper clearly states that they are not th lenders."

My reply didn't pass either; sometimes there is a delay, perhaps due to a second layer of moderation.

I'm guessing Prosper won't delete the threads (although they did that to one of mine on the new forums) but will just let them fall off by not approving any new posts--less suspicious that way.  Nobody reads beyond the first page anyway.

[GLeaderAccountantsChoice]

I just posted this in the .com forums, so let's see if it makes it through moderation:


<> LendingClub's S-1 seems a little different than Prosper's.  I'm not making any judgements here, but it's interesting at least how this all works, so hop on EDGAR (which is the SEC's public database of company records) and check out both of the P2P lending companys' apparent interpretations of their own business activities.  Personally, I feel LendingClub filed a more accurate S-1.
<>
 Why is the above relevant to this thread?  It has to do with what lenders' roles are on this site, and whether or not Prosper's selling notes falls under the definition of issuing unlicensed securities.  I personally don't know the answer here and am a bit confused.

Typically one must have a license to lend and is subject to regulations.  If Prosper never lent any money per their statements in court, then it makes me feel like I should have a license to lend money to people before using this site.  If on the other hand Prosper is doing all of the lending (or WebBank now, which wasn't the case previously, as can be noted by differences between today's current lender registration agreement and Prosper's S-1), and then selling all kinds of notes across the country, then I'm curious as to why that doesn't fall under the definition of selling unlicensed securities.  I personally just don't know the answer here and may be confused.

[yankeefan]

I tried to reply to jshorts' comments with a quote from the "help" screen he suggests we use, which tracks the LRA by saying we are not actually lending money, but buying loans.

Didn't pass moderation.

[112233]

prosper forums are for marketing. they dont give a crap what you think. they only give a crap that posts meet their marketing goals.

[ira01]

prosper forums are for marketing. they dont give a crap what you think. they only give a crap that posts meet their marketing goals.

Absolutely correct.  It's really a shame, especially considering how useful Prosper's former forums were, before it poofed them last November.  Unfortunately for Prosper, that wasn't before you archived them and made them available on prosperreport.com.