San Francisco, July 13, 2015 — Prosper Marketplace, a leading online marketplace for consumer credit, today announced that it is now open to investors in the state of Indiana. With the addition of Indiana, the Prosper platform is now open to investors in 32 states plus the District of Columbia.
“We are very pleased to bring the people of Indiana the opportunity to invest through the Prosper platform and appreciate the work the state regulators did to bring this opportunity to its residents,” said Aaron Vermut, CEO of Prosper. “As one of the only online marketplaces for credit open to individual investors, Prosper offers an exciting opportunity for individuals to diversify their investment portfolio with an asset class that provides attractive returns.”
Residents of Indiana who would like to begin investing through Prosper can go to www.prosper.com to open an account. Account options include a traditional investment account or a Prosper retirement account, which offers certain tax advantages. Prosper suggests a minimum investment of $2500 in order to properly diversify across at least 100 notes. Investors receive monthly payments on each of their notes, with those payments consisting of the investor’s pro rata portion of the principal and interest received by Prosper on the corresponding borrower loan. The funds in the investor’s account are available to withdraw at any time (unless the funds have already been committed to the purchase of a note).
For borrowers, marketplace lending offers access to competitively priced loans that have fixed terms, transparent fees and no prepayment penalty. Borrowers come to Prosper to consolidate high-interest debt or fund large purchases such as home improvement projects, medical expenses, or special occasions.
More than $4 billion in loans have been transacted through the Prosper platform since launching in 2006, with loan volume expected to double in 2015 as people become more aware of the benefits of borrowing and investing through marketplace lending. The company recently reported its largest quarter ever, with $912 million in loans originated through the platform, up 147% from the year before quarter.
Prosper Funding LLC (“Prosper”), headquartered in San Francisco, owns a leading online marketplace for consumer credit. The Prosper platform connects people who want to borrow money with people who want to invest money. With a commitment to providing world-class customer service, the convenience of applying online day or night, and none of the lengthy applications or wait times associated with traditional avenues, Prosper offers people a superior way to borrow money at fair rates. Over the past six years, more than $4 billion in personal loans have originated through the Prosper platform, helping people around the U.S. consolidate credit card debt and pay for things from medical procedures to home improvement to special occasions. Learn more about borrowing and investing through Prosper at www.prosper.com. Prosper Marketplace, Inc. was founded in 2005, and is the parent company of Prosper Funding LLC. Follow Prosper on Twitter (@ProsperLoans), LinkedIn, or Facebook. All loans made by FDIC-member banks.