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Prosper Funding Takes Affect Today

February 1, 2013 By Peter Renton Leave a Comment

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When you login to Prosper today you will notice a a big new message on the main screen. Today is the day that Prosper’s new bankruptcy remote vehicle, Prosper Funding LLC, goes into affect.

As the picture above says you need to take action. Until you “sign” the new agreement (by clicking on the checkbox) you will not be able to make any new investments in Prosper even if you have Automated Quick Invest setup.

What this means in reality is that when you invest in notes now you are buying them from Prosper Funding LLC and not from Prosper Marketplace Inc. The original agreement that you approved when you began investing was with Prosper Marketplace Inc. Prosper Funding LLC is what is known as a bankruptcy remote vehicle which provides an added level of protection for investor notes in the event of a Prosper bankruptcy. You can read the details of the new agreement here.

Filed Under: Peer to Peer Lending Tagged With: bankruptcy protection, Prosper, Prosper Funding

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

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