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A class action lawsuit, Hellum v. Prosper Marketplace, Inc., was held in Superior Court of California on behalf of all investors who purchased a note on the Prosper platform between January 1, 2006, and October 14, 2008. The plaintiffs alleged that Prosper offered and sold unqualified and unregistered securities, in violation of California and ...
Prosper Marketplace is America's first peer-to-peer lending marketplace, with over $23 billion in funded loans. [1] Borrowers request personal loans on Prosper and investors (individual or institutional) can fund anywhere from $2,000 to $50,000 per loan request.
Plaintiffs further allege that Prosper acted as an unlicensed broker/dealer in California. The Plaintiffs were seeking rescission of the loan notes, rescissory damages, damages, and attorneys’ expenses. [14] On July 19, 2013, the class action lawsuit was settled. Under the settlement terms, Prosper will pay $10 million to the class action ...
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Just before Christmas, the peer-to-peer lending site Prosper.com decided to eliminate high-risk borrowers from its site after a high percentage of them failed to repay their loans. Launched and ...
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[3] These rules increased pressure on banks to make mortgage home loans to inner-city and rural areas. [4] Savings and loans were no longer allowed to acquire "junk bonds" (aka High-yield debt) and were required to dispose of their holdings of these bonds by 1994. They were also required to mark them to the lower of cost or market value.
TD Bank. Prosper. Bankrate score. 4.7. 4.7. Better for. Borrowers with good or excellent credit. Borrowers with less-than-perfect credit. Loan amounts. $2,000-$50,000