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You are unlikely to Prosper

January 19, 2010

UPDATE: It appears this article is in the process of disappearing.  You can find another copy of the piece here.

 

While we wait for further developments in the litigation against Prosper Loans Marketplace (Prosper.com), a recent investigative news article is rapidly making the rounds within the Prosper community.  Written by Mark Gimein of The Big Money, the piece entitled You are unlikely to Prosper is widely considered one of the very few articles written about Prosper which relied on independent research by the writer, rather than regurgitation of selected data provided by Prosper’s marketing department.

Lenders have asked Prosper.com to comment on the piece, but as has become increasingly common, Prosper responsed by deleting the question, followed by deafening corporate silence.

Whatever your feelings about Prosper Loans Marketplace and peer-to-peer lending, this article is well worth a read.

UPDATE: Prosper has issued a response to the article on their blog.  Unfortunately, the response is unimpressive and lacking in substance.  In typical fashion, Prosper basically just wants the piece deleted.  It’s a remarkably clumsy response for a company claiming to be on the leading edge of peer-to-peer “disintermediation”consumer-empowerment technology.

Prosper Watcher Xenon481 provides a helpful step-by-step analysis and response to Prosper’s “open letter” response here.

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