Beating Broke

Very nearly since it’s inception, I’ve been a big fan of the peer-to-peer lending site Prosper.com.  I have several active loans that I’ve lent to there and, despite my less than conservative lending practices, have even managed to still be in the black.  Recently, however, Prosper went through some stuff with the SEC that, while good for the company, was horrible for me.

At the conclusion of their dancing with the SEC, I am no longer able to use their site.  You see, the state that I live in, no longer allows them to operate here.  I’m not sure exactly why.  All I know is that they are not allowing me to bid on loans because of the state that I live in.

So, today, I transferred all the available money in my Prosper account out to my checking at ING Direct, and will use it to pay for something else.  It’s sad really, but such is life.  I just find myself missing the ability to make use of such a great site.  I’ve looked into replacing it with a couple of other sites with similar programs, but each has the same restriction in regards to my state.

I still recommend the site if you can make use of it though.  Both for lenders and for borrowers.  It’s a great service and a great idea.

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