Lend Academy Network Forum

Prosper Discussion => General Prosper Discussion => Topic started by: TWLMG on September 28, 2018, 04:53:14 PM

Title: Prosper not in Missouri anymore???
Post by: TWLMG on September 28, 2018, 04:53:14 PM
You can't invest in Prosper anymore if you live in Missouri. I started getting the below message yesterday when I logged into my Prosper account.

I have not received an email from them about this.
There is nothing about this on Prosper's website, including their Blog or Press sections.
I have not been able to find anything out about this on the web.
There is nothing about this on Lend Academy's website, including their Editorial/Blog or News sections.
And the most interesting thing about this is that their website says we can. Scroll to the bottom and under Contact Us, click Legal, and then under All site members, click Legal compliance.

Prosper is currently available only to investors who reside in the following states: Alaska, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New York, Oregon, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin and Wyoming.

For the people that are going to say, just call them, I have never had a good experience with their customer service. The few times I've used it, the information I was given ended up being wrong. That's why I trust Lend Academy, this forum and the web more than I trust them.

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Unsupported State

Unfortunately, at this time investors in Missouri are not able to invest or transfer money to Prosper. You may transfer money out of your Prosper account as funds become available from loan payments.
Title: Re: Prosper not in Missouri anymore???
Post by: craigmoe on October 05, 2018, 12:59:52 PM
I sent an email to customer service after seeing this same notice regarding Prosper being unsupported in Missouri.  I received the following reply this morning:
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Prosper Client Services (Prosper Marketplace Support)


We are currently working with regulators in Missouri to complete the renewal of our Notes registration. As a regulated company that sells securities (also known as Notes), this registration is a requirement for us to make investing available to residents of your state.

We filed our application to renew our registration with regulators in Missouri several months ago, and we are still awaiting approval. We expected the approval process with Missouri to be completed by now, and to have our registration continued uninterrupted. Unfortunately, we donít have complete control over the timing. Until our registration is approved, investing will be paused in your state.

If you have any additional questions, please feel free to contact us on the verified email address you have with us at Prosper. If you would like to change your email on file, please give us a call at (877) 646-5922.
Title: Re: Prosper not in Missouri anymore???
Post by: TWLMG on October 24, 2018, 10:33:06 AM
Does anyone know what office/department in Missouri regulates this? I would like to contact them to see if I can get more information about what the problem is. I have built up over $6,000 in idle cash and would like to get it working as well as add this year's IRA contribution to it.
Title: Re: Prosper not in Missouri anymore???
Post by: profwolfe on March 13, 2019, 02:05:07 PM
The security division under the secretary of state controls access for investors.  Here's the website if you want to call them.  https://www.sos.mo.gov/securities (https://www.sos.mo.gov/securities) In general, state security regulators control access for investors on Prosper.  Prosper has to regularly qualify for security registration in all 50 states.  It's a pain for them but something they've been doing for a decade.  Something must have caught the security regulator's eye in their last registration renewal...

LendingClub is a little different because they are a publicly traded company.  They don't have to register with each state anymore (for the most part).