A huge Thank You to everyone who has signed the petition so far. Each and every signature is important. I don't know what it will lead to, but I hope to see it continue to grow. I can definitely say that with each signature I feel less alone in my frustration.I hope that borrowers & lenders alike will sign the petition. I also hope that Prosper members from other states will feel our pain in PA & sign as well.Even if you did not, or do not participate on Prosper your signature is appreciated. Prosper and other p2p lending sites provide a means for Americans to invest directly in other Americans.Imagine if regulators suddenly deprived individual investors of the ability to invest in stocks, bonds, Forex, etc. and left these markets open only to institutional investors. For obvious reasons this would never occur, but it's nonetheless something to think about.I thought I would share some of the comments people have made so far:"This will not stand! Our freedom to invest in fellow Americans has been taken away from us! Only 2 states can not participate in prosper lending process. Give me my freedom back!""It is my right to lend money.""This is ridiculous - I have yet to read the specific regulations at work here, or contact the relevant state legislators and regulators, but rest assured I will. This is a pure intrusion on the rights of the individual, not suprising in a state that keeps a stranglehold on many other innocuous things like, alcohol sales (Anybody wanna try to buy a bottle of wine after 5PM on Sunday?)""I want my freedom back to participate in lending through prosper.com immediately. What regulation, sponsored by what special interest, has caused the PA State Government to do this to prosper?""I am shocked that our own PA legislators would stop us from helping others through properly handled loans! This is a situation where EVERYONE is happy (lenders and borrowers alike). I would hate to think that I live in a state where that freedom and originality is purposely stopped. This is discrimination pure and simple. Shame on you, and by the way, I VOTE.""This is very disappointing. I have a small LLC and this was to become a serious portion of the companies earnings. There was no warning. I am hoping this is but a temporary misunderstanding and lending can continue as before!""I urge the legislators to stop discriminating against peer to peer lenders in favor of the banking industry who charge outrageous rates." "I am a Pennsylvania resident who has retained Prosper Marketplace Inc. et al, to facilitate my ernest desire to provide monetary assistance to certain private individuals. I may, and have, freely proffered Uncollateralized Promissory Notes without an intermediary within and without the Commonwealth, why am I prohibited from retaining structured counsel of my choosing to suggest candidates to me, prepare the legal note for me, and act as servicing and accounting agent on my behalf, all as bot parties have agreed shall be pleasant and expedient?"
"I live in Pa and was very happy with lending through Prosper"
"This is outrageous. Without any notification or any means to liquidate an existing position. What incredible discrimination"
"What happened to the free enterprise system"
"This stinks to high Heaven"
"Typical Pennsylvania Land of Taxes nonsense. I feel SO fortunate that we have our wonderful legislators looking out for us! Hey, the bankers need somebody to give their payoff money to."
"Why is our state govt limiting opportunity."
"I have been using prosper since Nov. 2007 and enjoyed helping out fellow people who are in need of financial assistance. I scrapped together the funds I could and lent it out; however, this comes as a shock, dissapointment, and outrage. I have begun withdrawing my funds from Prosper as they are paid. I think this was a very unwise move on their mark."
"This outrage does need to be corrected. So, PA regulations regarding loans and rate caps are to protect the citizens? So how about going after those loan shark payday loans that average 400% APR or MORE!!!. Instead of doing the banking industries dirty business and putting a halt on a RELIABLE, NON-USURAY, FREE- MARKET such as PROSPER that BORROWERS and LENDERS alike are all in favor for why not let the economy prosper!!??"
"I feel that this is completely the wrong way to go. Free markets are supposed to do as they will, and having government step in, when not needed, is completely detrimental to this."
"this is bull&*&t"
"Remove the lending and borrowing restrictions facing peer-to-peer loan market in the state of PA. A free market system for loans in the state will only benefit investment and growth in a state that is attempting to re-develop itself as it faces the 21st century."
"I want to LEND"
"Totally disgusted with this situation."
"I have over 10K invested in Prosper, am receiving a decent return and helping people at the same time. It took a lot of time to get my portfolio to that point. I now will receive that 10K back in dribs and drabs over 3 years, making reinvesting more tedious, as most investments will require me to accumulate minimum initial payments. I was told by my state senator that it is to protect consumers. Well, the consumers are able to borrow via Webbank, so the "protection" aspect is a failure. But the investors are not being protected by this decision at all. Pennsylvania should do the right thing and allow us to invest our money as we see fit. At the very least, we should be allowed to reinvest our current principal and future earnings back into Prosper."
"Let the big financial institutions run wild unregulated and put the whole world economy in danger. But regulate the small grassroots lenders. Typical BS from politicians in the pocket of Big Finance."
"Yet another example of heavy-handed PA regulations."
"Please allow PA residents to loan money. Microlending and peer-to-peer lending is a positive force."
"It would increase my self esteem if I was able to help out other people instead of just asking for help from strangers."
"PA should be allowed to lend on prosper."
"I guess the banks are upset so this is how they controlled us, shut us down. Nice State."
"Thank You for setting this site up. I just learned of this matter this morning, very upsetting! What are some numbers I can call, or emails. Also can you direct me to some other safe peer to peer sites, incase this falls through. Again Thank You, Ken Larsen"
"I can understand limitation for usuary. Taking advantage of someone who needs money. But to completely limit any social lending is undemocratic."
"Please do not restrict my right to invest my hard earned, after tax money."
"This is interference with free enterprise and a blatant attempt by lobbying banks and legislators and regulators to hamper commerce and opportunity for individual citizens. The net effect of this is to hamper efforts by many Pennsylvanianst o find funding unavailable in commercial markets and to make it impossible for investors to get a fair return on their money. I will be working to help identify the legislators and officials responsible for this and engage in my own lobbying efforts to see that these individuals are voted out of office or are removed."
"Given the current economic environment and credit tightening, is it not prudent to give "main street" as many aveneues as possible to obtain credit. Plenty of PA citizens are willing to step up to the plate and help out those who are in need of credit."
"Talk about a SNAFU!!"
"What is the problem? It seems to be a bit capricius on our law makers part. Prosper lending is helping people borrow money that otherwise might not be available. Person to person lending is probably stepping on some bodies toes and they are telling their hatchet men(the politicians) to get us to stop. It seems to be a clear cut case of bigness vs the little guy."
"How can a state tell a person where he/she is allowed to invest their money?!"
"I have the right to lend money"
"I am a student in PA and rely on prosper as a means of income to pay off my student loans. I ended up having a little extra from last loan and I am investing to ease the pain. I am a good student and already have a job lined-up after graduation. I find it an outrage that pheaa has stop lending out money yet you shutdown the only means of free market low rate loans available. Pennsylvania you have really failed me a state and I am considering moving to NJ after graduation just because of this law. This needs to be changed immediately. Francisco Esqueda"
"I urge you to rethink this law. I am a small time investor wanting to help out people to stimulate the economy. This prevents people from getting the cash flow they need during this time of economic crisis."
"This is crazy. MBNA, Discover, Citibank and all their friends can charge upwards of 22% to lend money, but an individual resident of Pennsylvania cannot lend! Very anti-resident and pro big business. Legislatures better wake up..."
"I am outraged at this infringement!"
"Show me the Regulators!"
"It is appalling that in a time when so many people are in need of loans, PA regulators prohibit residents who have the money from lending to those who need it. They should be ashamed."
"I was shocked and disappointed at this restriction, which came completely by surprise. I am angry with both Prosper and the Pennsylvania government."
"Another case of the "Commonwealth" being about 100 years behind the times."
"PA once again finds itself standing in the way of commerce and capitalism. As a resident of Pennsylvania I am both ashamed and enraged that my state is so backwards in its economic policies. In this time of national economic crisis, leaders need to encourage any economic growth possible, not stifling opportunities for investment and available credit."
"Prosper works well for all parties. There is risk, we accept it. I personally would rather gamble on real people than on the horses or the slots or the "second most famous groundhog in PA"...the lottery. The lottery may "benefit older Pennsylvanians, Prosper benefits all."
"Robbed. Almost makes me want to move to Jersey ;)"
"Moneylenders are an important source of credit for a wide range of interests. These interests span from the father who lends his son a few dollars to start a lemonade stand to the financing of transnational corporations. Prosper is a venue that allows individuals to lend their money to others for a fee. Some of the borrowers are financially savvy business owners. Other borrowers are those who would normally be refused credit by most financial institutions because their income may be at or below the poverty threshold or whose credit score indicates that the borrower might be unable to repay the loan. In between these two extremes fall the vast majority. To all of these lenders should be allowed to lend their own money; and borrowers should be allowed access to credit at a fair interest rate commiserate with their credit risk."
Thanks to everyone who has supported Peer-to-Peer lending in Pennsylvania by signing the PA for Prosper Lending petition.
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