dollars paid in installments over three years. 2009 post SEC relaunch In July 2009, Prosper reopened their website for lending ("investing") and borrowing after having obtained SEC registration for its loans ("notes"). After the relaunch, bidding on loans was restricted to residents of 28 U.S. states and the District of Columbia. Borrowers may reside in any of 47 states, with residents of three states (Iowa, Maine, and North Dakota) not permitted to borrow through Prosper. Financial structure of Prosper loans According to the prospectus issued to investors on July 13, 2009, Prosper notes since relaunch are obligations of Prosper Marketplace and not of the original borrower. Prosper promises to pay the noteholder ("investor") the funds it receives from the underlying borrower. Noteholders of Prosper's "member payment dependent" notes are considered unsecured creditors of Prosper Marketplace with limited recourse against it. The Prospectus states that in the event Prosper becomes insolvent or declares bankruptcy, investors in Prosper notes may lose all or part of their investment even if the underlying borrower continues to pay. Investors' recourse in the event borrower-supplied information proves incorrect for any reason is also "extremely" limited. This structure is identical to that adopted by LendingClub after SEC registration. Prosper credit card In 2022, Forbes gave a negative review of the Prosper credit card. According to Forbes, "Prospering with the Prosper® Card* seems unlikely... We hope you live long and… well, apply for a different credit card." Market performance Loan performance Prosper maintains a full public database of all loans issued through its marketplace on its website. This database and all market statistics can be accessed and queried for analysis of loan performance over time. An interface to run complex performance queries is supported and allows investors (and the public) to look into the performance of any subset of loans over whatever time period they choose. Prosper reports a 10.69% annualized seasoned rate of return, net of fees, for all loans issued from its re-opening after SEC registration (July 1, 2009) to the 30th of September, 2011. Prosper's returns for this period have been independently audited by Ashland Partners & Company LLP. A number of factors, including Prosper's decision to set the interest rates on all loans (rather than let investors choose the rates they would accept), occurred after Prosper registered with the SEC and began issuing new loan notes in July, 2009. Additionally, after Prosper began setting