Prosper.com
If you haven’t already heard about PROSPER.COM you seriously need to check it out.
Prosper is based on the idea that some people need money and others have money to lend. Prosper simply facilitates this by bringing borrowers and lenders together in one place.
BORROWERS:
Here’s how it works
1. Create your loan listing
Tell us how much you want to borrow and set your maximum interest rate. Check out the Prosper tutorial to learn how to create a great listing.
2. Watch the bidding
Lenders can start bidding immediately to fund your loan. Watch your interest rate fall as the competition heats up!
3. You win!
After a few days, when the listing closes successfully, the money for your loan will be deposited directly into your bank account.
4. Easy monthly payments
Fixed monthly payments are automatically withdrawn from your bank account. No hidden fees and no pre-payment penalties.
LENDERS:
Lend money to other people and earn interest
Lending money directly to people is a great way to earn a fair return. Prosper provides a lot of credit, employment, and income data, and lets you choose exactly who you want to lend to.
Isn’t this risky? What if a borrower defaults?
When you make lots of small loans rather than one or two big ones, you spread your risk out and ensure a more reliable return. It’s called diversification and the pros do it every day. Here’s how it works.
Although we refer to you and other individuals as “lenders”, the loans are being made by Prosper and then sold to you, making you a loan purchaser. The term “lender” is used through the site for the sake of simplicity.
Check out www.Prosper.com for more info.
