A new site called Prosper has made a splash recently being featured on CBS News, Forbes Magazine, Money Magazine and major newspapers across the country. Called the e-Bay of lending and borrowing by some, Prosper is poised to make waves. What is Prosper ?
Prosper is an online community where people come together to lend money or find a loan. Bidding on borrowers' loans, lenders get great returns by offering great rates. And that means everybody does better.
People familiar with online auctions will find Prosper just as intuitive. Instead of listing and bidding on items, people list and bid on loans using Prosper's online auction platform.
Borrowers can get loans as low as 7.7% APR while lenders are earning between 9.49% to over 12% annual rates of return on the money they have loaned to others. This is a good deal for both lender and borrower.
Prosper.com goes to considerable length to verify the identity of both lenders and borrowers to minimize the potential for fraud. They also run a credit check on borrowers and list their credit score to potential lenders to indicate the risk level to the potential lenders.
Lenders can spread their loans around to diversify their loan portfolio, loaning as little as $25 to each borrower they choose to lend to. Between the extensive credit and identity verification plus the ability to diversify loan portfolios, the risk to lenders can be minimized.
Just listen to what a member has to say about Prosper:
A friend told me about prosper.com. It was amazing. I posted the loan, and almost as soon as I posted my listing I had 8 bids. I am so grateful for Prosper and for all of my lenders! - Lara M.
E-Loan co-founder Chris Larsen started Prosper.com and has raised over $40 million in venture capital. As such, the company is a serious contender and has excellent executive management.
So, join here >>> Prosper.com and get started today!
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