I was surfing the web and found this site called Prosper.com that hosts person to person lending. It is a community of borrowers and lenders. Borrowers request loans and the interest rates they are willing to pay, and lenders bid on those rates to finance the loans. The rates of these loans are usually lower than those of an ordinary bank,cash advance,or credit card company. Borrowers can request loans up to $25,000 and lenders can bid in increments of $50 to $25,000.
Go to
http://www.prosper.com
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2 comments:
The site more often benefits the borrower than the lender. (Many borrowers default.) Kind of a scary environment for lenders/investors.
I am a lender there, as well as a group leader. ("Elite Borrowers.") Thus far, no defaulted loans, but I'm being extra cautious.
Thanks for the info.
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