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Social Lending Connects Ordinary People

28 Apr

Posted by madWAHM as Money Matters

Imagine ordinary people bidding on the privilege of lending you money! Or, how about being able to lend as little as $50 while earning interest?

Ever heard of people-to-people, peer-to-peer or social lending? It’s lending that connects people who need to borrow money with people who’ve got money to lend. And, some industry experts are calling this lending trend a Win-Win situation for both.

Prosper.com, the leading the social lending industry marketplace, facilitates borrowing and lending money in a safe, secure and efficient environment. Who’s behind Prosper.com? Prosper’s CEO and co-founder, Chris Larsen – formerly the CEO, Chairman and Founder of E-LOAN.

The short of it:
* Borrowers create a listing and set the interest rate they’re willing to pay.
* Lenders place bids with as little as $50 toward the loan.
* Prosper combines the bids with the lowest rates into one simple loan.
* The loan amount is deposited directly into the borrower’s bank account.
* The monthly loan and interest payments are deposited directly into the lender’s bank account.

Want to borrow some money? Eliminate the banks and request a 3-year, unsecured, fully amortized loan from $1,000 up to $25,000 at interest rates you select.

Want to lend some money? You can lend as little as $50 or as much as $25,000. Basically, any U.S. Resident with a bank account and social security number can lend money on Prosper. DeepMarket.com is a working example of just how easy it is for ordinary people to get in on lending money and earning great returns with the Prosper loan process.

What’s better, Prosper is awarding new lenders with a free $25 Sign Up Bonus.

None Yet.

2 Responses

Jacques23

April 28th, 2008 at 10:21 am
1

But what happens if they don’t pay you back? Not like you can hunt down someone who’s half way across the world. You could invest the money in a CD or money market to have more security, but might have to settle for a lower rate depending on the state of the economy.
Prosper Loan Update - April 29 - Stock Market Analysis at DeepMarket

April 29th, 2008 at 9:13 pm
2

[...] Social Lending Connects Ordinary People All bloggers that post a blurb about my Prosper loan listing (listing ID is 310933) will get a mention in a post, a dedicated post about your blog or even a site wide link in my blogroll. All are worth a couple minutes posting something on your blog – I hope. If you are already a member of Prosper, then please use your referral link – the more new members coming to Prosper – the better the market will be for everyone! Post a comment about your post so I know about it. [...]