Does anyone know anything about Prosper.com?
Prosper works a little bit like Ebay. The borrowers act like sellers on Ebay, and the lenders act like buyers. instead of bidding on the price, lenders bid on the interest rate. So, as a borrower, you will go on, let them get your credit report and score, and give them information about your income, how much you want, a story of why you want the borrow, and what the maximum rate you are willing to pay. If your loan is an attractive investment to the lenders, they will bid an amount and a rate. When the amounts that were bid fills up the requested loan amount, any additional bids by lenders will have to have a lower rate than the current highest rate in order to “win the bid” This is good for the borrower since a lot of interest in the loan will actually bid the rate downward and make the loan less costly. As an example, say you have a $1000 loan request for no more than 15%. The first 10 lenders each bid $100 on your loan at 15% and now your loan is fulfilled. However, the next lender
