Prosper.com is really the newest lending model to come along due to the Internet. What happens is borrowers login to Prosper.com and post the amount of money they need.
Furthermore, lenders can lend a piece of the private loan(s) by signing into their Prosper account and scrolling through the different borrowers and the borrowers reasons for needing a loan.
The Interest rate is variable depending on the category of the loan and the risk level of the borrower.
This is very effective for all parties because borrowers and lenders can create notes in small or large loans, depending the risk assessment they define by their own standards and not the standards of a typical lender using the known credit reporting agencies (usually Experion, Equifax, and TransUnion).
A perfect example of a Private loan granted (approved) using the Prosper web site. The lender reads all of the submissions and requests by the borrowers. They can lend a borrower who needs money for their small the solar-power panel sales and repair. They agree to lend the money to the small business owner littt le chunks at a time.
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June 8th, 2011 at 5:16 am
Interested in a 3000 loan for two yrs