"Prosper.com" Borrowing from individuals online

[eleny]

I just heard this on the overnight news on KGO-AM radio. At prosper.com, you can post about how much money you want to borrow and people or groups can bid to loan you the money. The theory is that individuals, not necessarily lending institutions, can lend money better.

The people who want to borrow say how much they need, for what purpose, what interest rate they can pay and about their credit rating and debt ratio. then others post, bidding on providing the loan in full (and it appears) or in part.

[bryant69]

1. I'm not sure about that

That seems like a situation that's open to potential fraud.

Bryant
Check it out --> http://politicalcomment.blogspot.com

[eleny]

2. My hubby and I are shaking our heads

But it looks like people are lending smallish amounts of the total people are asking for.

[wicket]

3. Interesting

Thanks for the info :hi:

[eleny]

4. Btw, I have nothing to do with this place

It just seemed like a phenomenon of the "internets".

[wicket]

5. I hear there are rumors on the internets

;) :P

[eleny]

7. And iPods, too!

:rofl:

[wicket]

11. You forgot Poland!

:rofl: :7

[dysfunctional press]

6. so now instead of just putting money on the streets-

the sharks can now put money out on the net...

do they tell you what the vig is upfront?

[eleny]

8. I haven't read the whole site about fees

I'm listening to Ray Talafierro's archive from this morning and caught the news. It was one of the reports. So I hopped over to the site to take a peek. You ask a good question. The news mentioned that it was like an ebay for loans.

[eleny]

9. How long it will take for someone to spoof & request the nation's debt?

:patriot:

[cliss]

10. I just checked out the web site

It looks like an EBay for loans. Looks interesting: actually kinda fun to read. I find the one offering 19.50% a little on the extreme. He got 85 offers, though.

Thanks for the tip.

PS I wonder what you would use for collateral - yourself?