THSCC Forums

I've heard about www.prosper.com a couple of times in the past few months- some folks are touting it as the "Ebay of peer-to-peer loans". Supposedly it was started by one of the original founders of Ebay.

The way I understand it, it's sort of a clearinghouse for people to loan and get loans for any reason without going through banks or the usual channels. Sounds pretty risky at first glance, but once you look at it a bit further, it looks like it might actually work. The borrowers have their credit score posted, as well as their debt to income ratio and they are expected to give a brief "sales pitch" explaining what they need the $$ for and how they plan to pay it back. The website takes a small commission from both borrower and lender(s), and they manage the loan and the repayment of the loan. Most lenders seem to minimize their risk by only loaning small amounts to each borrower (~$50-$200).


So, has anyone else looked into this?? I'm seriously considering loaning a small amount to see how it works.





Bret.

I have not heard of it, but it sounds like the micro loan system used in India, but on a US economy scale and with interest. That system has proven very successful.

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