View Poll Results: If an Community Prosper Group is formed, I would participate as:

47. You may not vote on this poll
  • Lender

    36 76.60%
  • Borrower

    18 38.30%
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Thread: Participate as a lender or borrower in an Community Prosper Lending Group?

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  1. #1
    Join Date
    Jun 2006
    US, Europe and Asia

    Default Participate as a lender or borrower in an Community Prosper Lending Group?

    To address the issues that The Boston Globe has addressed in its four part series Debtors' Hell on the abuse of indebted American citizens by credit agencies, collection agencies, the court system, and law enforcement, we are conducting a poll to explore one of the ways that the Community can become part of the solution. Our idea is to use, America's first people-to-people lending marketplace. If there is enough interest, we will create a new Prosper lending group called Community for the purpose of attracting both borrowers and lenders in order to provide an alternative to the bank and credit card lending system for both borrowers and lenders in the Community. Borrowers can request unsecured loans from $1,000 to $25,000. Lenders can lend as little as $50 or as much as $25,000 toward a loan request by a member. Please read the details and vote below. You can vote as a lender, borrower, or both.

    Prosper, Inc.

    Prosper, America's first people-to-people lending marketplace, was created to make consumer lending more financially and socially rewarding for everyone.

    The way Prosper works is intuitive to people who have used eBay. Instead of listing and bidding on items, people list and bid on loans using Prosper's online auction platform.

    People who want to lend set the minimum interest rate they are willing to earn and bid in increments of $50 to $25,000 on loan listings they select. People who lend can easily diversify using "standing orders", which automatically make many small loans to different borrowers.

    In addition to criteria commonly used by institutional lenders, such as credit scores, people who lend can consider borrowers' group affiliations. Groups on Prosper are critical to bringing people together for the common goal of borrowing at better rates. Groups earn reputations according to their members' repayment records. Groups with successful repayment histories should attract more lenders offering lower rates.

    Borrowers create loan listings for up to $25,000 and set the maximum rate they are willing to pay a lender. Then the auction begins as people who lend bid down the interest rate. Once the auction ends, Prosper takes the bids with the lowest rates and combines them into one simple loan. Prosper handles all on-going loan administration tasks including loan repayment and collections on behalf of the matched borrower and lenders.

    Prosper's rigid privacy policy reflects co-founder and Chief Executive Officer Chris Larsen’s longstanding history as an advocate of stringent consumer financial privacy protection laws and practices. Prosper does not sell, rent, or share members' personal information with third party marketers. Prosper members are in control of how much personal information—if any—is revealed on the website and with other members. Prosper's security and identity verification systems are state of the art, and consistent with those used by banks, brokerages and institutional creditors.

    Prosper generates revenue by collecting a one-time 1% fee on funded loans from borrowers, and assessing a 0.5% annual loan servicing fee to lenders. Backed by Accel Partners, Benchmark Capital, Fidelity Ventures, and Omidyar Network, Prosper has raised approximately $20 million. Prosper's marketplace platform is patent pending.


    Borrow money from people just like you. You post a listing requesting a loan, and other people bid for the privilege of lending you money. Our job is to make sure everything is safe, fair and easy. Click here to see how it works.


    Lending money directly to people is a great way to earn a fair return. And when you make lots of small loans rather than one or two big ones, you spread your risk out and ensure a more reliable return. It's called diversification and the pros do it every day. Click here to learn how it works.
    Last edited by FRED; 08-04-06 at 07:53 PM.



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