Prosper.com - A new alternative to personal loans

[Admin]

Prosper.com has taken the personal loan industry by storm. Their innovative lending platform allows people to either borrow or lend money to other people.

The process of applying for a loan is quite simple:
1. You sign up for a free membership.
2. Customize and post your loan.
3. Receive multiple bids on your loan from various lenders.
4. Once your loan requirement has been fulfilled, Prosper wires the money to your bank account.

Advantages:
• Interest rates are lower than conventional lenders.
• There are no lending guidelines. Your approval is based on people.

They still use your credit report to assess the risk, but lenders do not look at your credit score or specific tradeline information.

Link: Prosper.com

[master01]

Prosper does not pay you interest on your unloaned money sitting in your Prosper account.
The cycle time to deposit money to my prosper account (both for my deposits and loan payments) is gut wrenchingly slow.
Once you win a loan bid, Prosper goes through a rather slow verification process that should take place before the loan gets listed.
Borrowers have complained about Prosper making various mistakes with payment posting.

[fred333]

I had never really heard about prosper before now.