Prosper.com - Online Marketplace for People-to-People Lending

Short on cash, but have a great business idea? Have credit card payments to pay off? Prosper can help you. Prosper is like an ebay for loans. Anyone with a credit score of 520 or above who´s a US resident and passes identity and fraud checks can borrow money from $1,000 to $25,000. Borrowers set the interest rates and lenders bid for the best deal. Your credit grade and if you belong to any groups effect how low your interest can be. Borrowers create profiles that can include pictures, bios, an itemized listing of their expenses, friend recommendations, and more to give lenders a sense of security. If you have a low credit grade, but it´s only because you recently had some set backs, you can explain your circumstances in your profile.

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

CEO Chris Larsen co-founded and was Chairman and CEO of E-LOAN before, which closed over $27 billion in consumer loans and was ranked as one of the nation´s most trusted brands, so he brings his expertise to Prosper. They already have 180,000 members and $36 million in loans to date. It´s easy to use and a great tool for people to borrow and lend money, each coming away with more than they would have going to another source.

Will people want to put all of their expense information online for everyone to see?