Personal Loans through Prosper.com

Ever run into a situation where you were hard up for cash and your friends would loan it to you, but with interest? There is always a legality thing keeping you from doing it? Well, I found a website, http://www.prosper.com/, that allows people to loan their money out to other people who need some help, with interest!

The website is set up similar to ebay. People login and post the amount of $$$ and what it's for. Then people can read their listing, credit information included, and decide if they are worth the risk of investing their own personal money to them. They have over 350,000 members and $70 million in loans already funded through the site.

To sign up is free and if you want to loan to others, you just have to verify bank information and make an initial deposit to your account ($50 min). Then, let the searching begin. You look for a listing that suits you and bid on it. The minimum bid is $50 and max interest rate is based on the state you live in. But that's where the eBay like feature comes in. If you bid $50 at 29.88% interest, but someone bid $50 at 23.88%, at the end they would get funded. The auction style is helping the borrower get a better interest rate at the same time, people funding more can live with a lower rate, so their money will get funded before yours.

All loans are 3 years max at $25,000 the max amount. Payments are made via checking account on the 1st of every month. It's really a sweet deal, check it out and if you'd like, bid on my listing.


Subscribe to H.A.M.M. News by Email