Wednesday, March 15, 2006
Are you ready to prosper?
For those of you who just need a bit of cash to get your business going but are too overwhelmed (or would not qualify) for getting a loan through some of the more traditional methods, you might want to check out prosper.com, a new online small lending community.
Anyone can participate in prosper.com and the site works by matching borrowers with lenders without all of the red tape. You can post your $$ request along with the reason you need the cash and then others in the community can "bid" on your loan. You choose any of the bidders and, voila...there is your loan.
All of the logistics are handled by prosper.com, which takes much of the worry out of a normally worrisome situation.
Another cool feature of the site is the ability to start lending groups. You can create groups of family, friends, co-workers, or even base them around like minded interests (i.e. those interested in helping non-profits). Members of the group can borrow from other members and the group can choose how the profits (from interest paid) are shared.