Prosper is an online community where lenders and borrowers come together. Depending on your credit score, you can post a request for a loan and have it funded by the lending community.
Once fully funded, your loan will be repaid in monthly payments over the course of three years.
To get started you must join Prosper which is easy and free. Next you create a loan listing with an amount you need and an interest rate.
There is a tutorial to learn how to create a listing.
Lenders with cash on hand will start bidding on your loan immediately. You can choose to create your loan in one of 2 ways:
- Set a loan period, similar to an Ebay auction, where lenders can bid on your loan. Hopefully when fully funded, lenders can then bid down the interest rate to get in on your loan request
- Use automatic funding, where your interest rate is fixed and the loan begins the minute the last lender finances whatever amount will fully fund the loan. So if you have a $1,000 loan and its funded to $950, if someone bids $50 more dollars the loan becomes fully funded. This will not lower your interest rate thru competitive bidding, but lenders tend to prefer it so you have a better chance of funding.
Once your loan is funded, the money will be deposited in your bank account so you can use it.
Now you can pay off high interest credit cards, expand your business, get thru hardship, have your wedding, or get that work done on your house.
Oh, if you decide to pay the loan off early, there are no pre-payment penalties.
- At April 29, 2008 at 4:16 AM Anonymous said...
Thanks! I had no idea this Prosper even existed.
- At June 1, 2008 at 8:43 PM George said...
Need Payday Loans No Faxing! Visit Instant Payday Loans Online and apply for no faxing payday loans, no fax payday loans, No Fax Loans,No Faxing Loans,No Fax Cash Loans,cheap payday loans, cash advance loans for uk residents.
- At June 2, 2008 at 11:13 PM Dyna said...
Apply for cash loans, same day cash, same day cash advances, instant cash loans today, cash advance payday loans and fast cash loans. Apply online easily and get your cash needs fulfilled.
- At June 29, 2008 at 10:24 PM Sudipta Das said...
Yeah, I had contacted the financial aid office at my school before I dropped my class. They told me that if I dropped one of my classes in October then I wouldn't owe any money. I dropped it in October and then received a letter stating that I have to pay some of the financial aid back to school. The financial aid office didn't specify the exact date- just the month. I dropped it on February 8, and if I did it the week later I wouldn't owe any fees. I feel like I’ve been mistreated. Do you have any suggestions?
- At December 2, 2008 at 7:01 PM Anonymous said...
Payday loans don't check your credit scores and it's much easier to do.
- At December 10, 2008 at 11:08 PM donald said...
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
- At December 22, 2008 at 8:05 PM Charly said...
Urgent cash can be obtained for emergency needs. They are short term unsecured small loans which are approved fast. It is easy to avail them.
- At December 22, 2008 at 8:06 PM Charly said...
Payday cash loans are short term loans made available instantly. With the help of these loans, you can easily take care of any emergency expenses.
- At December 22, 2008 at 10:34 PM jerry said...
Cash loans are short term loans. These loans comes in handy in times of financial crisis. Borrowers with good credit as well as bad credit cvan sourc e these loans. To avail these loans instantly, you can prefer to apply online.
- At December 23, 2008 at 12:27 AM jorge said...
If you are seeking for instant cash to supervise some urgent payments, then consider the No fax payday loans . The cash offered without any demand of collateral and for a short duration. Interest rates are reasonable and can be easily afforded.
- At December 23, 2008 at 7:43 PM sharon said...
Easy payday online can be sourced from online lenders. You can access the loans without facing too many problems. The amount gets transferred in to your bank account once you have fulfilled the details.
- At December 23, 2008 at 9:26 PM jessica said...
Cheap emergency cash loans are unsecured loans. These loans are best used at a time of unexpected cash deficit. You can apply for the loan online and offline, processing online though is preferred.
- At February 5, 2009 at 1:21 AM George said...
If you need payday loans instantly then Instant-Payday-Loans-Online may be the right answer. Instant-Payday-Loans-Online is specialized in providing perfect finance solutions for times when you need a little extra cash for unexpected bills.
- At March 8, 2009 at 6:27 PM Free Grant Kit said...
- At June 5, 2009 at 5:11 PM Personal Grants To Pay Off Debt said...
- At August 11, 2009 at 1:24 PM Anonymous said...
Am offering loans at 3% interest rates. Contact us today via mail: email@example.com
- At September 29, 2009 at 10:25 AM Anonymous said...
Very good resource, thanks.
Louisiana Mortgage Rates