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.
Labels: Borrowing
10 comments:
- At April 29, 2008 at 4:16 AM Anonymous said...
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Thanks! I had no idea this Prosper even existed.
- At June 29, 2008 at 10:24 PM Sudipta Das said...
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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?
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- At August 11, 2009 at 1:24 PM Anonymous said...
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- At September 29, 2009 at 10:25 AM Anonymous said...
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Very good resource, thanks.
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