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Contributed by mm | October 8, 2006 1:12 AM PST
The renowned Bankrate offers a 3-page review of Prosper.com, the leading person-to-person lending site.
P.S. PFBlog.com is honorably mentioned in the article.
From Bankrate:
Prosper, which started in February, bills itself as "America's first people-to-people lending marketplace." Folks who want to borrow money create a loan listing for up to $25,000 and set the maximum interest rate they're willing to pay. Lenders deposit whatever amount they're willing to lend into an account, peruse the loan listings and bid on ones that appeal to them.
Prosper essentially acts as a middleman, handling the loan structure and payments. The borrower pays a lump sum to Prosper each month, and Prosper divides the payments among lenders and deposits them in the lenders' bank accounts.
Prosper makes its money by charging fees to lenders and borrowers. Borrowers pay 1 percent of the amount of the loan, and lenders pay a half percent annual loan servicing fee.
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