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Unique lending site

keyconkeycon subscriber Posts: 34
edited May 2006 in Startup Funding
Maybe this site has been around awhile - I don`t know - but I caught a brief story on it during a Monday night national newcast.
Site is www.prosper.com</A>.
Quoting their "About Us" page, the following gives a brief summary - read more at the site. Disclaimer: I have NO affiliation with this site or the people who run it. Have no opinion on it ... yet - still researching it. Anyone know anything about it - share.

Prosper, America`s first people-to-people lending marketplace, was created to make consumer lending more financially and socially rewarding for everyone.
The way Prosper works is intuitive to people who have used eBay. Instead of listing and bidding on items, people list and bid on loans using Prosper`s online auction platform.
People who want to lend set the minimum interest rate they are willing to earn and bid in increments of $50 to $25,000 on loan listings they select. People who lend can easily diversify using "standing orders", which automatically make many small loans to different borrowers.
There`s more - so visit the site.
R@
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Comments

  • ChuckChuck subscriber Posts: 6
    For those who have some interest in this service, whether you`re interested in lending or borrowing, we`ve created a StartupNation group within Prosper.  Membership will be limited to StartupNation registered users.  For more information, please visit our group page.
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  • keyconkeycon subscriber Posts: 34
    Chuck - great idea - thanks for the update.
    R@
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  • davennydavenny subscriber Posts: 2
    I have read over the website, it look very interesting.  Great
    idea creating a group.  I have not read in detail but why is the
    startup nation group a 50% split where most other groups are a 100%
    split.

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  • ChuckChuck subscriber Posts: 6
    Hey Erik - with a 100% split, the funds essentially drive down some of the lending costs for borrowers within the group.  We wanted to be able to take an active role in funding those loans as group leader, so we`re using 50% to reduce lending costs (shared), and the other 50% is going to go back as well, but just in the form of actual cash to be supplied to borrowers who create loans.  Seemed like a better way to keep all the money within the group, but be more creative with it.
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