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With So Many Credit Doors Closing Heres One Thats Actually Open For...

With So Many Credit Doors Closing Here's One That's Actually Open For Business -- Prosper Offers Another Alternative

Prosper, America's first people-to-people lending marketplace, connects people who need to borrow money with people who have money to lend. Connecting people-to-people eliminates the need for borrowers to go through a bank for a loan, while lenders can earn a higher rate of return on their investment.

What is Prosper

Prosper is a marketplace for credit that enables people to lend money to other people in a safe, efficient manner. Prosper is a leap back to a time when people formed credit communities to help themselves live better lives and earn a fair return on their money. Prosper's founding principle is that people from close communities act more responsibly towards each other. Prosper leverages this powerful concept of community responsibility and applies it to person-to-person lending-resulting in better interest rates for people that borrow and lend.

Prosper enables borrowers to request loans up to $25,000 by posting listings indicating the amount they want to borrow and the maximum interest rate they wish to pay. Lenders search for and select these listings based on the borrower's credit history, debt profile, and other factors. Lenders bid on listings by indicating a minimum rate they are willing to accept. When a loan is matched between borrower and lender, Prosper handles all of the tasks needed for payment and collection of the loan.

"Quite simply it just allows borrowers looking to borrow money to make loan listening like they would on e-bay and then allow any American with 50 dollars or more to bid directly on those loans," said Prosper CEO Chris Larsen.

Lenders decide based on the borrower's description. Here are some examples:

- Consolidating credit cards

- Help with wedding costs

- Loan for college

- Or purchasing a dream home

DEB Inc says, "Person-to-person lending offers financial rewards with a dose of good karma".

For more info, click http://www.prosper.com/join/debinc

Company Overview

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 an online auction. 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.

Borrowers create loan listings for up to $25,000 and set the maximum rate they are willing to pay a lender. Then the auction begins as people who lend bid down the interest rate. Once the auction ends, Prosper takes the bids with the lowest rates and combines them into one simple loan. Prosper handles all on-going loan administration tasks including loan repayment and collections on behalf of the matched borrower and lenders.

Prosper's rigid privacy policy reflects co-founder and Chief Executive Officer Chris Larsen's longstanding history as an advocate of stringent consumer financial privacy protection laws and practices. Prosper does not sell, rent, or share members' personal information with third party marketers. Prosper members are in control of how much personal information-if any-is revealed on the website and with other members. Prosper's security and identity verification systems are state of the art, and consistent with those used by banks, brokerages and institutional creditors.

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