| Introducing Peer Lending Online
We are always on the look-out for ways to help small business owners get ahead and stay ahead. This week’s great find is a person-to-person (peer) lending site which offers borrowers and lenders an opportunity to connect through an Internet website. Any adult US resident with credit score of 520 or higher can create a listing for a loan on Prosper. After passing identity and fraud checks, borrowers can request unsecured loans from $1,000 to $25,000 at rates they select.
Complete your Description page and include endorsements from friends and a group leader to support your good character. Any adult U.S. resident can lend money to others on Prosper. After passing Prosper's identity and fraud checks, lenders offer money to borrowers at rates they select, between 5.99% and 25.00% (the legal limit in WA).
All of Prosper's loans are 1, 3 or 5-year unsecured loans, the term depending on the applicants Prosper Rating and loan amount. You can protect yourself from defaults by bidding as little as $50 on each loan and spreading your risk. Review borrowers’ credit profile, description and endorsements or ask questions before making a lending commitment. Prosper charges borrowers a loan origination fee, and lenders are charged a small annual servicing fee, depending on the borrower's credit grade.
Interested? Click on the PROSPER logo to the left for more information.
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