Web 2.0 Solopreneur Site Of The Week: Prosper.com

Its like ebay, meets Lendingtree, meets match.com. Thats how I would describe Prosper.com where you can borrow up to $25,000 for your business-related needs. At Prosper, people who want to borrow money connect with people who want to loan money. That’s right, loans without a bank.

Why use Prosper?

Prosper is an online community where people come together for lending and borrowing money. Bidding on borrowers’ loans, lenders get great returns by offering great rates. And that means everybody does better.

Prosper has over 780,000 members and $166,000,000 in loans funded.

How does it work?

  1. Borrowers create a listing and set the interest rate they are willing to pay.
  2. Lenders place bids toward the loan.
  3. Bids with the lowest rates are combined into one simple loan to the borrower.
  4. Loan proceeds are deposited directly into your bank account.

Solopreneurs and Small Business people know that getting your business funded by traditional institutions like banks or even venture capitalist is not easy. Prosper gives us all another alternative to raising capital via the untraditional way of the Internet using Web 2.0 technology.

All the best

JB

About the Author
@jbrath

Jeffrey Alexander Brathwaite, aka “JB” is an Internet technology specialist who trains business owners on how to use web strategies to increase their customer base and boost their productivity and profit potential. He is CEO of 2 The Next Level, a web-based technology solutions firm that serves small and medium-sized business clients with ongoing technical, training and Internet marketing communications support.

JB’s Extended Bio

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  • http://www.colderice.com john

    Check the risks just like you do with anything. It does have some and you just need to be educated on the process…start slow and work your way up

  • http://www.200westmain.com Henrietta

    One of the major advantages to the solopreneur would be not having to part with a share or even control of your business which is the way venture capital works. For lenders it spreads the risk, win : win situation.

  • http://www.200westmain.com Henrietta

    One of the major advantages to the solopreneur would be not having to part with a share or even control of your business which is the way venture capital works. For lenders it spreads the risk, win : win situation.