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?
- Borrowers create a listing and set the interest rate they are willing to pay.
- Lenders place bids toward the loan.
- Bids with the lowest rates are combined into one simple loan to the borrower.
- 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