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Prosper Loans
Loan Prosper about Prosper.com
At Prosper, borrowing money from people is fast, safe, and easy
Borrow money from people just like you. You post a listing requesting a loan, and other people bid for the privilege of lending you money. Our job is to make sure everything is safe, fair and easy.
Apply For Financing available on Prosper Now, people-to-people lending!
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.
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.
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What is a group?
The foundation of Prosper.com is based on groups of borrowers who share a common interest. A group can be large or small, based on a a community organization or nationality or even a common interest, like muscle cars or knitting. Groups can be religious, ethnic, educational… the options are as varied as the members who form them.
Why should borrowers join a group?
Joining a group can boost your reputation as a borrower and be a gateway to lower interest rates from lenders. Although individual borrowers can and do exist, Prosper thinks lenders will have greater confidence in borrowers who belong to a reputable group. That confidence can translate into lower rates on your loan request and lower monthly payments.
Even though you will still individually request the loan and are solely responsible for its payment, your performance as a borrower has an effect on your group. Because lenders can view the aggregate repayment history of groups, lenders' confidence in you and your group depends on your group's repayment performance.
How do I join a group?
Once you find a Prosper Group you'd like to join, click "Join this group" on their group home page.
If you are not registered with Prosper, you will be asked to fill out a quick registration form. Registration is free.
Once registered at Prosper.com, you will send a short note requesting membership to the group's leader. Along with your note, we will include your name, email address, and telephone number, in case the group leader wants to contact you to discuss your request. Share as much as you feel comfortable with. The group leader should get back to you within seven days about the status of your membership request. Once you are a member of the group, you can create your loan listing as a member of the group.
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