IE Tip 50: Prosper.com

Need some cash or have some to spare? Prosper is the first people-to-people lending marketplace for consumers. Prosper bases its lending principle in a time when people formed personal credit communities and people acted more responsibly towards each other-resulting in better interest rates to borrow or lend. Borrowers can request loans of up to $25,000. They also have to indicate the maximum interest rate they would be willing to pay. Lenders can bid on listings by indicating the minimum rate they would like to accept. When a borrower and lender are matched for a loan, Prosper handles the tasks for payment and collection of the loan.