Prosper Business Finance - Anyone Used It

Discussion in 'Growing and Managing a Business' started by Fergal, Mar 26, 2008.

  1. Fergal

    Fergal
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    Prosper.com is a website that brings borrowers and lenders together in a way that helps borrowers get the loans they need and lenders to get a good return on their finance. From a quick view of their homepage I see that they finance everything from weddings to business start ups.

    It's only available to people in the US, so I can't use it. But it sounds like a great concept and I'd be interested to hear if anyone has any personal experience of using it or heard independent reports on it.
     
  2. pendelton

    pendelton
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    They are a fee charging brokerage, a simple referral business anyone can set up really.

    You are right, it is a great concept.

    Another thing that they are making money from is the referral fee's the banks will give them for getting a loan set up. They charge you up to 3% plus make at least $25.00 per loan as a finders fee from the bank.

    Not a bad racket.
     
  3. Fergal

    Fergal
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    I'm not sure that they deal with banks. The lenders the site deals with appear to be ordinary investors who visit and sign up at the site.

    It is a community that brings lots of investors together with those needing a loan. From the site;
    Say if someone is looking for a loan of 10K, this loan might be financed by 10 people providing 1,000 each, from my understanding of how it works.
     
  4. Schwabe

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    Like you I was pumped to try out Prosper! And then realized it's only available to US citizens.

    As a web developer, I think it might be a neat way to generate funding for "web 2.0" website ideas.
     
  5. Michael01

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    Prosper.com is an online auction website where you can buy loans and request to borrow money.It is like an eBay-style online auction marketplace.
     

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