Maybe this site has been around awhile - I don`t know - but I caught a brief story on it during a Monday night national newcast.
Site is www.prosper.com.
Quoting their "About Us" page, the following gives a brief summary - read more at the site. Disclaimer: I have NO affiliation with this site or the people who run it. Have no opinion on it ... yet - still researching it. Anyone know anything about it - share.
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.
People who want to lend set the minimum interest rate they are willing to earn and bid in increments of $50 to $25,000 on loan listings they select. People who lend can easily diversify using "standing orders", which automatically make many small loans to different borrowers.
There`s more - so visit the site.
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