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EQUITY Tip of the Month
Try Prosper, a marketplace for credit that enables people to lend money to other people in a safe, efficient manner. Prosper leverages this powerful concept of community responsibility and applies it to person-to-person lending—resulting in better interest rates for people that borrow and lend. Now, not only can you borrow money to start your own business, buy adaptive equipment, or pay for medical bills, but you will be building your credit at the same time.
Prosper enables borrowers to request loans up to $25,000 by posting listings indicating the amount they want to borrow and the maximum interest rate they wish to pay. Lenders search for and select these listings based on the borrower's credit history, debt profile, and other factors. Lenders bid on listings by indicating a minimum rate they are willing to accept. When a loan is matched between borrower and lender, Prosper handles all of the tasks needed for payment and collection of the loan.
When you create a listing as a borrower, your identity will be verified against data from credit reporting agencies and other identity and anti-fraud verification databases. You will be required to provide your name, date of birth, Social Security number, address and telephone number. Based upon this and other data, Prosper will verify your identity. However, when its time to post a listing, Prosper enables you to remain as anonymous as you want to be. Others will be able to see your credit history and debt profile on your listing, but any identifying attributes such as your name or photo are up to you to disclose. This helps level the playing field for those of you who may face others’ preconceptions about your disability when applying in person for a loan.
Prosper also gives people the opportunity to form groups. Groups consist of borrowers who join together, usually through a common interest or background, and help each other out. You have the choice of joining a group or starting your own.
For this and other information, please visit the Prosper website at www.prosper.com.
Prosper enables borrowers to request loans up to $25,000 by posting listings indicating the amount they want to borrow and the maximum interest rate they wish to pay. Lenders search for and select these listings based on the borrower's credit history, debt profile, and other factors. Lenders bid on listings by indicating a minimum rate they are willing to accept. When a loan is matched between borrower and lender, Prosper handles all of the tasks needed for payment and collection of the loan.
When you create a listing as a borrower, your identity will be verified against data from credit reporting agencies and other identity and anti-fraud verification databases. You will be required to provide your name, date of birth, Social Security number, address and telephone number. Based upon this and other data, Prosper will verify your identity. However, when its time to post a listing, Prosper enables you to remain as anonymous as you want to be. Others will be able to see your credit history and debt profile on your listing, but any identifying attributes such as your name or photo are up to you to disclose. This helps level the playing field for those of you who may face others’ preconceptions about your disability when applying in person for a loan.
Prosper also gives people the opportunity to form groups. Groups consist of borrowers who join together, usually through a common interest or background, and help each other out. You have the choice of joining a group or starting your own.
For this and other information, please visit the Prosper website at www.prosper.com.