Prosper.com debuts offering a mixed brew of eBay, Friendster and the local bank

[Kristijntje]

Prosper's users lend money to and borrow money from other people on the site at what the company says are better interest rates than those available through traditional financial institutions and without some of the risk that comes from typical person-to-person loans.

"We looked at eBay and said, 'Why can't we do this for money?' " said Chris Larsen, Prosper's chief executive.

On Prosper.com, prospective borrowers register with the site and allow the company to review their credit history. Then borrowers post a loan request of up to $25,000, along with an upper limit for the amount of interest they are willing to pay. Loans are not secured by collateral and are paid off over three years at a fixed rate, with no prepayment penalty...

full article: http://www.nytimes.com/2006/02/13/techno...3ecom.html

[rose]

Interesting concept.  There's a lot of individuals trying to consolidate credit card debt, but there's a business loans category too.

[sneakymagenta]

In addition, our current ad template system is in need of a an overhaul so that we can make global changes to our advertisements quickly to adapt to a contantly-evolving selling environment.

He bawled about the high cost of changing his template last summer when he was defending Ethical Tools too. He could change that unprofessional looking template by himself in a few minutes for free. 

http://www.prosper.com/public/lend/listi...tingID=171

[bargainbloodhound]

Oh joy, joy, it's one of my favorite PeSA/Voices members DooDooOnYou (very good seller...excellent seller in fact.  I just have a huge problem with his belief that PeSA members deserve to have the playing field tilted in their favor).

We have chosen a PSP, Infopia, and have hired aGenius Marketing to help with the transition. Work will be completed by the end of March, and must begin immediately.

Question: Why do they need to hire someone to help with the switch from Selling Manager Pro to Infopia?  They have 827 items listed in their store.  Oh well, they're the ones wasting their money by hiring someone else to do it.  End of snide comments. 

It is good to see that online businesses can apply for small loans at Prosper.com though. The interest rates are sure a lot better than the alternative method of funding many small businesses use--financing their startup phase with credit cards.  The loans must be repaid in 3 years... 

A new auction site I actually like and that I think has a chance to succeed. 

[sneakymagenta]

It is good to see that online businesses can apply for small loans at Prosper.com though.

Yeah.  Now does someone want to explain their whole groups thing to me very slowly. 

[bargainbloodhound]

[quote author=sneakymagenta link=topic=2629.msg9700#msg9700 date=1140370143]

Yeah.  Now does someone want to explain their whole groups thing to me very slowly. 
[/quote]

I'm waiting for someone to explain to me how joining a group would make someone less likely to default on a loan.  :-\

This is their page for lenders groups: http://www.prosper.com/public/groups/about_groups.aspx
groups: http://www.prosper.com/public/help/topic...eader.aspx
creating groups: http://www.prosper.com/public/help/topic...eader.aspx

[mandy]

Now a new company is betting it can shake things up in the banking sector by offering depositors the same rate as borrowers.

CommunityLend is the brainchild of a group of Toronto based entrepreneurs, including Colin Henderson, the former head of Internet banking at Bank of Montreal, and Michael Garrity, previously vice-president of marketing and sales at Canada Post's online bill-payment division...

The idea is that instead of using its own capital like a conventional bank, the company will act as an online marketplace, matching people who need money with others who have excess cash. Borrowers list their requests along with credit information on the CommunityLend Web site and lenders will make bids for the business as part of a competitive auction. "It's an eBay for loans," Mr. Henderson said...

full article: http://www.canada.com/nationalpost/finan...3d69e2a98a

Prosper.com: http://prosper.com/
Zopa: http://www.zopa.com/ZopaWeb/
CommunityLend: http://www.communitylend.com/

[mandy]

Update: credit crisis hits Prosper

...this so-called peer-to-peer lending, which until recently seemed that it might offer a reliable source of money in this calamitous economic environment, is now experiencing a squeeze of its own.

On Wednesday, the nation’s largest peer-to-peer lending site, San Francisco-based Prosper, stopped allowing lenders to make new loans, saying it needed to wait while the Securities and Exchange Commission evaluated its regulatory filings.

Monthly loan volumes at the company have been declining since the credit crisis worsened this spring. Prosper, which is unprofitable after raising $40 million in venture capital, now faces the damaging possibility that lenders may take their money off the site instead of waiting for the S.E.C. to allow lending to resume. That could take several months...

full article: http://www.nytimes.com/2008/10/16/technology/start-ups/16peer.html?_r=1&oref=slogin