I am not sure if you have seen this web site but I think it is pretty cool -it’s called Prosper you can check it out by going here: Click here
It is a people to people lending marketplace. It works like an online auction but instead of bidding on items you bid on loans.
You can earn above interest rates on the loans you make and in addition you can diversify your risk by bidding on several loans. In that way you won’t have all your eggs in one basket.
You can also borrow money if you like up to 25,000 and set the interest rate you are willing to pay. Then as the auction begins people who lend, bid down the interest rate. When the auction ends Prosper takes the bids with the lowest rates and combines them into one loan.
On top of all this Prosper handles all the on going loan administration tasks for both sides and makes payments and collections for both borrowers and lenders.
It is worth checking out if you ever want to lend or borrow money.
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