Good returns and easy loan terms with Prosper.com

Prosper is, basically, a peer-to-peer or person-to-person lending clearinghouse. A person who needs a loan goes to prosper, fills out a loan application, and if accepted the loan application is presented to potential individuals who can "bid" to fund the loan. Once the loan has been funded, lenders then have the option to "bid down" the interest rate - which is great for the borrower!

So you have an extra $50.00 or so..... and you could do a few things with it....

You could buy that fancy widgit you've been eyeballing
You could stash it in a jar for a rainy day
You could treat your sweetheart to dinner
You could earn interest on it in your savings account
You could create a passive income that could lead to a lifetime of freedom

The last option is what loaning money on prosper is all about.

Do any of these sound like you?

You went down to the local bank and filled out an application, you always pay your bills on time and want a loan to consolidate some credit card debt - but they turned you down because of the credit card debt....

You have a great idea for a new business and just need some start-up money to get it off the ground, you have a decent credit rating, but have a few bumps on your score....

Your growing company needs a short-term capital infusion to buy some inventory for resale....

You could get a loan from the bank but the interest rate they quoted you seemed too high....

All of these reasons and many others are excellent reasons to consider prosper for your loan. The better your cause and more responsible you have been with your credit, the better your chances of getting a loan funded and possibly even have the interest rate "bid down" - to a rate that is better than you may otherwise get through traditional loan venues. According to Prosper borrowers can get funded with a rate as low as 7.70% APR - try that at your bank on an unsecured loan!

With the sub-prime mess a lot of banks have become restrictive in how they approve loans, at least in the short term.

I have not borrowed money through Prosper, but I am a lender. For more information specifically about borrowing on Prosper, a really good lens by Mac33 here on squidoo is called Tips to Help your Prosper.com Loan Get Funded. I found it to contain a wealth of information for the borrower.