I just heard about this new site that claims to be the "online marketplace for people-to-people lending,"
Prosper.com.
The process goes something like this (not quite verbatim from their site): A person in need of a loan posts a listing for the amount he/she needs along with an interest rate they wish to borrow at (all loans are at 3 years at this point). Lenders then bid on the listing with an amount that they are willing to borrow at a rate that want in return. As the listing ends, the bids with the lowest rates are combined into a 3-year loan for the lender.
It seems like an interesting concept; sort of like an Ebay for loans. At this point, I am a bit skeptical about the whole system as it is still new, but it looks like it could turn out to be a great idea.
Interesting Lending/Borrowing Site
Linear Mode
