Prosper is revolutionizing the lending industry. Up until now borrowers were at the mercy of extremely stringent banks who would only look at credit score and not at the underlying issues and the history behind the score. Lenders were restricted to the huge banks to include the large credit card companies.
With Prosper the lay person can now reap the rewards, which only the banks were allowed to pocket. By funding loans starting at $50 the lay person can recieve interest payments consistent with traditional loan products. Prosper reports the borrowers activity to experian
As for the borrow, they are now dealing with people who understand the hardships that may occur. Even though the borrow must still be accoountable for their credit score and their circumstances, their now appears to be hope for those seeking a second chance. Also good credit scores may apply for business loans and loans to make home improvements, without the lengthly bank paperwork. (This is not to say that their are no documentary requirements for Prosper.com, because their still are, but not to the extreme).
What do you think of Prosper.com?
