Focus and retain what I’m about to say. You can make between 6% and 29% profit with your money that is sitting in the bank at 1-3%. If you’ve run up credit card debt and don’t want to pay the 19% they’re ramming you for, borrow some money at a much lower rate.
Chris Larsen (Former Chairman and CEO of E-LOAN) has started another brilliant business called Proser. Prosper.com is America’s first people-to-people lending marketplace that was created to make consumer lending more financially and socially rewarding for everyone. It can help you make more money and help others save more money.
Prosper is a marketplace for credit that enables people to lend money to other people in a safe, efficient manner. Prosper is a leap back to a time when people formed credit communities to help themselves live better lives and earn a fair return on their money. Prosper’s founding principle is that people from close communities act more responsibly towards each other. Prosper leverages this powerful concept of community responsibility and applies it to person-to-person lendingâ€â€resulting in better interest rates for people that borrow and lend.
Prosper enables borrowers to request loans up to $25,000 by posting listings (Like EBay) indicating the amount they want to borrow and the maximum interest rate they wish to pay. Lenders search for and select these listings based on the borrower’s credit history, debt profile, and other factors. Lenders bid on listings (Like EBay) by indicating a minimum rate they are willing to accept. When a loan is matched between borrower and lender, Prosper handles all of the tasks needed for payment and collection of the loan. Prosper makes money by taking a small share of these transactions (.5% – 1%).
I’m using it now (earning 10%) and I highly recommend signing up. Plus you get $25 just for doing so! Everybody wins and you get to stick it to the bank or credit card company just a little bit…
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How long have you been lending on Prosper?
I’ve been using it about a month now. I just have a toe in the pool for the moment. If you have good credit, you can even borrow money at a low rate and lend it back out at a high rate. You make money using other peoples money! Just start slow and build confidence in the site. I highly recommend trying it out!
Hi! I was surfing the internet Saturday afternoon during my break, and found your blog by searching MSN for planters. This is a topic I have great interest in, and follow it closely. I liked your insight on Live Long and Prosper.com, and it made for good reading. Keep up the good work…
Cheers All: – Foound Live Long and Prosper.com looking for credit card debt home based travel business online. Good blog!!
I found your blog via Google while searching for automotive loan rates and your post regarding Live Long and Prosper.com looks very interesting to me. I have seen many sites before and most of them do not look this good. I cannot wait to let my friends know about this site. Thanks for the excellent content.