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Borrowing money without a bank!

If you have something you really want or need, be it a holiday or better an idea for a new business, then you probably are thinking of how to fund your venture. If it is a new business idea, then chances of getting a proper loan from a bank may be low unless you are prepared to put up a piece of real estate as a security. With the internet revolutionising how we do many things, it is about time someone looked at revolutionising the lending industry. And so a company called Prosper (http://www.prosper.com) have pioneered something called 'peer to peer lending'. It is a great idea for those who need to borrow money but are struggling finding the right source and for those who may facilitate the lending. In the past if a bank turned you down you would probably knock on the doors of your parents, brothers, sisters and friends and colleagues. Today you can put up your loan idea on the Prosper web site, and individuals willing to lend upwards of $25 can bid on your loan.
You still need a decent credit rating, this is not meant to support scams. However, a group of individuals can fund a loan and get paid interest on the loan, the way a bank would. The borrower needs to make payments as agreed. The idea is simple and terrific. It is one of those ߵwhy didn't we think of it earlier' ideas. It exemplifies the brilliant uses of the internet and how it can be used to connect people.

Dorota
Sat, 10 Oct 2009 13:04:02 +0000

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