[LINK] Virtual community credit unions

stephen at melbpc.org.au stephen at melbpc.org.au
Mon Apr 21 03:53:13 AEST 2008


Ros writes,

> .. 2nd year Monash IT recently had a lecture from the top IT 
> Manager of the ANZ Bank .. one latest thing on the internet is
> peer-to-peer money lending, (social lending, see www.prosper.com
> not sure if there is an Aussie version yet) - which the banks see
> as a real threat .. 

--
What is Prosper?

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 lending — resulting in better interest 
rates for people that borrow and lend. 

Prosper enables borrowers to request loans up to $25,000 by posting 
listings 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 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.
--

Cheers people
Stephen Loosley
Victoria, Australia



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