Spend Less, Save More at Prosper.com

This site will be used by my group at Prosper.com, Spend Less, Save More, to flesh out listings and provide more information that won't fit in the standard listing.


For those of you who don't know what Prosper does, or what it is, it's a peer-to-peer lending site. The short description is that it's an Ebay for borrowing money. Instead of going to a payday loan place, going to the bank or using your credit card, you go online, register, write a listing, and receive bids from other people. You should be able to get a better rate than you would somewhere else, because you're dealing with other people. It's like that scene in It's a Wonderful Life with Jimmy Stewart, where he explains that his customers are lending money to their neighbors so they can afford a house. You can borrow $2,000 from 20 people, but only have to deal with one payment a month, not 20 payments to 20 separate people!


Part of the Prosper system is to use groups. The thinking is that a group of people who have something in common are more likely to repay the loan, so they don't make the other members of their group look bad. You can join my group by clicking the "Financing available" button below. If I accept you into my group, I will bid the first $100 on your listing, to get the ball rolling. Once enough bids have come in, bidders can keep bidding, to lower your rate.




Here are some useful links.

• Here you can see how much money has been loaned, at what kind of interest rates, to what type of borrowers:
  savagenumber.com
  Someone with poor credit will do better trying to borrow a smaller amount of money, at a higher interest rate, than someone with better credit.
  
  
• This one shows that over $8 million dollars has already been loaned:
  ericscc.com
  Currently, there's over $750,000 set to be bid automatically on loans that fit certain criteria.
  
  
• This explains how borrowing money works:
  About borrowing money
  
  
• This calculator gives you an idea what your loan payments would look like. The loans are 3-year terms, with no prepayment penalties.
  $3000 loan for a borrower with an "C" credit score, at 14.3%