I just read an article about an online loan company that has made 1 (one) Billion dollars in loans; that’s $ 1,000,000,000 in loans to ordinary people like you and me. Now they did this over 5 or 6 years, I know it said but it slips me right now. I wrote an article about them a couple years ago, with the intention of doing a follow up, well here it is. I found a banner for them, just in case you want to go see them right now.
Now the interesting thing about this company it is not a bank, credit union, or thrift store – I just thought I would throw in the thrift store for fun – you don’t even have to talk to a “Loan Officer”, you know that person that looks at you with a blank stare and never smiles or says anything, yea that person.
And guess what all their loans are UNSECURED, that’s right I said UNSECURED.
How does a loan for $3,000 – $35,000 sound? At an interest rate from 6.73% to 35% APR.
Now I know that 35% is kinda high but if you need the money and no other place will lend it to you then it may be worth it.
In any case Prosper is a Peer to Peer lender. That means people are lending to people. Prosper just sets everything up so that people can fund your loan request. Each person that decides to help fund your loan request can choose how much they want to help; some will invest $25 and some $500 it is up to individual.
The nice thing about it is you don’t have to worry about that part, Prosper does all the work, you just supply the information.
And talk about cost of the loan; Prosper has very few fees and charges.
So if you are in the market for a loan you should go to their website and take a look around. It costs nothing to look.