Prosper is the person-to-person lending site funded by Pierre Omidyar, the founder of eBay where borrowers list borrowing requests and thousands of individual lenders like you and me bid on the loans. eBayAuctionPros is a Prosper group comprised of eBay sellers who lend money to deserving people. We invest our profits in Prosper helping others get back on their feet, reduce their debts and find money to invest in new ventures or fund eBay inventory or stores. Our group can help people with even low credit scores borrow money from Prosper lenders at less than credit card rates to help them: - start a business
- rebuild credit
- consolidate debt
- invest in other worthy projects.
We seek group members who would like to earn money by lending to others and members who need to borrow money for one of the reasons stated above.
Benefits for Lenders: We review our member's loan requests to make sure they have the ability to pay back loans and work with any borrowers who get behind to insure repayment. You can spread your investment over dozens of loans and credit grades to lower your risk and maximize your return. Benefits for Borrowers: - Borrow money for projects that banks won't lend for
- Better interest rates and payment terms than credit cards
- No collateral required
- Group leader to review your requests to help you get funded at the lowest rate
Click here to join our group at Prosper. Membership is FREE. Prosper FAQs: 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 group responsibility and applies it to person-to-person lending—resulting in better interest rates for people that borrow and lend. Prosper enables people to create groups, which borrowers join to request loans up to $25,000 by posting listings indicating the maximum interest rate they wish to pay. Lenders search for and select these listings based on the borrower's credit, debt profile, and group affiliation. 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. Borrowing Who are the borrowers? A Prosper borrower is any person who is a U.S. resident with a credit score of at least 520, a bank account, and a social security number. After passing Prosper's anti-fraud and identity checks, borrowers can request unsecured loans from $1,000 to $25,000 at rates they select. Borrowers should join a group to ensure they get access to the best rates. Prosper allows borrowers to post listings on the platform regardless of their credit or income. What kinds of loans are available on Prosper? Borrowers can request 3-year, fully amortized loans up to $25,000. Borrowers can repay the full amount of the loan at any time; there are no early payment penalties. Learn about creating a loan listing. Are these collateral loans? No. All loans on Prosper are based on borrowers' credit scores and a group's reputation. Prosper does not offer collateral loans. Learn about credit grades. How quickly will a borrower receive money once a loan is matched? Borrowers typically receive their loan within 2 to 7 business days of the end of a successful listing. Will the lenders know their borrowers' identity? No. There is never a need for lender and borrower to contact each other and it is entirely up to the lender and borrower to choose how much information they wish to share about themselves. Can Prosper help borrowers build credit? Will delinquency be reported? Yes. Because Prosper reports all payment activity to our credit reporting partner, using Prosper is an excellent way for new borrowers to establish a credit history while enhancing their group's reputation. In addition, delinquencies are also reported to our credit reporting partner, so bad performance will affect a borrower's credit score negatively. Does creating a listing on Prosper affect a borrower's credit score? No. Creating a listing for a loan is not counted as a loan inquiry and will not lower a borrower's credit score. A loan inquiry is only created when a borrower's loan is created. Lending Who can lend money on Prosper? A Prosper lender is any person who is a U.S. resident with a bank account and a social security number. After passing Prosper's anti-fraud and identity checks, lenders offer money to borrowers at a rate they select, often earning a much better interest rate than putting their funds in a money-market account or CD. Learn about becoming a lender. How much money can someone lend? Because Prosper allows lenders to bid on all or parts of loans, lenders can fund as little as $50 and as much as $25,000 on any particular loan listing. How should people that lend evaluate loan listings? Prosper allows lenders to select listings based on their own criteria. Lenders can evaluate listings by a borrower's credit grade or group affiliation. Learn about finding loan listings. For example, a successful filmmaker may want to lend money specifically to independent filmmakers by browsing individual listings. Alternately, the filmmaker may place a standing order to fund any loan listings in a particular filmmaker group. Learn about placing bids.
Groups
What is a group? Prosper's founding principle is that people form groups around things they care about and act more responsibly towards each other when their actions impact not only themselves but also their group. Prosper leverages this powerful concept of group responsibility and applies it to person-to-person lending. Prosper believes borrowers repay loans more responsibly when they are members of a group they care about, translating into better interest rates and for both borrowers and lenders and allowing groups to earn profits on the repayment reputation of their members. A group can be any collection of people with common interests, including social, cultural, ethnic, professional, educational, athletic, religious, or any other official or unofficial affiliation. Groups earn a reputation on Prosper according to their member repayment record. Groups with more successful repayments will attract more lenders offering lower rates. A group does not have to be a formal association: it can be as small as the members of your family, the people on your soccer team, your friends from high school, or your team at work. What does a group do? Prosper groups are a way to bring people together for the common goal of borrowing money at better rates. Groups give borrowers an additional incentive—their group's reputation—to meet their promise to repay, which should result in lower defaults and lower interest rates. Click here to join our group at Prosper. | 
