Want to know how to avoid your bank? If so, read on…..
Founded in 2005, Prosper is the first peer-to-peer (P2P) marketplace in the US.
Since it began, it has funded loans totaling more than $3 billion to more than 250,000 members.
As a P2P platform, Prosper brings borrowers and investors together, in a lending arrangement that eliminates the middleman from the transaction entirely.
That “middleman” is the banker.
By taking that function out of process, Prosper allows both borrower and lender to come together to create a mutually beneficial financial arrangement.
Borrowers can take loans ranging from $2,000 to $35,000, and for terms of either three years or five years. Individual investors can invest as little as $25 in any one loan, which enables them to diversify their holdings over many different loans.