Credit Loan Deals

Prosper.com is a person to person money lending website.  Allowing people to bypass the banks to get a 3-Year loan.  People who need money request how much they need, and their maximum interest rate they will pay.  Prosper has a pool of lenders who then bid on the loan and many times the bidding will decrease the the interest the borrower has to pay.  A person requesting a $3,000 loan could have 1 person bid $3,000, or 30 people bidding $100 each.  Once the loan is 100% bid on, the next bidder has to bid at a lower interest rate, decreasing the interest rate the borrower has to pay once the loan is finalized. 

Many people have found Prosper an easier way to pay back debt on high interest credit cards as many of the borrowers will bid the interest rate lower than that of the many bank run high interest rate credit cards.