2007-05-16 09:27:42 · 1 answers · asked by Rayvin 2 in Business & Finance ➔ Credit
There is a web start-up called Prosper.com that started about a year ago.
The principle is simple. It connects people who want to borrow money with people who want to lend money.
The workings on the borrower side work like this:
You place an offer to borrow money and you give some info about your situation, how much you want, what rate you're offering, what the loan is for. Along the way, you give more detailed information about your financial/credit situation.
If you have no credit, you'll be in the HR category (High Risk), but there's a credit category for each range of credit score and chances are you could have a better rating.
The rate you offer for the loan have to match the credit ratings, otherwise lenders will not be interested in lending to you. A proven job/income/home will come in handy to be more popular.
2007-05-16 09:44:56 · answer #1 · answered by gmorfy 1 · 0⤊ 0⤋