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New service like an 'eBay for money'

February 27, 2008 12:00:00 AM PST
There is a new way to get a loan these days. It may not solve the subprime mortgage crisis, but it could help some borrowers in need of fast cash.It's called people-to-people lending. It's like an eBay for money. Lenders make their decisions based on borrowers' descriptions. Credit ratings are ranked from AA, which is excellent, to HR, for high risk.

Consumers can look for consolidation loans, or loans for weddings, college, even buying a dream home. Lenders bid on each consumer. The more people who bid, the lower the interest rate. The most one can borrow is $25,000.

For more information, log onto www.prosper.com.

 

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