Want to borrow some money or become a lender? Now you can at porsper.com. It is a peer to peer credit auction commumity. You can barrow and lend money without going through the banks, it is all done online.
Borrowers can creat a loan listing for up to $25,000 and set the maximum rate they are willing to pay a lender. Then the lenders bid for the listing. If you win you can then collect the money and earn the interest every month.
Lenders can reduce risk by spreading the available fund to many different borrowers instead of big load to one or two individuals.
Prosper.com do all the administration tasks.They charge a one-time 1% fee on funded loans from borrowers, and assessing a 0.5% annual loan servicing fee to lenders.
( Make money)