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The Peer
Lending Network is dedicated to educating consumers about the
peer-to-peer lending process, directing consumers to the
industries best peer-to-peer lending companies. The loans are
all unsecured meaning, they don't require collateral. The Peer
Lending Network can help both of our target visitors:
· People looking for a loan, or debt consolidation at a lower
interest rate.
· People with some extra cash that can bid on loans and get
returns for their investment sometimes up to 12%.
Whether you
need a home improvement loan, or you need to pay off high
interest credit cards, the Peer Lending Network can help. Some
common personal loans are auto loans, debt consolidation loans,
home improvement loans, military loans and student loans. Peer
lending also offers small business loans.
About Our Preferred Partner Prosper
Prosper,
America's first people-to-people lending marketplace, was
created to make consumer lending more rewarding by basically
cutting out the banks or third parties and giving investors a
chance to make a great return.
The way Prosper works is very similar to an online auction. On most auction
sites you can list and bid on items. With Prosper you can list
and bid on loans using their online auction platform, (sort of
like the ebay of finance).
Prosper gives you the opportunity to either loan money or borrow
money. If you decide to loan money you can set the interest rate
you would like to earn and bid in increments of $50 to $25,000
on any loan listing you choose. In an effort to make the
investing as safe as possible Prosper has created whats called
standing orders which allows for easy diversification.
If you would like to borrow money you can create a listing of up
to $25,000 and set a maximum interest rate you are willing to
pay on your loan. People then start to bid on your listing by
offering a sum of money at a certain interest rate. As people
bid on your loan the interest rate goes down as Prosper accepts
only the bids with the lower interest rates to fund the loan.
All loan administration, including collection efforts if
necessary, is handled by Prosper on both the lenders and
borrowers behalf.
Prosper has a rigid privacy policy and its principals are strong
advocates of stringent consumer financial privacy protection
laws and practices. As a member you
are in control of how much personal information you want to
reveal on the website. Prosper's
security and identity verification systems are consistent with
those used by banks, brokerages and institutional creditors to
ensure your safety.
Prosper gets paid by collecting a one-time 1% or 2% fee on funded loans
from borrowers, and assessing a 0.5% or 1% per annum loan
servicing fee to lenders. They are backed by strong financial
partners including Accel Partners, Benchmark Capital, DAG
Ventures, Fidelity Ventures, Meritech Capital Partners, and
Omidyar Network. Prosper's
marketplace platform is patent pending.
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