Two Years of P2P Lending Results With Prosper

Two Years of Peer-to-Peer Lending Results With Prosper

Last year I reviewed how my lending account with Prosper.com was doing. I thought I would continue along those lines and share how my account is doing after the two year mark. If you don’t know what Prosper.com is, it is one of the largest peer-to-peer lending networks in the country. Prosper.com and its rival, LendingClub.com gives everyday men and women like us the opportunity to effectively become bankers, lending our money out to others in the hopes of attracting a really good rate of return. You can read all up on how it works on Finance 101: What The Heck Is Peer-to-Peer Lending? […]

Finance 101: What the Heck is Peer-to-Peer or P2P Lending?

Finance 101: What the Heck is Peer-to-Peer or P2P Lending?

This is part two in my Finance 101 series and it’s a long one. This time we’re learning about peer-to-peer, person-to-person, social, P2P or sometimes micro lending. The concept has many names but it’s basically the same thing – you are getting a loan from a private individual instead of a bank. That’s the short, short version for those without the time to stick around for the article. The rest of this post is directed to those who are completely clueless about the process. Read on.

Let’s begin with the most basic. According to Wikipedia, this is a type of lending or borrowing “which occurs directly between individuals (‘peers’) without the intermediation/participation of a traditional financial institution.” I like my definition better. You’re thinking, well how does this work? Let’s look at two scenarios.

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The Government Saves Me From Myself

The Government Saves Me From Myself

By now, since I’ve been a lazy beast, you’ve probably heard about the restrictions that the Senate passed last week on credit cards. It’s designed to stop the evil credit card empires from taking advantage of the poor, misguided public. Let’s have a look-see shall we? According to my buddies at the MSN Moneycentral (love[…]