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Prosper

Financial Investing and Borrowing


Tiny
Published 06/21/2012 and rated Ratingstars4 4 out of 5 stars
by Jess Meli
What can you use the app for?

Prosper is a lending marketplace where people with money can invest and those needing money can borrow without having to involve banks. Its an online marketplace that provides a lucrative lending platform for its users. It provides a community-based lending model with minimal costs. There is also lender diversification as a result of the one-to-many approach. The low acquisition costs are possible because of the group approach to borrowing and lending. There is validation and verification for all lenders and borrowers. A score similar to a Fico score is generated so that the keeners are able to determine who to lend money to. There is other information about the borrowers that are also provided. This information can help lenders determine if the investment is worthwhile.

Prosper screenshot
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What is the history and popularity of the app?

Founded in February 2006, Prosper aims at providing investing and borrowing without involving banks. Chris Larsen, a co-founder of Prosper.com states that the applications allows lenders to invest by lending money to credit-worthy borrowers.

What are the differences to other apps?

Users of the Prosper application do not have to use a bank to complete the lending or investing transactions. The Prosper platform also provides its own credit checking and validation which is used to help users trust the application and determine the credibility of the borrowers.

How does the web app look and feel to use?

The Propsper application presents a professional look. Users are clearly separated into two groups whaich are those who want to invest money and those who want to borrow money. The main page provides a lot of information about the application including the number of memebers it has, how many loans have been funded and many other usefeul details.

How does the registration process work?

To use Prosper.com, a user account is required. Users can sign up for the application by determining if they want to be lenders or borrowers. Users that are borrowers can create loan listings with pre-set rates while lenders can browse listing and determine who to lend money to. Users can sign in by providing an email address and password.

What does it cost to use the application?

The application is free to use to set up listings to borrow money or sign up as a lender. However, there are fees associated with borrowing money and there is also a fee for lenders who want to be part of the Prosper lending system.

Who would you recommend the application to?

Those who are looking for places to invest their money, whether individuals or institutions can use the Prosper application to make investments. Those who want to borrow money for various reasons can also seek loans from the lenders. There is no need to use or visit a bank while using the applicationa and this can make this peer-to-peer borrowing framework beneficial to those who prefer to avoid financial transactions with banks. However, apart from interest on money borrowed, there are fees associated with borrowing or lending money.

  • Users can invest and borrow money
  • Individual investors can act as banks and provide loans
  • Actual banks are not involved in the transactions
  • One of the world's largest peer-to-peer lending marketplaces
  • There are different loan rates available


Prosper video

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Prosper contact details

Telephone: 1-866-615-6319
Postal address:
Prosper Marketplace, Inc.
111 Sutter Street, 22nd Floor
San Francisco, CA 94104

Prosper pricing

FREE - Permanently free version

Mobile versions

Languages

English

English

Prosper on Twitter

Prosper on Facebook

Link to app information

Company blog