Borrowers and lenders, here's a new business that can make your life easier. Prosper.com offers borrowers a pot of money from which to borrow at very competitive rates. Lenders compete for your loan.
Lenders can earn a higher return on their invested money versus savings accounts, CDs, Money Market accounts, and -- currently -- stock investments. The average loan is anywhere from around 9% to 12%.
Good deals for borrowers (credit card interest rates are 18% and up, on average) and lenders, too (considering a savings account offers around 4-5%, tops).
It's a peer-to-peer model that will revolutionize the credit market, given today's credit crunch and challenging credit environment.
Check it out.
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