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The Complete Idiot's Guide to Person-to-Person Lending by Curtis E. Arnold, Beverly Harzog

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Chapter 7
In This Chapter
• How Prosper.com makes money
• Borrowing on Prosper.com
• Making loans and bidding on Prosper.com
• How late fees and defaults are handled on Prosper.com
 
Okay, now let’s dive in and take a close look at the major players in the P2P lending marketplace. First, we take a look at Prosper. Prosper.com began in 2006 under the guidance of CEO Chris Larsen, formerly the cofounder, chairman, and CEO of E-LOAN. Prosper offers “direct” loans and is the largest of the current slate of P2P lending sites.
How does the P2P loan process at Prosper work? Let’s say that Lauren is an entrepreneur who needs $2,500 to expand her bakery business. She becomes a member of Prosper, and her loan request gets funded by a number ...

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