Borrowing as a Group Member
In This Chapter
• Examples of types of groups
• How to create your own group or join an existing group on Prosper
• Qualities of an effective group leader
• Understanding group ratings
• Explaining historical default rates
• How group borrowing works on Kiva
The idea of borrowing as a group member may seem strange to you. After all, you wouldn’t walk into a bank with three dozen of your closest friends and ask for a loan based on your group credit rating. But it’s a nice concept if you think about it. Lenders seem to like the added security that comes from lending to someone who’s a member of a successful group.
What’s a successful group? It’s a group whose membership pays loans on time and has a low default ...