First world microloans

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Awesome, awesome, awesome. The WaPo reports about Prosper.com, a site that connects individuals who need to borrow money with individuals who have money to lend. God, I love markets:

Lenders, who can finance small pieces of many loans, get a chance to earn higher returns than they might find elsewhere, but it’s not simply a numbers game. They get a borrower’s story, how much money they want to borrow, the interest rate they’re willing to pay, and the reason they need the money, along with monthly income and expenses. Often, pictures of borrowers, their dog or their children accompany the pitch.

According to the story, in one year the site has originated about $33 million in loans and less than 1 percent of its loans have defaulted.

Jan 29, 2007 | Comments | Tags: , ,

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