Credit cards attract one of the highest interest rates amongst all financial instruments. At times people find themselves mired in massive credit card debts and look for alternative sources of funding to retire this high cost debt. Personal loans are one of the lower interest sources of funding that can be considered.
However, there is an alternative source that is cheaper than traditional sources and is a very innovative Internet base model set up by an entrepreneur. It is called prosper.com. Transacting on Prosper.com is more like borrowing from a friend. The site enables both, borrowing and lending online, and works out more lucrative both for the borrower and the lender.
Prosper.com allows users to make deposits with it, which it holds with Wells Fargo. Online borrowers need to submit their details and undergo a verification process before they are given the loan.
Since prosper.com is an online company, it has very low overheads and does not need spreads like banks to manage costs. Hence, it is able to better the returns to investors and lend cheaper to borrowers.
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