Prosper is a Peer to Peer Lending service that has been approved by
the SEC (Securities and Exchange Commission) for lending to
individuals or groups. Currently they are lending to
individuals only so the Pastor or a Church Leader would need to
apply on behalf of the church.
§Peer-to-Peer lending is a financial community made up of individual
people seeking lower rate loans and
investment opportunities.
§Borrowers apply online for a loan, and tell what the loan will be
used for.
Lenders bid on loan listings. Registered lenders have access to the
borrower's credit information. They can view the purpose of the
loan, the borrower's Prosper Rating,
and more.
§If the loan gets enough bids, funds are placed in the borrower's
bank account. Payments are automatically deducted from their bank
account.
§Lenders enjoy the rewards of this
alternative investment: they receive monthly payments of
principal and interest.
§The high costs of banks are removed because we connect people
directly: everyone benefits.