After receiving approval from the SEC, Prosper.com is running again. We have already sung its praise, and we are happy to read that more people are using it now.
As a reminder Prosper.com is a peer-to-peer lending network. People can post what they need and for what endeavor. They will also list their financial history and status. Then they are matched with people who are interested in loaning them money. Since credit is tighter than ever these days, and since savers are frustrated at the 1% interest rates in their savings accounts, many more people have been gravitating towards this site.
Another site that has been growing is DebtX. This collects commercial loans and sell them to institutions. So it is more of a Business to business site, but again without the regulation, and without the FDIC security.
We at Dumbagent are happy to see projects like these come out of the wreckage of the financial industry, and hope that their potential success will show that more government regulation isn’t always the answer.
You need to go back and check your sources. Your piece is wildly outdated, as Prosper closed again just a few days after it’s ill-conceived attempt tp re-open WITHOUT the SEC’s permission.
This is true, and we apologize since we had written the article some time ago and failed to verify.
However, we’ve been excited lately about Kiva.org, which allows for Peer-to-peer loans, with a focus on micro loans. Watch out for a post on that, which we will make sure it up to date.