wcco:
Andy Mowery needed $10,000 to expand his business, but he knew going to the bank would just take too long.
“They want more documentation. They want stacks of paperwork. They want records from years ago,” Mowery said.
Instead he tried a new way to borrow called people-to-people lending. Web sites such as Prosper.com connect people who need money with people who want to lend it, all to make a little cash themselves.
“Instead of people buying and selling products and services, people are really buying and bidding on loans from other people,” explained Chris Larson of Prosper.com.
Borrowers post a profile with how much they need, up to $25,000, along with the interest rate they hope to pay and what the money’s for.
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