Update on Prosper.com... 340,000 members, generating $71-million in Loans...

[Dien Rice]

Originally Posted by Phil

Fast cash just a click away...

People are increasingly sidestepping banks and heading to the Internet to set up person-to-person loans
http://www.theglobeandmail.com/servl...ory/Technology

Another business practice - revolutionized by the internet!

Thanks Phil for sharing that... Looks great if you need a "smallish" loan (eg. under $20,000)! (I say that's "smallish" since I'm comparing to the amounts many businesses want to raise, in the hundreds of thousands or more...)

A friend of mine who's of ethnic Vietnamese background told me this. Small person-to-person loans like this happen all the time in the immigrant Vietnamese community. Especially to help start small-scale businesses. I bet it happens in many other communities too.

However, thanks to the internet - the whole idea can go "large-scale" and many more people can benefit...

Viva la (internet) revolution!

Cheers,

Dien