Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending Peer-To-Peer Lending: A Prototype For The Future Of Mortgage Lending

Newsweek Magazine's Tip Sheet section last week featured two Web sites that have nothing to do with real estate or mortgage financing but may illustrate the future of the mortgage lending game.

It is not such a stretch to see a prospective homebuyer logging on to (example) Helpmebuy.com or some such with a request for the $250,000 he figures he needs to buy a home and the rate he is willing to pay and be pre-approved by a single lender or 1,000 of them in a matter of hours. This would truly be "lenders bidding for your business".

Per to per lending is more viable when dealing with business proposition. For example getting micro loans for a new startup. I have considered using Prosper.com for various projects. Using them to buy a loan just isn't viable I think since it's apparent raising $20,000-$30,000 this way simply isn't viable for most people. Most stories tend to be hard luck cases or attractive females.

Labels: microlending, prosper

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