E-Loan cofounder starts new Internet lending site Chris Larsen, co-founder of Pleasanton, Calif.-based E-Loan, which was bought by Puerto Rican bank Popular last year for $300 million, has launched a new online loan venture, reports say.
Prosper.com is a kind of eBay for loans, an online marketplace where lenders bid to provide loans to borrowers, according to reports. Like other Internet businesses that eliminate the middleman, its proposition is that everyone involved reaps the rewards of lower costs; borrowers get better interest rates than they'd pay on credit cards or bank loans, and lenders earn more interest than they would from money-market funds or savings accounts, accounts say.
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