Millions of people have shopped Ebay in the past. In most cases, winning an auction on Ebay means shelling out some dough. Wouldn’t it be nice if you get paid for winning an auction instead?
The founder of Ebay is involved in launching a new website called Prosper.com. It is a person to person lending and borrowing service. In this case the seller would be the borrower who places an amount and the interest rate he is willing to pay. The bidders are the lenders who would bid on any portion of the loan with the interest rate they are willing to accept. Once the auction is closed, the lenders offering the lowest interest rates win. Prosper.com then handles all the monthly payment and collection services.
Here comes all the money under the mattresses. Watch out, Citibank and Chase!