Founded by Chris Larsen in 2005, Prosper is based in San Francisco, CA, and is an online marketplace for person-to-person lending. Its service enables people to borrow and lend directly from each other and from non-bank institutions online, without the cost and friction of a bank.
Through Prosper, people can invest in each other in a way that is financially and socially rewarding. Borrowers apply online for a fixed-rate or fixed-term loan. Individuals and institutions can invest in the loans and earn attractive returns. Prosper handles all loan servicing on behalf of the matched borrowers and investors.