Code/Decode

Narain is the founder & CEO for 360 Degree Interactive, a web services firm based in Chennai, India. This blog is about his personal views on Web 2.0, RoR, Social networking,Digital media, interactive advertising, SaaS, Service Oriented Architecture, India Inc, rural education, Web standards, mobile 2.0 and more.

Saturday, February 25

Prosper: The eBay of Loans

This is the most important roll out for this year, if it proved successful. In a world of Web 2.0 wannabes, one man trys to shackle the foundations of the banking system at its roots. Simply said, when traditional "market place" is moved to eBay today, why not "traditional banks" move away to another web based portal. California based Prosper wanted to be an eBay for Loans.

Post eBay, people worldwide have realised that you can still do a business with a person you are never going to meet at all. This invisible marketplace is now taking shape in a more serious area like "loans". Prosper says anything under $25,000 can be taken from a group of lenders for a borrower.

Businessweek's article clearly illustrates that the world is now getting bigger. Read the article - Prosper: The eBay of Loans?

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