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	June 12, 2006 Prosper's P2P Lending Network Defies Status Quo Social Computing Comes To Financial Services by Catherine Graeber with Bruce D. Temkin, Benjamin Ensor, Peter Hult

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Executive Summary

Chris Larsen, co-founder and former chairman of E-LOAN, is back on the scene, challenging the status quo again with a new venture called Prosper Marketplace, an online loan marketplace with a Social Computing twist. Think of it as a melding of eBay and MySpace.com — a place where consumers come together to loan and borrow money from each other. Prosper's approach cuts banks, finance companies, and pay-day lenders out of the game for unsecured personal loans. Forrester believes that the success of Prosper will be tied to its ability to: 1) attract credit risk-savvy individuals willing to loan money on the Web; 2) develop the community aspect of individual borrowers; and 3) control fraud and default rates.

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