Online Loan Auctions
"Basically, the advantage of going to a bank is strict documentation," said Mary Wilkerson, vice president of Boone County National Bank. "It's done very carefully, you know whom you're doing business with."
Added banker Anthony Ciolli, "I prefer going to the bank because it seems more personal and authentic. You know whom you're loaning from."
Prosper.com boasts that its service is as easy and safe as e-Bay. The site lets users post what loans they want, and lenders bid on those requests. Requests will show users' credit ratings and interest rates they are willing to pay.