Prosper.com Adds One and Five Year Loans

Peer to peer lending giant Prosper.com used to only offer three year loans.  Now, you can borrow using one and five year loans.

More choices make it easier to tailor a loan to your needs.  You can also figure out a monthly payment that fits the budget (but don't let the five year loans tempt you to borrow more than you should).  As loan repayment terms change, so does your payment.  You can always repay early without prepayment penalties.

To figure out how your payments might change with the different options, run some numbers.  A loan amortization calculator can help you figure your loan out and understand how much interest you pay.

Further reading:

• Prosper.com Overview