After being astonished at the high cost of consumer credit in the United States, Prosper founders saw the opportunity for a 'social' lending system. The idea was to match investors with individual borrowers over the Internet via a peer-to-peer (P2P) lending system, in so doing reducing the cost of credit. With the help of Perfectial, Prosper created the technology behind a marketplace that has facilitated billions in loans making use of a simplified application process enabling quick lending decisions. Prosper's goal was to have the loan application and approval process be as simple as possible. It should allow borrowers to apply for a loan by simply entering a few pieces of information. The request would be approved within hours. This would allow an improved lending

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