Bank of (Insert Your Name Here)

Imagine being able to have your own bank per se. Lending money out to others at an interest rate based on their credit. Being able to see everyones credit score and having them bid on being able to borrow your money. The person willing to pay the highest interest and at least a sub-par credit score winning the bid to borrow your money. Well it can happen and its been implemented at http://www.Prosper.com

Here is the FAQ.

The most important question to this probably is:

Are lenders' deposits insured?

According to Prosper.com,

"Prosper is not directly insured by the FDIC, but lenders' deposits are covered up to $100,000 by FDIC pass-through insurance provided by our banking partner, Wells Fargo Bank."

Well check it out. I thought it was a cool new concept.