P2P No Bank

ZimpleMoney launched a couple weeks ago as a platform which democratizes financial activities by giving people tools to select, buy and provide self-directed financial services. CEO Steven Rabago explains what that means and provides valuable insight i…

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Continue reading → ZimpleMoney launches social financial platform

“To seek out funds, some students have turned to peer-to-peer lending sites, such as GreenNote and Fynanz, which focus exclusively on making college loans. After creating an online profile, users can court a variety of financiers, including friends, fa…

• Hey, Brother, Can You Spare A Dime? There are many ways to secure loans these days, but due to the sub-prime mortgage crisis, banks and other financial institutions have been much tighter on their guidelines to lend.  It seems you need an almost perfect credit score these days to get a low interest rate.  Now that this......
• Tips for Paying Off Student Loans Right now, the student loan industry is going through one of its worst periods in decades. New Federal regulations have forced many banks to stop offering student loans, and students are being forced to either find a direct loan or start paying back what they owe. Enrollment figures are being......

Continue reading → Fynanz halts p2p lending; markets student loan platform to credit unions

Lending Club has introduced four new features for lenders - the ability to reinvest monthly payments, more visibility to see notes already invested in when browsing to avoid accidentally lending to the same borrower twice, an invite friends feature to …

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Continue reading → Lending Club introduces new lending features

CBS featured a Lending Club lender and borrower in a short video this week. Iraq war veteran Rob Ramonas borrowed from Lending Club when he was unable to borrow from banks. He plans to become a lender and “pay it forward” when his loan is paid off. …

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Continue reading → CBS features Lending Club

Swap-A-Debt recently became the latest p2p lending company to seek approval from the SEC. They filed on December 9th - four days after Prosper. On December 22nd they updated their registration.Here are excerpt from the filing which can be read here:B…

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• P2P Lending in Miami Hearld The P2P lending buzz is everywhere... Today it is in the Miami Herald: Anyone can be a banker with peer-to-peer lending When Walter Kond needed $25,000 to buy a shipment of home-theater seats for his Hialeah company to resell, he didn't go to the bank. He went online. Kond posted......
• P2P Lending in Chicago Daily Hearld and The Denver Post Another peer-to-peer lending article in a major publication.  These are just a reprints of the Washington Post earlier in the week. Chicago Daily Hearld: Peer-to-peer online lending must be considered carefully The Denver Post: "Social" lending steps in as traditional route tightens......

Continue reading → Swap-A-Debt seeks regulatory approval

Merry Christmas from Prosper Lending Review and thanks for a great year! As thanks, I want to give away a $25 gift certificate to one of our readers. Read to the bottom of this post for more details. (This post has nothing to do with p2p lending, by…

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Continue reading → Last minute gift certificate idea and $25 for you

Pertuity Direct is preparing to launch “immediately after the New Year” according to an email they just sent to interested members. They originally planned to launch a couple months ago at FINOVATE but delayed to ensure they met regulatory requirement…

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• Pertuity Direct in the New Year In my inbox today.... Dear Friends of Pertuity Direct, As we wrap up 2008, we thought it would be a good time to check in with you and share the great progress we have made as a company. If you have been keeping tabs on the space, you know that......

Continue reading → Pertuity Direct to launch ‘immediately after the New Year’

Despite the regulatory troubles of all other p2p lending platforms (and perhaps partly because of it), Lending Club is doing very well. They are open for borrowers from all states and continues to add lending on a state-by-state basis. Today they adde…

Continue reading → Lending Club opens to lenders from Virginia

Prosper filed a S-1 Registration Statement with the Securities and Exchange Commission (SEC) today. The document can be read here.Recent related historyThis week: Prosper fined $1 million; class action lawsuit preparedLast week: SEC files cease and des…

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• Prosper Files S1 With SEC Here is a link to the Prosper S1 SEC Filing S1 From Wikipedia (here): Form S-1 is an SEC filing used by public companies to register their securities with the U.S. Securities and Exchange Commission (SEC). The S-1 contains the basic business and financial information on an issuer with respect......
• Lending Club Files S1 with SEC Lending Club has filed an S1 with the SEC (link to S1 filing). It looks to be similar in nature to the Prosper filed an S1 reported here on 10/30/2007. This continues the Lending Club quiet period started on 4/8/2008. Originally I had guessed 7 months to 1.5 years for......

Continue reading → Prosper files S-1 registration with the SEC

Prosper has agreed to pay state regulators $1 million for selling unregistered securities. In October Prosper stopped making loans and last week the SEC filed cease and desist proceedings against the company. According to a press release from North Ame…

• Prosper Marketplace Auctioning Debt The Baltimore Sun is reporting the Prosper Settlement. A settlement for $1 million dollars paid to 20 different states was announced today, with Prosper Marketplace agreeing to the payout after complaints poured in claiming that the peer-to-peer lending service was selling securities that were unregistered. Prosper Marketplace is a business......

Continue reading → Prosper fined $1 million; faces class action lawsuit from lenders

In case you haven’t been paying attention, over the past few months several events have reshaped the P2P lending marketplace.Loanio openedZopa closedLending Club emerged from their quiet periodProsper halted lending.If you thought things would quiet do…

Continue reading → Prosper in violation of SEC; Loanio to halt operations

Michael Sullivan from VOA News discusses P2P Lending on his radio program.Much of the program is about Lending Club which, right now, is the leading P2P lending site. There is a discussion about how the current financial crisis is actually good for Len…

Continue reading → P2P Lending on VOA News

With the historic election of Senator Obama and Biden this week, the focus is now on what changes they will bring to the country. There are many proposed changes that might have an impact on peer to peer lending. According to change.gov, a site set u…

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• Hey, Brother, Can You Spare A Dime? There are many ways to secure loans these days, but due to the sub-prime mortgage crisis, banks and other financial institutions have been much tighter on their guidelines to lend.  It seems you need an almost perfect credit score these days to get a low interest rate.  Now that this......
• Renaud Laplanche, Lending Club CEO in the News Renaud Laplanche, founder and CEO of Lending Club in California recently spoke with Jackie Hyland from ABC News Money Matters about Lending Club, where borrowers with good credit can obtain personal loans from complete strangers. It was touted as providing a unique and creative way to get a loan that......

Continue reading → How might an Obama/Biden administration change p2p lending?

Lending Club opened for lenders from 15 states and borrowers from all states a couple weeks ago. Since then they have added six more states. The two most recent additions are Washington State and New Hampshire. Rob Garcia, Director of Product Strategy,…

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Continue reading → Lending Club adds Washington and New Hampshire

Lending Club’s CEO Renaud Laplanche was interviewed today on ABC’s Money Matters.Laplanche said Lending Club has issued over $1,000,000 in loans over the last ten days. He said the number of borrowers and lenders has gone up dramatically due to recent…

• Lending Club CEO Renaud Laplanche on Fox Business Lending Club CEO Renaud Laplanche on Fox Business Lending Club: Signup via this link and receive a $25 startup bonus Thanks JD for pointing this out.........
• Hey, Brother, Can You Spare A Dime? There are many ways to secure loans these days, but due to the sub-prime mortgage crisis, banks and other financial institutions have been much tighter on their guidelines to lend.  It seems you need an almost perfect credit score these days to get a low interest rate.  Now that this......

Continue reading → Lending Club issues $1M in loans in 10 days

For a little more than a year, Prosper managed a referral program which rewarded new lenders with a $25 bonus and the referring party with bonuses as high as $50. Over time the program experienced many changes but remained a valuable means to drive ne…

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• Prosper Group Match Rewards Cancelled in Favor of Referral Program As any serious Prosper lender will tell you, Groups don't make make much sense for lenders.   What is the benefit? Sure I have a group and sure my group (all lenders) get benefits (such as early looks at analysis I am working on), but in general why would a lender want......
• Referral Program Strategies (part 2) I wasn't planning on this being a 2 part post, but I got some great comments and I wanted to republish and respond... First a great suggestion from Used vans girl: Have you considered buying lists. There are a numerous companies out there who produce lists for every type of......

Continue reading → Lending Club opens referral program while Prosper shuts their program down

The Associated Press published an article yesterday - Peer-to-peer lending — Weighing benefits and risks. Although the article was published on October 20th, it seems like it was written at least a week ago. There is no mention of Prosper’s lending…

Continue reading → Media touts p2p lending - ignores upheaval

On Tuesday, Lending Club completed their registration with the SEC and opened for lenders from 15 states. Already, in less than a week, they have added four more states - Utah, Wyoming, Hawaii, and Nevada. We expect Lending Club to continue to rapidl…

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Continue reading → Lending Club rapidly adding more states

The past few days have been exciting for peer to peer lending - Loanio opened, Zopa closed, Lending Club emerged from their quiet period and Prosper halted lending. There is also big news overseas - Maneo launched the first peer to peer lending platfo…

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• Carnival of P2P Lending #9 Welcome to the 9th addition of the Carnival of Peer to Peer Lending... Editor's Picks: P2P-Loans.com presents P2P Lending Grows in Popularity as Banks Slow Lending (Are Individual Lenders Suckers or Savvy?) posted at P2P-Loans.com. Pinyo presents Why Borrowers With Bad Credit Pay A Higher Interest Rates posted at Moolanomy.......
• The Lending Club Offers New Alternative for Consumer Credit Following $600 Million SEC Registration Back in April of this year, the Lending Club announced that it would be going into a quiet period due to the beginning of a registration process involving the SEC, the United States Securities and Exchange Commission. Now the Lending Club is pleased to announce that the process has been......

Continue reading → Maneo becomes first p2p lending platform in Japan

This has not only been a crazy week in the stock market - it’s been a crazy week for p2p lending as well. Over the past couple of days Loanio has opened, Zopa has closed and Lending Club has emerged from their quiet period and announced a secondary ma…

• Prosper in Quiet Period? I though Prosper had already done this: http://www.rateladder.com/2007/10/30/prosper-files-s1-with-sec/ From Prosper This morning:  http://blog.prosper.com/2008/10/15/prosper-filing-registration-statement-enters-quiet-period/ Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future.The registration filing is a necessary step toward making the......
• Big Lending Club News -- Quiet Period Underway for Secondary Market UPDATE:  After a second reading I think my assumption about the secondary market is incorrect...  (My own hopes for such a market might have clouded my vision.)  It looks like LC is just registering for a license that they think they need to continue working with "lenders": http://www.techcrunch.com/2008/04/08/lending-club-puts-moratorium-on-lending-activity/ I am leaving......

Continue reading → Prosper enters quiet period; halts lending

Two dozen companies including Lending Club and Loanio presented at FINOVATE 2008 in New York City today. Netbanker reported on the various presentations throughout the day.Of course, the big news is Lending Club re-opened to lenders today. They also …

Continue reading → Lending Club and Loanio present at FINVOATE 2008

Six months ago Lending Club halted lending operations in order to register with the SEC. They have now completed the registration and have opened their doors to lenders again from selected states. If you are from Colorado, Connecticut, Delaware, Florid…

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Continue reading → Lending Club opens for investors from 15 states; allows lenders to sell loans

“In the financial news you can find a story almost every day about the weakness in real estate markets, rising foreclosure rates, and increases in the number of bankruptcy filings. Some economists worry about the effects spreading across the broader ec…

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Continue reading → Recession’s likely impact on p2p lending

I knew something was fishy at Zopa when last week they denied my loan request despite near-perfect credit. Was it a software glitch? Had they tightened lending standards without letting customers know?After posting the rant about my loan denial, I re…

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• Zopa Shuts Down US Branch Zopa, the UK based peer to peer lending company, is shutting down their US branch due as a result of toughening conditions that are currently being experienced by the US economy. Zopa provides loan services in the UK, as well as in Italy and Japan through a pure P2P style......

Continue reading → Zopa closes shop in the US

I have never considered the possibility I might be denied for a loan - yet it happened today. Only once in my life have I ever missed or been late on a payment (about four years ago I moved and the utility company didn’t forward my last bill). I pay of…

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• 6 Easy Tips on Raising Your FICO Score In today’s world, it’s easy to define your self worth by your FICO score. Whether you are trying to buy a house, get more credit or just get back on the right track, a low FICO score can really impact your entire life. However, there are some easy steps that......
• 2 New Loans (Part 2/2) — Debt Consolidation — $20,000 at 18.00% — C Credit — DTI 23% A new loan funded this afternoon (Debt Consolidation (Loan #6419) — $20,000 at 18.00%).  I participated via my standing order: Mid DTI -- AF.  Which is this loan was funded as a medium debt to income ratio and was an auto-funding loan.  The borrow had C credit and 23% DTI. ......

Continue reading → Need a p2p loan? Avoid Zopa

Yesterday Loanio launched and there are already six loan requests. On the Loanio blog, CEO Michael Solomon says it has been a wonderful week for him despite the uncertain financial markets - his son turned one, he won $1,000 in the New York State lott…

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• Zopa Shuts Down US Branch Zopa, the UK based peer to peer lending company, is shutting down their US branch due as a result of toughening conditions that are currently being experienced by the US economy. Zopa provides loan services in the UK, as well as in Italy and Japan through a pure P2P style......
• Borrow Money on Prosper -- Case for Unsecured Debt via Personal Loans Prosper Marketplace, Inc. is a peer-to-peer (p2p) lending marketplace that facilitates 3 year fully amortized loans between lenders and a borrower.  A borrower wants to borrow money and lenders want to earn better than average returns.  The most typical reasons for loans on Prosper are credit card debt consolidation, small business......

Continue reading → Loanio: Day 1

I jumped the gun last week but it’s for real this time. After nearly a year of anticipation, Loanio has finally opened their doors. You can sign up as a lender, borrower or co-borrower. Last month we got a sneak peak and reviewed Loanio. Now you can ch…

Continue reading → Loanio launches

I jumped the gun last week but it’s for real this time. After nearly a year of anticipation, Loanio has finally opened their doors. You can sign up as a lender, borrower or co-borrower. Last month we got a sneak peak and reviewed Loanio. Now you can ch…

Continue reading → Loanio launches

Update (12:20PM EST): I’ve changed the title of this post from “Loanio launches” to “Loanio to launch soon.” It appears I may have jumped the gun with the announcement. Myself and others were able to access the site for a brief period this morning. Th…

Continue reading → Loanio to launch soon

Due to state regulations, Prosper banned lenders from Pennsylvania. This caused an immediate and angry response from Prosper lenders. One started a petition and blog - Pennsylvanians for Prosper Lending.Many PA lenders left angry comments on the offi…

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Continue reading → PA lenders angry over ban

You have seen the news…Today: Feds rescue AIG with $85 billion bailoutAnd from the past few days:”Stocks suffered their worst losses in seven years as the failure of investment firm Lehman Brothers Holdings Inc. and the sudden sale of Merrill Lynch &…

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• Starting Small - $1000 or Less Investments Everyone has some sort of interest in investing, but most people avoid it because they are not sure which investments are safe, or which they can get into despite not having a lot of money to work with. One of the best things that you can do when just starting......
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Continue reading → Market in turmoil

Pennsylvania appears to be one of the least friendly when it comes to peer to peer lending. One year ago we reported that Pennsylvania borrowers avoided Prosper due to the low rate caps. Borrowers residing in Pennsylvania could only request loans at …

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Continue reading → Pennsylvania lenders booted from Prosper

After nearly a year of anticipation, Loanio’s launch appears imminent. In a email to potential users last week, Loanio announced, “In just a couple of weeks (yes, we mean it this time!), we will be done with the final touches and ready to roll out!”Loa…

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• Quick Finovate Comments -- Loanio I will have bunch more to say about finovate startup from netbanker when I have a chance to write it down in a form worthy of publishing, but felt like I should say a few quick comments about the future p2p lending upstart: Loanio. I had the pleasure of speaking......
• Loanio is Expecting Launch within Days I have been having an ongoing email conversation with Michael Solomon the CEO of Loanio for quite some time... In fact, he originally bought advertising on this blog over a year ago. While still hesitant to give an exact date, he told me in no uncertain terms that Loanio is......

Continue reading → Loanio touts platinum verification and co-borrowers

Fynanz made several improvements in the vetting process for new borrowers including the following changes:School certification is obtained directly from a borrower’s school (or a borrower has to provide a school transcript and tuition bill) to verify…

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• Renaud Laplanche, Lending Club CEO in the News Renaud Laplanche, founder and CEO of Lending Club in California recently spoke with Jackie Hyland from ABC News Money Matters about Lending Club, where borrowers with good credit can obtain personal loans from complete strangers. It was touted as providing a unique and creative way to get a loan that......
• P2P Lending In The News A couple of peer-to-peer (p2p) lending articles came out in major publications over the weekend...  Enjoy... The ChicagoTribue: Peer-to-peer lending helpful, but know rules Sometimes you have to take matters into your own hands. At least that's the mind-set of individuals who lend and borrow money from each other online,......

Continue reading → Fynanz improves borrower vetting

New borrowers can get 10% off Lending Club loan origination fees through an exclusive Credit Karma offer.Borrowers on Lending Club are only charged as a result of an accepted and approved loan. Fees range from 0.75% to 3% depending on the borrower’s c…

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• Credit Karma -- Free No Strings Credit Scoring Never before have Americans been so interested in their credit scores, and as such, numerous sites have cropped up offering to sell them. It can get pretty expensive if you want to keep checking your score with these sites and many people discover hidden monthly fees that rack up quickly.......
• Restore Your Fico Score – Part One While obsessing over a FICO score is not a good idea, this is a number that will have a lot of bearing in your life. This number determines whether or not you will be able to get a house, a new credit card, or in many cases, whether or not......

Continue reading → 10% off Lending Club fees

Lending Club has been nominated as one of the Top 100 Internet innovators in the U.S. by the Industry Standard in the ‘Commerce’ category. Others nominated include Mint, Zillow, Farecast and Wesabe. The winner will be decided by popular vote and announ…

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• Zopa, Lending Club, and Kiva all Score at The Webby Awards Zopa took the Webby in Financial Services (Mint was People's Choice).  On Zopa you can buy a CD and help reduce my loan without giving up any of your entitled interest (current rate 3.75%): Start Here When Buying Your CD Lending Club took the Webby in Banking / Bill Paying (Mint......

Continue reading → Lending Club nominated as top innovator

In a site update today, Prosper eliminated all defaults - well, they renamed them. Defaults will now be known as “charge-offs”. As reported on their blog:”We are changing the way we display seriously delinquent loans on the marketplace performance page…

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Continue reading → Prosper eliminates defaults

Prosper just released their monthly market survey for July 2008. For the first time, the survey includes statistics showing how borrowers who list and get funded in the Prosper marketplace indicate how they plan to use their personal loans. Also notewo…

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• Propser and the Greatest Economic Crises America has Ever Faced? Prosper just released it monthly survey and it included commentary from CEO Chris Larsen.  What do you think, is this the "greatest economic crises America has ever faced"?  (For my part there is no doubt it is in my lifetime, but I don't see this getting to the level of......

Continue reading → Prosper Releases Market Survey Results

Chris Barrett, film director and award winning movie producer, just published a book called Direct Your Own Lifewhere he promotes Lending Club as one way to finance your dreams.Last year Chris Barrett won $3,000 in Lending Club’s video contest. Chris …

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• Hey, Brother, Can You Spare A Dime? There are many ways to secure loans these days, but due to the sub-prime mortgage crisis, banks and other financial institutions have been much tighter on their guidelines to lend.  It seems you need an almost perfect credit score these days to get a low interest rate.  Now that this......
• P2P Lending in Miami Hearld The P2P lending buzz is everywhere... Today it is in the Miami Herald: Anyone can be a banker with peer-to-peer lending When Walter Kond needed $25,000 to buy a shipment of home-theater seats for his Hialeah company to resell, he didn't go to the bank. He went online. Kond posted......

Continue reading → Movie director promotes Lending Club (again)

Seth Freedman and Ginger Zhe Jin from the University of Maryland have published an academic article on Prosper called Dynamic Learning and Selection: the Early Years of Prosper.com.Freedman considers the article a preliminary draft. Since first publis…