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October 9th, 2008 — , US, Zopa, affinity plus, closure, credit unions, zopa us from wiseclerk @ P2P-Banking.com
After several hours speculation following an email sent to some US lenders of Zopa including the statement “In addition, the Zopa social networking Web site will no longer be available as of October 9, 2008″, the Zopa CFO (UK) has posted a clarifing statement on the Zopa discussion board.
The email from Affinity Plus is partially [...]
Continue reading → Breaking news: Zopa withdraws from US market
October 4th, 2008 — , Lenders, Marketing, US, bonus, loanio, loanio.com, promotion from wiseclerk @ P2P-Banking.com
If you sign up at Loanio.com as a new lender using this link, the peer to peer lending service Loanio will credit you $25. This promotion may be time-limited, so sign-up now, even if you want to start lending later.
Related StoresOctober 2nd, 2008 — , US, Zopa, credit history, credit inquiry, zopa us from wiseclerk @ P2P-Banking.com
Tom of Prosper Lending Review found out that when he tried to request a Zopa loan not only was he rejected, but the Zopa credit inquiry was listed on his credit report. Unlike other p2p lending services in the US Zopa does a hard pull. The Zopa FAQ states:
We think it’s best if you assume [...]
Continue reading → Requesting a Zopa (US) loan can harm your credit history
October 2nd, 2008 — , P2P Lending, US, launch, listings, loanio, loans, michael solomon from wiseclerk @ P2P-Banking.com
After the Loanio launch yesterday, already some more loan listings are up at Loanio.com. Right now I count 8 listings. Probably more are in the making. No bids yet, which is not surprising as the lenders have to sign up and transfer money to Loanio first.
Michael Solomon, the CEO and founder of Loanio had a [...]
October 1st, 2008 — , US, launch, loanio, loanio.com from wiseclerk @ P2P-Banking.com
Last week I titled ‘Loanio Launch‘. That was a little premature (I was not the only one fooled by the site apparently going live - see Tom’s blog). Well today Loanio.com is really live. And there are 5 listings at the moment (see screenshot). For a list of features see the previous loanio coverage.
Netbanker has [...]
Related StoresSeptember 25th, 2008 — , US, co borrower, launch, loanio, loanio.com, second loans from wiseclerk @ P2P-Banking.com
Updated: Just after I wrote this, access to the Loanio website has been restricted again.
Finally! After more than a year of anticipation and announcements Loanio has entered the p2p lending stage. When I looked there were no loan listings yet, so let’s have a look on the concept in the meantime.
Borrowers
US residents with a VantageScore [...]
September 17th, 2008 — , P2P Lending, Prosper, US, discrimination, study from wiseclerk @ P2P-Banking.com
The study “What’s in a Picture? Evidence of Discrimination from Prosper.com” by the economic professors Devin Pope and Justin Sydnor finds:
We analyze discrimination in a new type of credit market known as peer-to-peer lending. Specifically, we examine how lenders in this online market respond to signals of characteristics such as race, age, and gender that [...]
August 19th, 2008 — , Prosper, Prosper.com, US, chris denend, john witchel, tom pigoski from wiseclerk @ P2P-Banking.com
Short news update on Prosper.com developments:
Changes at the Prosper management team: John Witchel (former CTO) and Tom Pigoski are no longer listed as part of the management team. A comment on this blog post indicates that John Witchel has left the company while Tom Pigoski is on family leave. Chris Denend is now CTO.
Prosper [...]
July 11th, 2008 — , Lendingclub, US, account management, feature, lendingclub.com from wiseclerk @ P2P-Banking.com
Lendingclub.com has in a new release some new account management features for lenders.
Lendingclub is currently not open for registration of new lenders.
Continue reading → Lending Club with new features in lender accounts
June 23rd, 2008 — , Lendingclub, US from wiseclerk @ P2P-Banking.com
On June 20th, Lendingclub.com filed a registration statement with the SEC to issue up to 600 million US$ in Member Payment Dependent Notes. The notes will be backed by loans and sold to lenders. The process for lenders remains pretty much the same as before the quiet period, only the legal setup will change to comply [...]
Related StoresContinue reading → Lending Club files S-1, step towards reopening for individual lenders
June 21st, 2008 — , Globefunder, US from wiseclerk @ P2P-Banking.com
Globefunder's site got a new layout. It looks more structured and professional now.
Also it seems that Globefunder will open its d2c lending (d2c="direct to consumer") to individual lenders. Only in May an announcement of Globefunder sounded like under dtc lending the company would on the lender site be open only to institutional investors.
Now there are "Coming soon Lend Money to make [...]
June 15th, 2008 — , Fynanz, US from wiseclerk @ P2P-Banking.com
Fynanz announced a lending bonus.
We're excited to announce that we're giving you and other lenders who lend $3,000 or more, a 3% Lending Bonus. That's on top of the great rates that you're already earning as a lender through the Fynanz Student Loan Marketplace …
Lending Bonus is earned on the aggregate amount you lend across [...]
June 13th, 2008 — , Prosper, US from wiseclerk @ P2P-Banking.com
The Prosper study I featured yesterday lists the Prosper fees. While it does not attempt to calculate the revenues of Prosper.com it gives some indications regarding the operating costs:
According to Mendelson (2006), the primary costs of Prosper consist of …, (2) a $4 fee for identity authentication, credit pulling, and bank-account setup per active borrower, (3) customer service [...]
June 12th, 2008 — , Prosper, US from wiseclerk @ P2P-Banking.com
The new study "Dynamic Learning and Selection: The Early Years of Prosper.com" by Seth Freedman and Ginger Zhe Jin, both at the Department of Economics, University of Maryland analyses Prosper data in a time frame from April 19th 2006 to December 31st 2007.
The study analyses the development of the Prosper.com marketplace and how lenders refined [...]
Continue reading → New academic study estimates average Prosper ROI at 6%
June 8th, 2008 — , Lendingclub, Prosper, US, Zopa from wiseclerk @ P2P-Banking.com
A recent Bankrate.com article gives an update on the development of p2p lending in the US.
Chris Larsen of Prosper.com sees the current financial situation as a chance for p2p lenders:
Home equity used to be the cash management tool for the credit-worthy borrower, and that has really, really dried up. In many ways, Prosper's three-year, 25,000 US$ [...]
Continue reading → Bankrate.com: Peer-to-peer online lending grows in tight economy
June 3rd, 2008 — , Greennote, US from wiseclerk @ P2P-Banking.com
Greennote.com will offer p2p loans to help college students pay for their education. Unlike at the competitor Fynanz, at Greennote interest rates are equal for all loans - at launch 6.8%.
Greennote puts a lot of trust in students. All that's required is a school id. No credit checks.From the Greennote Lender FAQ:
Q: Is there any [...]
Continue reading → Greennote - p2p student loans at a fixed low interest rate
May 31st, 2008 — , Defaults, bad debt, debt sale, Prosper, US from wiseclerk @ P2P-Banking.com
Prosper.com announced yesterday that the offers received for late loans to be sold off as defaults were to low to be acceotable. Doug Fuller, Vice President of Operations says, that with offers at 1.5 cents for the dollar, Prosper believes "the prudent course of business is NOT to sell them at this time". More on [...]
Related StoresContinue reading → Prosper decides to hold on to 4+ months late loans
May 7th, 2008 — , Kiva, Marketing, US from wiseclerk @ P2P-Banking.com
Credit card issuer Advanta entered into a partnership with Kiva. The initiative is called KivaB4BProject and Advanta will match the loans made by business card holders with up to 200 US$ per card. Card holders simply select a business owner to sponsor through Kiva and make a grant using their Advanta Business Card. Advanta matches that grant, [...]
Related StoresMay 5th, 2008 — , Marketing, Prosper, US, Video from wiseclerk @ P2P-Banking.com
Prosper will run television ads (preview them online). The TV spots will be aired in test markets starting this week.
Related StoresMay 2nd, 2008 — , US, Zopa from wiseclerk @ P2P-Banking.com
Zopa plans to launch a student loan feature in July. Students can already use peer-to-peer lending sites to apply for a personal loan. At Prosper.com, education loans account for less then 2% of its 135 million US$ in loans. (Sources: Smartmoney, WSJ)
Related StoresApril 15th, 2008 — , Prosper, US from wiseclerk @ P2P-Banking.com
Announced today Prosper.com has achieved nationwide lending (exceptions South Dakota and Texas) with an interest rate maximum of 36 percent. Previously maximum interest rates varied on a state by state basis depending by the licenses Prosper had acquired.
Prosper chose the same construct to go national as did Lendingclub in December - both partnered with [...]
Continue reading → Big news - Prosper goes national with 36 percent max interest rate
April 1st, 2008 — , Fynanz, US from wiseclerk @ P2P-Banking.com
Fynanz.com, currently launching for borrowers in New York and Florida, offers peer to peer lending to students.
The service differs from other p2p lending service in many points.
The private student loans, also known as "alternative student loans", Fynanz offers have variable interest rates. Other p2p lending services so far operate only with fixed interest rates. At [...]
Related StoresMarch 27th, 2008 — , Defaults, bad debt, debt sale, Marketing, Prosper, US from wiseclerk @ P2P-Banking.com
Prosper.com is actively promoting it's marketplace to hedge funds.
Prosper is America’s largest peer-to-peer marketplace with over 600,000 members,” stated Kirk Inglis, CFO of Prosper. “As credit markets experience unprecedented changes, institutional lenders, including hedge funds, are using Prosper to diversify portfolio returns without the lack of transparency and fees associated with structured consumer debt [...]
March 13th, 2008 — , Kiva, US from wiseclerk @ P2P-Banking.com
Kiva.org, which allows everybody to help funding microloans to entrepreneurs in developing countries, will achieve the milestone of 25 million US$ loan volumn within the next two days.
Launched 2005 the amazing growth curve can be seen on this Kiva stats page. The growth accelerated in 2007 driven by major media coverage. Up to now more [...]
February 29th, 2008 — Lendingclub, US from wiseclerk @ P2P-Banking.com
P2P Lending service Lendingclub.com, which launched last May, today surpasses 10 million US$ in loans. While the total amount is still much lower then the loan volume of competitor Prosper.com (currently over 120 million US$ loan volume) the growth acceleration of Lendingclub is really impressive.
Rob Garcia, Director Web production at Lending Club, told P2P-Banking.com:
This milestone confirms [...]
Continue reading → Lending Club hits 10 million US$ loan volume
February 27th, 2008 — Defaults, bad debt, debt sale, Prosper, US from admin @ P2P-Banking.com
Prosper Days 2008 took place Monday and Tuesday. Judging from the impressions of attending lenders, who blogged about it, it was a well organised event, but for seasoned lenders there were few news announced. No news about the long awaited secondary market. One blogger sees the Bidding via API function as highlight. Further news is that Prosper will start suing borrowers who defaulted [...]
Related StoresFebruary 23rd, 2008 — 3rd party services, Prosper, US from wiseclerk @ P2P-Banking.com
Immediately following up on the previous post on Prosper.com, the list of new features at Prosper is now known. Most notable are:
Lenders can turn standing orders into portfolio plans. The interesting part is that lenders can share (publish) their portfolio plans on their member page and other lenders can use it for themselves.
Bidding via API. [...]
February 22nd, 2008 — Prosper, US from wiseclerk @ P2P-Banking.com
The Prosper Days 2008, next week Monday and Tuesday in San Francisco, are the main yearly event by Prosper.com. The schedule covers topics like borrower experiences, managing large portfolios, earning a risk adjusted return, collections. You can still register for 55 US$ (includes all sessions and meals).
Several blogs already speculate if and which new features will be announced at [...]
January 7th, 2008 — Globefunder, US from wiseclerk @ P2P-Banking.com
Globefunder is now open for loan request by borrowers (minimum credit score of 640 required). The signup for individual lenders at Globefunder is still "coming soon".
A Columbus Business First newspaper article gave more details a few days ago:
Interest rates for borrowers on GlobeFunder range from 8 percent to 20 percent. GlobeFunder makes its money by charging [...]
Continue reading → Globefunder opens for borrower’s loan applications
January 4th, 2008 — Prosper, US from wiseclerk @ P2P-Banking.com
Effective today Prosper.com has raised the closing fees for borrowers:
…The rationale behind this increase is to enable us to better cover our administrative costs and bring our fees more in line with the market. We have endeavored to continue to keep the fees very straightforward for our borrowers.
The origination fee schedule for borrowers of first [...]
December 28th, 2007 — Globefunder, US from wiseclerk @ P2P-Banking.com
Today I noticed that Globefunder.com has a new homepage. While still pre-launch, it lists 28 states with licenses and limits, explains GlobeFunder's internal Globe Ratings (minimum required credit score is 640).
The fees page only lists fees payed by borrowers, with the main loan closing fee at 1.75 percent or $50 (whichever is greater).
While Globefunder is [...]
December 24th, 2007 — Lendingclub, Marketing, US from wiseclerk @ P2P-Banking.com
Today for all new loans the interest rates at Lendingclub.com increase by 0.5 percent. At Lendingclub, unlike other p2p lending sites, the platform not the borrower sets the interest rate (based on credit grade). The increase was in reaction to rising borrower demand after Lendingclub eliminated state loan rate caps last week by going nationwide.
As [...]
Continue reading → Half percent more interest at Lendingclub
December 20th, 2007 — Kiva, US, Video from wiseclerk @ P2P-Banking.com
Kiva.org send a newsletter to lenders yesterday with current numbers:
Over 16 million US$ in loans funded
Average Kiva loan funds in 1.01 days
More then 170,000 lenders
25,000 entrepreneurs received a loan
Kiva has grown a widespread group of supporters, ranging from Kiva Fellows over company supporters to a lively community discussing at Kiva Friends or contributing at Kivapedia.
KivaTV is showing a mix [...]
December 18th, 2007 — US from wiseclerk @ P2P-Banking.com
Jim Bruene has published the latest Online Banking Report on 'Person to Person Lending 2.0: Disruptive service or market niche'. The price of a single-user edition is 595 US$. I have not read it. According to the table of contents, the report covers Prosper, Lendingclub, Zopa and Virgin Money.
Related StoresDecember 13th, 2007 — Lendingclub, Prosper, US from wiseclerk @ P2P-Banking.com
Lendingclub.com announced today that now users of all 50 states can borrow money through Lendingclub.
Prosper.com is covering 47 states, but in some states borrowing is restricted to business purpose loans.
December 11th, 2007 — Lendingclub, US from wiseclerk @ P2P-Banking.com
Rob Garcia, Director Web Production of Lendingclub, told P2P-Banking.com that Lendingclub will offer data export soon. The data on loans will be supplied in XML or Excel format and allow anybody to do their own statistical analysis. Lendingclub will announce the availability of the data export in it's blog.
Related StoresDecember 6th, 2007 — Prosper, US from wiseclerk @ P2P-Banking.com
The Wikipedia article on Prosper was for months subject to heated editing and deleting. Not much diplomacy. Some edits wanted to get as much criticism in as possible while others removed as much negative tone as possible to get it more neutral. Currently the article is locked.See the discussion on what should be stated in the article in the [...]
Continue reading → Quarrel over the content of the Wikipedia article on Prosper
December 6th, 2007 — Marketing, Prosper, US from wiseclerk @ P2P-Banking.com
With several posts by CEO Chris Larsen Prosper.com starts blogging.
Welcome to the new Prosper Blog.
We’ll be using this blog to create a place to find up-to-the-minute news on the latest Prosper enhancements, enlightening and thoughtful Personal Finance opinions, touching Prosper Member Stories, and more. Your contributions are welcome. Please feel free to submit comments to [...]
December 4th, 2007 — US, Zopa from wiseclerk @ P2P-Banking.com
I explored the new Zopa US site today. While the layout resembles the UK site the process is totally different.
Borrower's view
Use as a borrower is pretty straightforward. First sign up and then request an online quote.
After several seconds waiting the borrower is presented with the interest rate for his loan request.
Lender's view
For a lender things are [...]
December 4th, 2007 — Lendingclub, US from wiseclerk @ P2P-Banking.com
In a post at PersonalLoanPortfolio the first experiences of a lender at Lendingclub.com are given. The author says the Lendingclub website was easy to use and understand, but states that the list of loans to fund is too small, resulting in him investing only $400 instead of the planned $500.
If you are a lender at Lendingclub please [...]
November 29th, 2007 — US, Zopa from wiseclerk @ P2P-Banking.com
According to the Wall Street Journal p2p lending service Zopa will launch in the US next week. Zopa has been established in the UK since 2005. The long announced US start had been postponed several times due to regulation issues.
In the US Zopa will partner with six credit unions. Lenders will benefit since they can be [...]
November 21st, 2007 — Lendingclub, US from wiseclerk @ P2P-Banking.com
Lendingclub.com now enables members to be a borrower AND a lender. Borrowers can have multiple loans, credit policy guidelines permitting. Lendingclub also added a Q&A feature and improved statistics. The new referral program enables this offer:
$25 bonus for you, when you sign up as a lender here (bonus credited after you funded your account)$25 bonus [...]
November 15th, 2007 — Prosper, US from wiseclerk @ P2P-Banking.com
Launched in February 2006 American peer to peer lending service Prosper.com has surpassed the threshold of 100 million US$ in loans funded. Prosper is the largest peer to peer lending service. Growth peaked during 2nd quarter of 2007, where funded loan volume per month reached approx 8 million US$.
Related StoresContinue reading → Prosper surpasses 100 million US$ loan volume
November 13th, 2007 — Marketing, Microplace, US from wiseclerk @ P2P-Banking.com
I noticed prominently displayed Microplace ads on Technorati.com today. Not sure if it is really keyword-targeted or rather context targeted. When I did searches on Technorati on Globefunder or Kiva I was shown Microplace ads.
Technorati is an interesting choice for the campaign (if it runs only there - I did not check). Technorati is mainly [...]
November 12th, 2007 — Prosper, US from wiseclerk @ P2P-Banking.com
Prosper.com recently allowed borrowers to take out a second loan while the first is still active.
Now Prosper changed the Borrower's Agreement and included the following rule: "You may not obtain a Loan from the Prosper marketplace to pay off an existing Prosper Loan."
The discussion on this change is lively, with many lenders wondering about the reason [...]
November 2nd, 2007 — Globefunder, US from wiseclerk @ P2P-Banking.com
Globefunder is (still) announcing to launch its peer-to-peer lending service soon.
To keep you occupied reading while waiting, P2P-banking.com has gathered some tidbits of information on Globefunder (US launch):
Maximum loan amount will be 25000 US$
Minimum credit score for applying borrowers will be 640
Globefunder will use data of Experian, CSC and eDominate to screen borrowers
Related Stores
October 31st, 2007 — Prosper, US from wiseclerk @ P2P-Banking.com
A recent Prosper S1 SEC filing is a step towards the planned secondary market as this Prosper press release confirms. The secondary market will allow Prosper lenders to trade loans they have invested in. Excerpt from the press release:
…Following effectiveness of the registration statement, Prosper intends to establish and maintain a secondary trading market online auction platform, or [...]
Continue reading → Prosper SEC filing - step towards secondary market
October 31st, 2007 — Prosper, US from wiseclerk @ P2P-Banking.com
Prosper.com applied several changes as described in this announcement. Some of the changes were expected as plans had been known, some were surprises.
Portfolio plans
Portfolio plans allow the lender to automatically build a conservative, balanced, moderate or agressive portfolio. That means the lender no longer picks individual loans to bid on but chooses to invest in [...]
October 24th, 2007 — Microplace, US from wiseclerk @ P2P-Banking.com
Under the slogan "Invest wisely. End poverty" the social lending service Microplace.com, an Ebay company, launched today.
The Mission of Microplace is:
MicroPlace’s mission is to help alleviate global poverty by enabling everyday people to make investments in the world’s working poor.
Our idea is simple.
Microfinance institutions around the world have discovered an effective way to help the world’s working [...]
Continue reading → Microplace launched today - invest to end poverty
October 21st, 2007 — Kiva, US from wiseclerk @ P2P-Banking.com
Matt Flannery of Kiva.org describes in a blog post which obstacles Kiva has to overcome to make accounting not a too time consuming task for the local fireld partners (MFIs). With some MFIs having over thousand loans and slow internet connection Kiva needed to find a solution that saved time.
About a year ago, we realized [...]
October 17th, 2007 — US, Zopa from wiseclerk @ P2P-Banking.com
The philosophy of credit unions is members helping members. Credit unions can easily embrace the peer-to-peer lending concept. Why should they do it? As creditunionmagazine.com suggest Zopa is an innovation that can help credit unions with their image - they can get hip again.
The roles will be shared in this win-win partnership. Borrowers will be members [...]
Continue reading → Why US credit unions partner with Zopa for US launch
October 15th, 2007 — US from wiseclerk @ P2P-Banking.com
Circlelending, bought by Virgin USA in May, has been renamed Virgin Money USA. According to Netbanker, we can expect the service to offer peer to peer lending like Prosper and Lendingclub in the future and this service might be used as an entry for more financial services. (Another source: NYTimes)
Related StoresOctober 9th, 2007 — Prosper, US from wiseclerk @ P2P-Banking.com
Prosper.com noted in it's September lending market survey that the occupations with the lowest defaults on Prosper are:
1) Computer Programmer 0.96% 2) Civil Service 1.48% 3) Analyst 1.63% 4) Mechanical Engineer 1.67% 5) Electrical Engineer 1.85%
Lowest default rates by state are:
1) Minnesota 0.00% 2) Ohio 0.65% 3) New Jersey 0.99% 4) Colorado 1.40% [...]
October 3rd, 2007 — Globefunder, US from wiseclerk @ P2P-Banking.com
In my calendar I had marked October 2nd as the launch date of Globefunder.com. Unfortunately teh day passed - no launch. I found a recent press release, which says launch will be in October and states Globefunder will launch for US lenders and borrowers. This is somewhat different from my early perception of the service, [...]
Related StoresSeptember 15th, 2007 — Kiva,
