Comments on: Is Peer To Peer Lending Coming Into It’s Own?

By: Lauren L

Lauren L — Sat, 10 Jan 2009 05:21:10 +0000

If anything, it appears Social Lending in general more acceptance. I found it as an idea on change.org to be presented to Obama on inauguration day:

http://www.change.org/ideas/view/solving_the_credit_crisis_from_the_bottom_up

By: Olga

Olga — Thu, 08 Jan 2009 06:58:02 +0000

if you’re interested in learning more and posing questions directly to Lending Club’s CEO/Founder check out MIT/Stanford’s VLAB event on January 20th. For more information go to:

http://www.vlab.org/article.html?aid=251

Renaud and Lending Club are the feature speaker/company.

By: Steve Rabago

Steve Rabago — Tue, 06 Jan 2009 01:20:12 +0000

High Rates equal High Risk – loaning to anyone you can’t find easily is a risky business, that is why community banks and credit unions even exist. There are options….ZimpleMoney’s web product enables people or organizations to make and manage direct p-2-p loans. ZimpleMoney is focused on “naturally” occurring networks like family, friends, churches, schools, organizations, non-profits, charities and foundations. ZimpleMoney sends bills, receive and distribute payments, post to loan ledgers, sends late notices, sends alerts as to the status of billing and collection process and provides tax records. We also provide a digital document management tool to upload files. Take a look at our site at http://www.ZimpleMoney.com Zimpley, Steve Rabago, ZEO ZimpleMoney

By: pfincome

pfincome — Fri, 02 Jan 2009 21:58:58 +0000

Thanks for linking to my post. I can say that I have been lending using Prosper for 1 year now and have mixed thoughts. About a month into my lending experience, I decided to only lend to individuals trying to consolidate their credit card debt – just as Debt Stricken commented. I think there will be a place for peer to peer lending but it is hard to tell how big it will become given the current economic situation.

By: Debt Stricken

Debt Stricken — Fri, 02 Jan 2009 03:31:58 +0000

I am currently lending from Lending Club and have been very pleased with the experience. I have a rather large loan from them $13,150.00 and it has been a way for me to consolidate credit card debt at a much better rate. As far as being the worse candidates, I looked at the default rate for the last 120 days on lending club and it was around 2%. That is not that high considering current mortgage default rates have been hovering around 1% and these are unsecured loans.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Thu, 01 Jan 2009 04:21:29 +0000

I have yet to read of any lender who has netted enough from these sites to justify the risk. The borrowers in these programs collectively comprisee the worst candidates for loans. They are also prime candidates for unemployment. Who wants to target them in this economy?

By: Curt

Curt — Wed, 31 Dec 2008 20:30:46 +0000

It may look good when you look at the last few years, but I think the future is going to be much different.

The question is what are these people lending money for?

If its to pay their mortgage, then they will eventually need to downsize because they are living beyond their means. If its to pay for consumer goods, then they need stop purchasing consumer goods that they cannot afford. Consumer lending no longer makes sense. Saving your money to purchase consumer goods is the model of the future.

Sorry for the tuff love, but I don’t think peer-to-peer lending has a future.

By: dk

dk — Wed, 31 Dec 2008 19:21:55 +0000

Thanks for the awesome write up! Let me know how your lending experience goes once you are up and going.

DK
Product Ambassador
LendingClub.com