DISQUS

Dan Freeman · 2 years ago

Zopa has not yet launched in the U.S. and CircleLending has an absolutely different model (lots of offline interaction is required). LendingClub appears to be the 2nd entrant in p2p market in the U.S. and the key would be to see how good is LendingMatch to simplify borrowing experience (currently takes many logins and searching on Prosper)

Ann Wilser · 2 years ago

Launching on 30+ million user platform is HUGE. If this gets enough traction, person-to-person lending will become much more mainstream.

Liz Leblanc · 2 years ago

I think it's a good idea to use Facebook for person-to-person lending. Facebook has so many groups and networks that help understand relationship among people. I disagree with Lending Club that friends won't lend to friends though.

Kai · 2 years ago

I believe the ZOPA System of lending to many borrowers instead of single p2p transactions is far superior! Integrating a Social Network is a great idea, though!!

WTF · 2 years ago

LC needs to start a SocNet for poker players, and open their platform to them. The amount of moneylending in the poker community is insane. if LC charged just a fee, they'd make a ton of cash.

Joaquin Delgado · 2 years ago

Hi, I'm the CTO of Lending Club. I would like to clarify that we do enable lending to many borrowers. As a matter of fact, LendingMatch is our proprietary search and recommendation algorithm that automatically creates and suggests diversified loan portfolio, given a level of risk aversion, thus simplifying the lending process. Individual lending, including to friends, is not banned either. We allow users to "browse and search" for loans if they want to pick and choose from the crop.

Alex · 2 years ago

So normally when I put the money in the bank, which then goes out and loans the money to people, my deposits are covered by the bank, and I have their and FDIC's word on it that I would get the cash back in case something drastic happens.

Let's say I do a $5,000 loan through LendingClub, and the borrower declares bankruptcy few months later. What happens to my money?

raj · 2 years ago

too much risk...why anyone want to lend to friends for 1-2% more interest than banks which are backed by FDIC

Dale Rogers · 2 years ago

Good luck to all the individual lenders, borrowers and these match makers. Fountain Partners is made up of high net worth entrepreneurs lending to other entrepreneurs once they have grown out out of seed stage. We lend to businesses (not individuals) who will require $100,000 to $10 million in financing in their next 12 months of operation.

Patrick Gannon · 2 years ago

I work at Lending Club as well. Let me try to answer the two questions from Alex and Raj.

Alex: you would not lend to a single borrower - you would lend to a portfolio of borrowers. By constructing a diversified portfolio of many borrowers, we reduce the overall portfolio risk.
So, if one of the borrowers declares bankruptcy and defaults on the loan, the lender would be exposed only to a small portion of that loss. The rest of your portfolio (with dozens more borrowers) would not be affected.

Raj: Our lenders specify their risk tolerance and then we use our proprietary technology to construct a portfolio for them. The expected returns on these portfolios vary with the risk of the portfolio.
For the lowest risk portfolios, the expected returns are higher than CD rates and money market rates. For the higher risk portfolios, the expected returns are significantly higher.

Niki · 2 years ago

While Facebook has a large user base, it consists mostly of college students. Surely, a group of people who are often already in debt (student loans), with no jobs and limited or no credit history is not the ideal place to lend money to?

Shawn · 2 years ago

This is just another way to get more money to BK attorneys.

(BK) Bankruptcy

Mark · 2 years ago

Interesting comments from all - have been watching this space (and blogging about it) at my site, www.bankerinindia.typepad.com in the context of microfinance. I work in India for a microfinance VC and was first introduced to the concept by Kiva. The comment from Niki does seem particularly important - 30 million users but how many of them with extra cash lying around that they feel like investing instead of spending.

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Jame Willow · 2 years ago

Lots of progress since launch:

http://www.techcrunch.com/2007/06/20/lending-cl...

http://mashable.com/2007/07/02/lendingclub/

Ira Machefsky · 2 years ago

HaHaHa. Can you spell C-o-u-n-t-r-y-w-i-d-e F-i-n-a-n-c-i-a-l for the masses? There's a reason banks exist and why you avoid seeing your friend who was looking for that small loan he needed.

/Ira

Christina · 1 year ago

Would some one please contact me about your program at truchrissy@yahoo.com

Thanks


Christina

kay · 1 year ago

I am interested in talking to someone about a consolidation loan before,I lose my house and vehicle. I live in North Carolina

c curry · 1 year ago

searching for home finance. is this a site for such registration?

maribel marquez · 1 year ago

I have been trying to get a loan to get my credit back up, but i keep getting denied because of my credit. How can this help anyone like me? I am a working disabled person who is trying to get everything back on track.

travesti · 1 year ago

Facebook and loans? Interesting.

hosting · 1 year ago

I just heard this from you. It is good for facebook.

medyum · 1 year ago

ı am turkey good site and thank you medyum

travesti · 1 year ago

very good admins thanks renkarenk turkey

Sharon McNary · 1 year ago

Hello from Sharon McNary of Marketplace Money, the personal finance show on public radio. I've just heard of peer-to-peer college loans and am looking for students who are considering this option. If you're willing to share your take on this new phenomenon, you'll find my questions at http://tinyurl.com/5774nm
A reporter may follow up with questions for a future report on Marketplace Money. Thanks in advance for your help.

Sharon McNary
Analyst, Public Insight Journalism
Marketplace | Marketplace Money
American Public Media
smcnary@marketplace.org

travesti · 1 year ago

Good job. Thank you.

morenews · 1 year ago

Seems good. Thanks.