What follows is a work of fiction. It paints a picture of a possible future for p2p lending in the year 2020.
It is September 2020. I am in San Francisco to give a speech at the fifth annual conference of the Direct Lending Association (DLA), the industry trade group. The name p2p lending all but disappeared with the founding of the DLA in 2015 as direct lending was considered a more accurate term.
I have just bought the new iHolo2, Apple’s latest holographic phone, at the Apple store using my new Lending Club Visa card. Investors initially baulked at Lending Club providing banking services but the credit card division has proven to be one of Lending Club’s most profitable business units. Even though Lending Club has had a banking license since 2017 they have tried to stay true to their direct lending roots. Investors who choose to invest in Lending Club’s credit card business enjoy some of the highest returns available in direct lending.
In the taxi to my hotel I put on my new Google glasses so I can check the latest news as well as browse the new listings at my five favorite direct lenders. The script running on my wearable computer knows my search filters and only displays the loans that have met my criteria.