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Roundup of Social Lending News – October 15, 2011

October 15, 2011 By Peter Renton 8 Comments

Views: 1

Every Saturday I bring you the latest news from the world of peer to peer lending. These are the best of the news articles and blog posts from around the web that I shared on Twitter this past week.

I started creating these weekly news summaries about five months ago and this week was by far the busiest I have ever experienced as far as news goes. It seems like everyone was writing about peer to peer lending this week including some really high traffic sites. Speaking of which, if you only read one article on this list make it the GOOD article. This article was all over Twitter and Facebook this week and it is an excellent article to send to someone who doesn’t really get p2p lending. Enjoy your weekend.

Investor Junkie – Lending Club (October 2011 Update)

Prosper blog – An Update on Peer-to-Peer Lending Performance

Yes, I Am Cheap – Two Years of Peer-to-Peer Lending Results With Prosper

Dataspora – Mining Lending Club’s Goldmine of Loan Data Part I of II – Visualizations by State

Smart Peer Lending – RECOMMENDATION ENGINE DETAILS

Lending Club Experience – Third Month and Going Strong

EurActiv (Europe) – Online business angels fly to SMEs rescue

Nickel Steamroller – Current Policy on Lending Club’s Data Export – What is its True Meaning?

Everything Finance – Prosper Peer to Peer Lending: A Review

Wiseclerk (UK) – Ratesetter Finishes Successful First Year

24/7 Wall St – Peer-to-Peer Lending: Opportunity for Investors & Borrowers Alike

GOOD – Peer-to-Peer Lenders Take Banks Out of the Credit Equation

Investor Junkie – Lending Club vs Prosper (this is a guest post I authored)

Money Q&A – How I Got Greedy And Lost My Shirt With Peer To Peer Lending Loans

P2P Lending News – How to Get Funded When Applying for a P2P Small Business Loan

Filed Under: News

Views: 1

Comments

  1. ChasingBread says

    October 15, 2011 at 11:37 am

    Youtube – https://www.youtube.com/watch?v=_PWuRrwwmOg

    Reply
  2. ChasingBread says

    October 15, 2011 at 11:38 am

    Prosper^**

    Reply
  3. Walter says

    October 15, 2011 at 11:53 am

    School alumni peer lending to current students (Prodigy -UK)
    https://www.cityam.com/business-features/new-ways-raise-funds-your-mba

    Dataspora’s post was great stuff

    Reply
  4. Doc Realtor says

    October 15, 2011 at 1:32 pm

    Who is doing the research here?

    This topic is totally incorrect: ” Peer-to-Peer Lenders Take Banks Out of the Credit Equation”

    The two biggest p2p lenders *Lending Club* and *Prosper* are affiliated with WebBank and Industrial Bank in Utah. Industrial Bank services GE Credit, GM Credit, American Express Credit and many store brand credit cards. They specialize in managing credit cards. They are a bank insured by the FDIC, they are just an Industrial Bank, like WalMart wanted to become.

    The other kind of bank is a Commercial Bank. Same system, many of the same investors. This is from WebBank’s website:
    Products & Services

    As an Industrial Bank, WebBank can provide national financial solutions. There are few other financing options offering the flexibility, resources, experience and expertise as you have with WebBank. Our staff is comprised of industry experts who care about people. When you contact WebBank our conversation begins not with a machine telling you what to do but with a personal “hello”. We listen and work with you to develop a program that fits your specific needs and objectives.

    Strategic Partnerships
    WebBank is a leading provider of national origination platforms for consumer and commercial private-label and bank card programs.

    Private-Label

    The Strategic Partnership Group works closely with partners to design, develop, implement, administer and fund customized consumer and/or commercial closed network financing program(s) through WebBank. The following private-label products are currently supported by WebBank:

    * Closed-end Installment Loans (Consumer & Commercial)
    * Revolving charge (Consumer & Commercial)

    Bank Card

    Similar to private-label, the Group works closely with partners to structure and issue bank card branded products under WebBank’s charter and principal bank card association membership. Products supported:

    * Private-Label / Co-Brand / Dual-Line Cards (Consumer & Commercial)
    * General Purpose Credit (Consumer & Commercial)
    * Small Business
    * Fleet Cards

    Alternative Financing Products

    WebBank also currently supports the following types of alternative financing products:

    * Peer-to-Peer
    * Credit Card Alternatives

    Reply
  5. Peter Renton says

    October 15, 2011 at 2:54 pm

    @Chasingbread – good catch on the Prosper Youtube video. I missed that one.

    @Walter – another good addition. I liked Dataspora’s post (and they just updated it today with bad borrower’s by state) but I am looking forward to their next one which will supposedly show more detail about defaults.

    @Doc Realtor – you are technically correct that Lending Club and Prosper are not completely taking banks out of the picture because they rely on banks to fund the loans. Although those loans are then immediately assigned to Lending Club and Prosper. Believe me they would love to not have to take this step but federal regulations demand it.

    But I think the gist of the article and what attracts many people to p2p lending is that an investor can essentially perform the same role as a bank insofar as lending money at good interest rates to consumers. Until p2p lending came along this was a function that was unavailable to retail investors.

    Reply
  6. Investor Junkie says

    October 16, 2011 at 7:15 pm

    Thanks for the mention, and for the guest post!

    Reply
  7. Charlie H says

    October 18, 2011 at 5:52 pm

    Tanya at Dataspora is doing some AMAZING work!

    Now if we could get Nick, Eric, and Tanya in a room together we would really have some strong data modeling.

    Reply
  8. Peter Renton says

    October 19, 2011 at 11:47 am

    @IJ, You’re welcome.

    @Charlie, I agree. I am really looking forward to part II in this series.

    Reply

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

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