I am staying on the borrower theme this week. One of the things I love the most about p2p lending is the fact that our investment directly helps other people. Unfortunately it also happens to be the thing that is easiest to overlook since the borrower’s personally identifiable information is not revealed and it is so natural to gravitate to the numbers when picking loans.
In order to keep it real, every once in a while I pull up the daily SEC filings to read the comments left by borrowers. The following is a profile of some of the borrowers from a recent filing.
The P2P Fan
Chief Operations Officer from Plano, TX – borrowing $35,000 at 14.98% with a 705-709 credit score
9768136 Borrower added on 01/22/14 > I am intrigued by the peer to peer lending platform and decided to consolidate several small loans/lines of credit into one for a couple of reasons. A: The simplicity of one payment being automatically deducted and B: The option to pay interest to other “people” as opposed to the “big banks”.
Creative Director from San Diego, CA – borrowing $11,000 at 9.67% with a 695-699 credit score
10082186 Borrower added on 01/29/14 > Credit Score Up. Interest down. Thanks to my first two loans through Lending Club I wiped out nearly all debt, bought my first home. Now I am refi’ing the second loan into a lower APR. THANK YOU!
The Family Man
Technology Manager from Cleveland, OH – borrowing $18,000 at 14.98% with a 695-699 credit score