Posted by Lending Club :: December 2, 2010 @ 11:51 am
In the last few weeks, Lending Club has enjoyed being in the spotlight. World class publications including The Wall Street Journal, Barron's and Forbes have reported on our innovative take on borrowing and investing. Blogs have also fostered active discussions around the merits of peer-to-peer lending. Here is a round-up of the most interesting articles covering Lending Club and peer-to-peer lending we have seen in the last few weeks:
In the News:
Making Personal Loans For Fun and Profit
by Victoria Barret, Forbes Magazine
Barret interviews Renaud Laplanche, CEO of Lending Club, as well as several investors in this article that succinctly describes how Lending Club is "...filling a gap created by tightfisted bankers."
Don't Bank on It: Consumers Joining Hands
by Robin Goldwyn Blumenthal, Barron's (subscription required)
Goldwyn Blumenthal uses the term "The Great Deleveraging" to refer to the reduction of debt in the US, and explains that advances in this area for the last two years have benefited not only borrowers but also investors looking for yield in a world of record-low rates. She affirms that consumers' slashing of high-interest credit card debt is not a bad business for all financial institutions involved: "while consumer parsimony has hurt traditional banks, it has been a boon to ordinary citizens who participate in Lending Club, an online peer lending network."
Credit Crunch Gives 'Microlending' a Boost
by Jonnelle Marte, Wall Street Journal, Financing and Investing
In her article in the WSJ, Marte explains that "Microlending" is not just about "helping a street vendor in India buy a cart or getting a new sewing machine for a seamstress in Tanzania". She goes on to say: "With lending conditions still tighter than they were before the economic downturn, many U.S. consumers are turning to microloans to help them consolidate debt, pay medical bills, start a business or keep one afloat."
Be Your Own Lending Bank
by Daniel Knowles, City A.M.
In this article, Knowles introduces the concept of peer-to-peer lending and the major players in the UK. He says that "thanks to peer-to-peer lending, the personal aspect of saving is coming back. Instead of depositing money into a bank, companies like Zopa and Ratesetter let savers contract loans directly with a pool of borrowers, cutting out the middleman and offering much better rates in the process..."
Virgin Money Closes Shop in the US
Sara Lepro, American Banker (subscription required)
Not all is rosy in this space, and we recently saw one of the players close its doors. Lepro explains how "timing" was all wrong for Richard Branson's attempt to build a financial empire in the US.
In the Blogs:
Lending Club Hits $180 Million in Funded Loans, on American Banking News
Are Bankers Mere Middlemen?, by Victoria Barret on Forbes' Upside Potential blog
Build Your Own CDO, by Edmundo Braverman on WallStreetOasis.com
P2P Lending: Invest in Entrepreneurship with a Microloan, on GoBankingRates.com
State of P2P Lending in the USA - PArt 1, on SocialLending.net
Lending Club Investors Get $100, Borrowers Get Lower Rates, by Silicon Valley Blogger
Lending Club Performance Update – Earning a 12% Annual Rate of Return, by Hank Colleman on OwnTheDollar.com
The P2P Lending Landscape, by Ronald Ingram on GLGroup.com
Have you seen an article that you enjoyed reading about Lending Club or the peer-to-peer lending space? Share it with us in the comments section below.
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2 Comments
The WSJ article was awesome. Congratulations on the amazing
coverage.
Thanks for the mention Patrick! I saw this piece on sfgate.com
too!!
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