Good Riddance F and G Notes on Lending Club

November 9, 2017
Article by:

red ink

When Lending Club announced they were discontinuing F and G grade notes on their platform for investors, I wasn’t surprised. Investors in general have been reporting disappointing returns, even dipping into negative territory some months. My own portfolio there is on track to generate a loss for 2017, which seems even worse when I consider […]

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Lending Club Has Become the Domain of Banks as Peer-to-Peer Continues Decline

August 8, 2017
Article by:

originations by source

Lending Club’s latest quarterly report revealed the future of their platform, as a conduit for banks to make personal loans. As illustrated below, banks have gone from funding only 13% of originations three quarters ago to 44% of all originations in the most recent quarter. That’s an increase from $265 million to $955 million. Source: […]

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How P2P Lending’s Evangelist is Faring Now

May 24, 2017
Article by:

status

Peter Renton, a co-founder of the LendIt Conference and p2p lending investor since 2008, published his latest portfolio performance data on Monday. While he wrote that the downtrend is continuing unabated, he still reports an overall marketplace lending return at 7.73%. Notably, he reported that one of his Lending Club accounts actually lost money in […]

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Funding Circle is Closing its Forum

May 1, 2017
Article by:

Funding Circle Board

One notable remaining aspect of Funding Circle’s peer-to-peer roots has been its own online forum. If you haven’t been part of that community, you’re too late, since it’s shutting down on Tuesday. According to a forum admin, “there has been a developing trend towards a small number of investors asking questions about a narrow range […]

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For Lending Club Borrowers, Interest Now Accrues During Grace Periods

February 26, 2017
Article by:

Lending Club CEO Scott Sanborn Presents at Money2020

On February 24th, Lending Club eliminated a courtesy that had long been afforded to borrowers, interest waivers during grace periods. Specifically, borrowers who missed a monthly payment were given 15 extra days to make the payment with no extra interest assessed or late fees. Going forward, interest will indeed accrue during grace periods. “we are […]

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‘Peers’ Continue Retreat from Lending Club

February 18, 2017
Article by:

escape

The peer aspect of peer-to-peer lending continued to erode last year, according to Lending Club’s year-end earnings presentation. Self-managed individuals, those still making their own investment decisions, only made up $263 million of their 4th quarter’s origination volume, reaching the lowest level in two years. That’s nearly 38% lower from the peak of $419 million […]

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Nude Photos Used as Collateral for Loans, Leak

December 2, 2016
Article by:

nude photos for online loans

Perhaps the only thing worse than sending a nude photo of yourself to a lender as collateral is learning that the photo had been leaked on to the internet. In China, some online lenders hold on to nude photos of their borrowers (typically women) to use as leverage to pay up. If they don’t, the […]

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Bitcoin-based P2P Lending Platform BitLendingClub Shuts Down

December 2, 2016
Article by:

Zcash bitcoin

BitLendingClub (not to be confused with Lending Club) has shut down their bitcoin-based p2p lending platform, citing regulatory pressure. A message posted on their website says, “over the last year or so, the regulatory pressures has been increasing to the point that it is no longer feasible to maintain the operation of the platform. We […]

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Chinese Regulators to Cap P2P Investments

August 24, 2016
Article by:

Chinese Piggy Bank

As per the new propsosed cap, an individual lender can only provide loans US$30 on one platform, and cannot lend more than US$150,000 in total.

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Funder or “Funda”? Either Way, The Korean Government is Worried

July 25, 2016
Article by:

South Korea P2P Lending

In South Korea, the government isn’t sure if Funda is a direct funder. Funda, ironically spelled like the New York pronunciation of the word, is one of several companies offering high yields to investors across their peer-to-peer lending marketplace. The average rate of return is 10.94%, according to Funda’s home page. But according to Bloomberg, […]

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