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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China Ponzi Scheme: Central Bank Collects Data on Risks, Funds Deployed

May 23, 2016

Chinese Yuan

The can of worms was set open with the shakedown of Ezubao, the Chinese P2P lending site which duped 900,000 investors of $7.6 billion in February this year.

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China Ponzi Scheme: Police Crack Down on Shanghai Lender, Wealthroll

May 16, 2016
Article by:

Yuan

Chinese police have been ordered to shut down illegal online lending sites and take swift action against suspects.

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Did Peer-to-Peer Lending Sell its Soul to Wall Street?

May 8, 2016
Article by:

Broad Street

“We have so many fans but we also have some people here that are looking to take advantage of us, that are here for a short term trade and they won’t be part of this industry.” – Ron Suber, President of Prosper Marketplace Ron Suber may have been talking about specific players in the capital […]

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Google Ditches Debit Card for P2P Transfer

April 1, 2016
Article by:

Google HQ

Wallet Card, which was launched in November 2013 lets users make payments at ATMs, banks and any business that accepts MasterCard Debit.

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