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Recently, I had come across an article about zopa.com and it really peaked my interest on peer-to-peer lending. In researching more about Zopa, I also came across two other major peer-to-peer lenders: Prosper and LendingClub. I researched both Prosper and LendingClub a bit and decided I liked
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1 year ago
you will notice that
- very few of the loans at Prosper that are one month late do recover
- many loans at Prosper do not default initially since Prosper defines default as debt sale and keeps loans in 4+ month late
- overall defaults for old loans average around 20% at Prosper
1 year ago
To me the stats are irrelevant. I don't think people are less likely to default because it is one site rather than another, in the end the default rate are going to depend more on credit and economy than anything else. IMHO.
You can see how lending club goes on my blog in a couple of weeks. If you are interested, they are offering a referral deal like prosper's $25 after you fund your first loan.
http://www.lendingclub.com/refer.action?referre...
1 year ago
1 year ago
"I would take LendingClub’s stats with a grain of salt."
I think that both Prosper and Lending Club websites are understating the risk.
"Prosper’s default rate hovers at about 2.7 percent, Larsen said, but that figure is expected to rise as more loans mature." Source: http://www.msnbc.msn.com/id/21993720/ A huge understatement.
1 year ago
5 months ago