Author: wiseclerk

P2P Lending Sites in North America

wiseclerk

Below is a map of the p2p lending landscape in the US and Canada. It shows active and discontinued p2p lending services (including p2p microfinance).

The fastest growing services are Lending Club, which funded 12 million US$ new loans in August, and Kiva. Prosper’s growth is stagnating. Other US based services are Vittana, United Prosperity, Zidisha (all microfinance) and People Capital (student loans). CommunityLend is the only p2p lending site active in Canada.

All of these marketplaces have been featured earlier in the P2P-Banking.com blog. If you want more information about any of them just enter the company name in the search box on the top right of this blog.

Notice to other websites: You are free to copy and use this map, provided you agree not to alter or resize the image and you will set a link to this article.

Related resource: P2P Lending Sites in Europe (Map)

Fundingcircle’s First Month Figures

wiseclerk

Fundingcircle.com launched on Friday August, 13th. According to figures the company released, the p2c lending service had a good start. Apparently many lenders took advantage of the cashback offer, and immediately after lending sold loan parts to other lenders on the secondary market. Review the following numbers reported by Funding Circle:

  • 11 small businesses have fully accepted loans from Funding Circle lenders totalling 317,000 GBP
  • Funded businesses range from environmental consultancies and recyclers, to restaurants and retailers, and manufacturing and engineering companies
  • Over 1,000 lenders and borrowers have joined
  • 20 loan requests from small businesses have been listed on Funding Circle, with a good number of businesses in the credit underwriting process
  • Monthly interest rates for borrowers range from 7.4% to 10.7%
  • ~10,000 bids have been placed on loan requests
  • ~500 loan parts have been successfully transferred from one lender to another

Loanland Sweden Will Close

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Loanland, the only p2p lending service in Sweden, will discontinue it’s operation.

The Board of Loanland has decided to liquidate Loanland.

The reason for the decision to liquidate Loanland is that Loanland has not reached the critical mass of members needed to be a success. The company stated that today Loanland approximately has 20,000 members and requires approximately 200,000 members before becoming profitable. The Board believes that it is not realistic that Loanland reaches this volume within reasonable time. Loanland’s site will however be open until the operation is discontinued and customer service will continue as usual.

During the liquidation period, which can take up to three years, Loanland will take care of the existing loan portfolio and ensure that all loans are repaid according to the payment plans. All members’ money is at Handelsbanken in a trust account.