A new tool offered by wiseclerk.com allows prosper group leaders to display a ticker on their websites or blogs which shows open listings in their groups. It updates automatically and allows users to click through to listings they like.
The tool is free. Group leaders get the easy to install code here.
CommunityLend.com has announced the start of p2p lending in Canada on the site in fall 2007 enabling person to person lending without a bank as the middlemen, thereby eliminating banking fees. It promises lenders higher returns and borrowers lower interest rates and flexible payment options on loans. It aims to 'revolutionize the way lending works in Canada'.
Earlier it will launch a working pre-view which allow users to test drive the site without using real money. CommunityLend expects useful user feedback during this work preview which it plans to use to enhance the site until the launch date.
CommunityLend is driven by an impressive team which includes Michael Garrity (Founder and President), ex-Bank of Montreal exec and BankWatch blogger Colin Henderson and John Philip Green, currently Director of Engineering at Affinity Labs and Co-Founder of of Savvica and Rapleaf.
CommunityLend profits as it can pick the best form the existing models (Prosper, Zopa). It will not just replicate one site. Few is known about the plans, but the announcement states that Community Lend will include auctions and groups (as does Prosper) as well as selectable paypack periods (as does Zopa).
Sources: p2p-kredite.com and others
P.S.: If you blog about this a link back here would be appreciated. Thank you!
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C4-World.com announced that it will start closed beta testing on MyC4.com in May. On MyC4 social lending will aid African businesses. Individual lenders grant loans for the duration of 6 to 12 months. A difference to the microfinance concept of Kiva.org is that lenders will earn interest. Furthermore C4-World aims to not only offer money, but also knowledge to the entrepreneurs in Africa through it's online community.
Public launch of MyC4 is scheduled for Q4 2007. Minimum investment is $200. I am to participate in the closed beta and will publish my experiences.
BigGulp's report on a day spent at Prosper.com customer service. Recently back insourced from the Phillipines the customer service is still a topic of many complaints at the discussion forums.
Dzogchen analyses in this thread which Prosper groups have grown fast and larger. He uses own categories like 'distressed borrowers' to analyse group performance and found out that groups directed at some causes have experienced much higher defaults then others. E.g. in 'distressed borrowers' 12.1% are delinquent, while in 'entrepreneurs' it's 6.2% compared to 0.5 in 'computer users. techies'.
Following discussion included whether this allows predictions and if listings without groups are better risks. An asked for report was if borrowers that posted in the 'Review My Listing' did have a higher rate of defaults.
I think most of you will agree that Prosper is a wonderful concept and has tremendous potential! Otherwise, you probably wouldn’t be reading this (is anyone reading this?).
But Prosper’s approach has a fundamental flaw: They have cherry-picked states to license in as a means to keep costs down.
That creates two problems:
1) Lack of consistency across the various States, which leads to borrower confusion.
2) Lack of growth opportunities.
Publicity is a great thing! It draws attention and gets people excited. I’m sure Chris Larsen has done a thousand interviews by now. Local, national and international news programs. I’ve read about Prosper in no less than then major print publications. The buzz is there!
But many potential borrowers are left wondering why they cannot have access to this wonderful tool. Some are so severely rate-capped that they list and relist without so much as a bid. They are helpless and they leave frustrated. What business wants people leaving with that?
Currently, Prosper can only grow through increased market share. While I’m confident that they have a product that is capable of such, they are leaving a lot on the table. By opening up in the other States and removing the rate-caps in the rest, they could expand their market significantly. Effectively, grow wider and deeper.
It is time for Prosper to go National! It is time for them to abandon the State-by-State licensing strategy and give Prosper members (and future Prosper members) a consistent platform to grow. I hope you’ll join me in my quest to get Prosper moving on this issue. Please visit www.baldeagleloans.com/nevada.html for details on how you can help.