A recent WUSA-TV coverage on Lending Club gives a good overview on how p2p lending at Lendingclub.com works.
‘Need Money? Ask a Peer’ was broadcasted on Sept. 29th.
(via LC Blog)
First figures about lending activity on p2p lending service for student loans People Capital (related articles: People Capital) which launched earlier this month say that so far five to six students received loans for a total of 100,000 US$ from 5 lenders with another 45 students awaiting funding.
Lenders must have accredited investor status to lend. Financial institutions can sign up as lenders, too.
More details in this New York Times article.
The following video was produced by Elektrischer Reporter for German TV ZDF. The elaborate production is different from most other TV coverage I have seen, as it does not focus on one platform but rather tries to grasp the concept of p2p lending as a whole.
Furthermore it differs by the eye-catching make. But see for yourself:
Unfortunately it is available in German language only.
A recent Bankrate.com article gives an update on the development of p2p lending in the US.
Chris Larsen of Prosper.com sees the current financial situation as a chance for p2p lenders:
Home equity used to be the cash management tool for the credit-worthy borrower, and that has really, really dried up. In many ways, Prosper's three-year, 25,000 US$ loan is a pretty good proxy for what people were using home equity for — improving their home, starting a sole proprietorship, college costs and certainly for replacing credit card debt.
Javelin Strategy & Research is quoted that credit card debt is the main reason people want to use p2p lending:
We're forecasting that P2P lending specifically for credit card balances will grow from 38 billion US$ in 2007 to 159 billion US$ by 2012
The final advice of the article is:
Prospective borrowers and lenders would do well to thoroughly research P2P companies before jumping at the chance for a lower rate on a loan or a higher return on an investment. …