2008 May | | P2P Lending, Peer to Peer Lending, People to People Lending P2P Lending News, Information, Borrowing and Lending Strategy

May 26th, 2008 — SEO, Site Review

We are pleased to announce that AllTop has selected RateLadder for inclusion in the Personal Finance section of AllTop. We are honored and thank Alltop for the recognition…

If you are not yet aware, Alltop is aggregating the very best blogs in multiple niches into a blog portal of sorts. AllTop is short for All the top Blogs. Their purpose from About Alltop page.

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May 21st, 2008 — Carnivals

The deadline for submission to the next carnival of peer to peer lending is June 1st.

RateLadder will be hosting the next carnival.

To submit your article do At the main Carnival Site: http://blogcarnival.com/bc/cprof_3148.html

Here are the past carnivals…

  1. Lazy Man
  2. Brip Blap
  3. Rate Ladder
  4. Prosper Lending Review
  5. The Amatureist Financial Journey
  6. Cash Money Life
  7. Moolanomy
  8. Rocket Finance

Also if you are interested in hosting the carnival after next please contact Lazy Man.

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May 21st, 2008 — P2P Lending, Payday Loans, SEO, Site Review

There are many ways to secure loans these days, but due to the sub-prime mortgage crisis, banks and other financial institutions have been much tighter on their guidelines to lend. It seems you need an almost perfect credit score these days to get a low interest rate. Now that this is the case, people are turning to payday loans and peer-to-peer lending for their needs. There are certainly differences in the two lending styles and the consumer must educate themselves to know which is best for them. Payday loans offer a distinct advantage because your credit score is not a factor, you can get several hundred dollars by showing identification and proof of income. The major downsides is that there is a limit to how much you can borrow, the time you receive to pay back your loan, and the interest rates charged.

Peer-to-peer lending, on the other hand, is a newer concept that relies on users to provide money to lend to other users. If you are seeking a better interest rate then available at a traditional financial institution, you may find help at one of the many peer-to-peer lending sites. These sites work similar to ebay were lenders vie for your business by offering the lowest interest rate. Many user put up small amounts at varying interest rates, when the lenders reach the total amount requested, the interest is averaged and if it is lower than your local bank, you may choose to take the offer.

In order to get this type of loan, most sites do require a better than average credit score and a low income to debt ratio, which is a distinct difference when compared to payday loans. Although default risk is there, people usually only put up small amounts, so a default usually doesn’t have a large affect on the lender. Defaults are low in peer-to-peer lending (compared with payday loans) due to the community feeling at these sites as lenders and borrowers understand the difficulty of obtaining loans in their favor and feel a certain camaraderie that is not present with large, corporate financial institutions.

The sub-prime mortgage crisis is only just now beginning to show it’s full effects in the the credit markets… Consumers are facing a credit crunch. Be aware of the risks and be capable of replaying your debts before taking on additional risk.

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  • Listings, Unique Bidders, Loans, Average Interest Rate, and Total Amount LentSome of these are leading indicators and some are trailing. Do you see a pattern? Month # Listings # Unique Bidders # Loans Average Interest Rate Total Lent 11/2005  39 12  13  10.56%  $47,800 12/2005  20 17  9  7.57%  $30,887 1/2006  48 21  8  8.23%  $45,120 2/2006  832 266  75  11.45%  $457,934……
  • Forbes (P2P Lending) and CNBC (LendingClub)This week has been a great week for p2p lending news. Forbes did an article (Banking 2.0: New Capital Connections For Entrepreneurs) and Lending Club CEO Renaud Laplanche was on Power Lunch at CNBC. I found this of interest from the Forbes article (small business loans from your local bank……
  • Email From Lending ClubI received an email from Merry Richter (Director of Content and Marketing at Lending Club). The email is basically announcing that lending club is now a marketplace off of Facebook in addition to on Facebook. I must have signed up for marketing email. — Greetings from Lending Club! After 100……
  • Another Error in a National Newspaper on P2P LendingApparently this is fact checking Wednesday. In the USA today is the article: peer-to-peer lending hits its stride In this article a Prosper Lender is quoted… Default rates are lower for peer-to-peer loans than for other consumer loans. Cory Moore became a lender on Prosper.com this year. To hedge against defaults,……
  • New Loan Funded — Financial Freedom / Credit Card Consolidation — $25,000 at 11.44% — AA Credit — DTI 37%A new loan funded (Financial Freedom / Credit Card Consolidation – $25,000 at 11.44%). I participated via my standing order RL Overlooked. The borrower had AA credit, a 37% DTI. As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies in the last 7……

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May 19th, 2008 — Prosper.com

In his own words…

Changes listed:

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  • Prime Borrowing on Prosper Hits Record Levels — Febuary Marketplace SurveySAN FRANCISCO–(BUSINESS WIRE)–March 11, 2008–Spurred by the credit crunch, attractive rates, and lender demand for conservative assets, Prosper (www.prosper.com), America’s largest people-to-people lending marketplace with over 600,000 members and $120 million in funded loans, reported that the number of prime borrowers (720+ credit scores) creating listings and obtaining loans continues……
  • ProProsper — Professional Tools for Prosper Lenders Is Now FREE It’s now free and supported via ads and donations.  ProProsper Professional Tools for Prosper Lenders Loan Rate Analyzer Standing Order Analyzer Loan Everlate Analyzer Personalized IRR Tracking Daily Email Alerts Lender Tracking Summaries with Links to Listings Bid On By Lenders You Follow Listing Tracking and Summaries with……
  • Prosper People-to-People Lending Market SurveySan Francisco – October 9, 2007 – Prosper (www.prosper.com), America’s largest people-to-people lending marketplace, today released its September People-to-People Lending Market Survey. Prosper’s People-to-People Lending Market Survey provides key statistics and a market commentary by Chris Larsen, Chief Executive Officer and Co-Founder of Prosper.  Prosper’s People-to-People Lending Market Survey……
  • Big Prosper Changes — 2nd Loans, Authenticated API, 0% on AA, 36% Max Rate, and Portfolio PlansBig changes for Prosper today in new release… Borrowers can now have second loans Authenticated API for access to extended credit and a lender’s loans for lenders 0% servicing fee on AA credit In states where rates aren’t capped the new maximum is 36% Portfolio Plans might be the biggest change of……
  • Prosper Update Enhances the Legal Enforceability of Promissory NotesThere was a Prosper update last night.  Nothing that was completely unexpected… The one thing that struck me as interesting was that borrower’s are now required to sign the promissory notes themselves… Before the process had been that Prosper was authorized to sign on their behalf… The part that struck……

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May 16th, 2008 — Collections, Lending Club

Much to my chagrin, I have managed to pick a Lending Club loan that is now 121+ days late. I thought it a good time to go over how Lending Club handles these situations… They take a different approach and it seems a much more clear cut approach from my account’s perspective.

Here is the page where Lending Club details there approach: http://www.lendingclub.com/info/collection-agencies.action. Here is the relevant portion:

The key points:

  • The loan is immediately defaulted as a total loss. (Total loss is good from a tax perspective.)
  • Any future collections or debt sale will be credited back as extraordinary income.
  • Lending Club will work the loan as it see fit and gives no definite time frame on a sale: “may take 6 to 9 months”

This is a clean approach from my perspective (trying to keep an accurate representation of the account in Quicken.)

I also now have a total of 4 loans from Lending Club that are in some form of late and I continue to move money out on a semi-regular basis until such time as Lending Club reopens to lenders. Here is my current account screen.

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May 15th, 2008 — Kiva, Lending Club, Zopa

Zopa took the Webby in Financial Services (Mint was People’s Choice). On Zopa you can buy a CD and help reduce my loan without giving up any of your entitled interest (current rate 3.75%): Start Here When Buying Your CD

Lending Club took the Webby in Banking / Bill Paying (Mint was People’s Choice). Lending Club is currently in a quiet period and is not currently accepting new commitments from lenders or allowing new members to register as lenders.

Kiva took the People’s Choice for Charitable Organizations NonProfit. Kiva is a very worthwhile charity, but you don’t make any interest.

Here is the website to see all the nominees and winners: 12th Annual Webby Awards Nominees

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  • BankServ powers innovative Lending Club person-to-person lending and borrowing platform BankServ powers innovative Lending Club person-to-person lending and borrowing platform  SAN FRANCISCO, 7 August, 2007 — BankServ, worldwide experts in electronic payments, today announced its part in the successful launch of Lending Club’s collaborative person-to-person (P2P) lending platform. Lending Club has implemented BankServ’s Magex Payment Platform, ACH reporting and……
  • Lending Club on ABC NewsLending Club was featured on the ABC Nightly News…Â P2P Lending is certainly starting to raise it’s profile… Social Lending Networks, New Alternative to Banks I enjoyed this portion of the article…Â There is a video if you follow the link above. Lending Club actually started as a Facebook application,……
  • Get Your Lending Club Loan Documentation Early For a Few Days of Free MoneyI was reading about LendingClub loans (I forget where, sorry) and I came across the following statement from Lending Club made to a lender on LC. Our loans expire two weeks after posting. This expiration date is the borrowers actual payment date, however some loans will fund early. Here is……
  • Lending Club Liquidity and Capital Resources I read through the Lending Club S1 finally… I found a few parts of the S1 interesting… Over the next few day I will lighlight a few of my favorite sections. I am not a lawyer nor do I claim to fully understand everything that I am reading.  I am simply copying……
  • Lending Club Partners With Alumni AssociationsThe Lending Club blog has posted news that the alumni associations of Michigan, Kansas State and Georgia Tech have partnered with Lending Club to use the LC platform to make or take loans. I think this is a great idea. I would gladly make loans to alumni of my alma matter……

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May 13th, 2008 — Prosper.com

Prosper released the April marketplace survey today… The comentary was from CEO, Chris Larsen.

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May 11th, 2008 — Features

Apparently this has ability has been built into wordpress for quite some time but a friend of mine recently pointed up that it can be done (pfblogs popular posts added to sidebar.) Here is the wordpress codex for this feature: http://codex.wordpress.org/Function_Reference/fetch_rss.

To add the p2p lending news to my sidebar I added the following to my theme…

P2P Lending News

<?php // Get RSS Feed(s)
include_once(ABSPATH . WPINC . ‘/rss.php’);
$rss = fetch_rss(‘http://www.p2pnobank.com/feed’);
$maxitems = 10;
$items = array_slice($rss->items, 0, $maxitems);

    <?php if (empty($items)) echo ‘

  • No items
  • ’;
    foreach ( $items as $item ) : ?>

  • <a href=’‘


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  • Microlending Now Paying 5 PercentMicrolending is a popular means of borrowing money because small loans are capable of making large differences for many people. Not only is microlending popular for borrowers, but it also benefits those individuals who are willing to give out loans as well. Some microlending websites, like Microplace.com offer interest in……
  • Prosper Doing Television AdsCatherine Muriel announced on the Prosper Blog that Prosper is going to be running some TV Spots. I think the ads are well done…Â I would like to be able to embedd them in my blog, but other than that I think they are kinda cool… You can tell that……
  • Prosper and Lending Club on CBS News NationwideProsper and Lending Club were featured on the CBS Evening News (In Credit Crunch, Lending To Each Other ). The video is at the end of this post. I saw the coverage live while watching in between NCAA tourney games. At a time when credit is hard to come by, more Americans……
  • Prosper in Japan and Other Asian CountriesProsper and SBI Holdings to Establish Prosper in Japan and Other Asian Countries San Francisco – August 6, 2007 – Prosper (www.prosper.com), America’s first people-to-people lending marketplace, and SBI Holdings, Inc., a holding company for SBI Group, the financial innovation leader of Japan, today announced an agreement to form a……
  • For Sale: P2P Lending Technology(Editor’s Note: This is a serious post and potentially a great opportunity for the right 3rd party. This offer does NOT involve Loanio.) Company looks to sell all rights to its proprietary P2P lending technology. The company has been quietly in development for the past year, though has now decided……

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May 9th, 2008 — Collections, Prosper.com

The New Agency Test aka Legal Test has been updated via the blog: Legal Test Update

I have opted into this lawsuit test (I did not take the junk debt sale price of ~$30 for my loans.) I have hopes that this will eventually yield more than the $30. Either way, I will keep me readers informed if any additional information becomes available.

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May 9th, 2008 — SEO, Site Review, Site Statistics

I think I may have finally overcome my donut problem… With this theme I am trying to have a quality look to my website. I hope you find the result an improvement. Like or hate it? Leave a comment.

In addition, I would like to thank the top 10 referrers to RateLadder over the last 30 days in order of referrals sent…

  1. Peer to Peer Lending Blogs — P2P No Bank
  2. Prosper Blog
  3. Prospers.org
  4. Lazy Man and Money
  5. Net Banker
  6. Personal Loan Portfolio
  7. Deep Market
  8. Prosper Lending Review
  9. Psychohistory
  10. Free Money Finance

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