Prosper 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 are turning to a new source for money: each other. It’s called person-to-person lending, and it’s expected to rise 800 percent in the next couple of years.
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1 comment so far ↓
I figured the decreasing rate of return in conventional savings accounts would be a major driver of new lenders to the P2P lending sites – how much I am very curious. Does it seem that good loans are hard to find on Prosper and LendingClub? Or is there a constant stream of decent borrows?
I keep getting behind on work – I need to try for a Prosper loan again. Any rumors on when Prosper is going to go national and get rid of the state restrictions on interest rates?
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