Lending Club was featured on the ABC Nightly News…  P2P Lending is certainly starting to raise it’s profile…

Social Lending Networks, New Alternative to Banks

I enjoyed this portion of the article…  There is a video if you follow the link above.

Lending Club actually started as a Facebook application, and LaPlance says online lending was the next natural step for social networking sites such as My Space and Facebook.

“Up until now, you haven’t seen people really using those connections, in the social networks, to in effect transact or do business with each other,” LaPlance said.

“We are definitely using a combination of e-commerce, banking infrastructure, and social networks to discover connections between people,” he added.

Murphy, for one, said he feels a personal connection with his online lenders.

“I want to be faithful to paying this loan back, just because those people had faith in me,” he said.

And now that he has paying customers, those banks that wouldn’t give him a loan are coming to him asking for his business. His reply?

“No thanks.”

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