Quick Finovate Comments — Loanio

I will have bunch more to say about finovate startup from netbanker when I have a chance to write it down in a form worthy of publishing, but felt like I should say a few quick comments about the future p2p lending upstart: Loanio.

I had the pleasure of speaking with founder Micheal Solomon (founder and CEO) after the demo and here are the highlights…

  • Like Prosper in terms of reverse dutch auction.
  • Allows for co-borrowers (co-signers) and requires co-borrowers for low scores (Experian VantageScore, no floor set yet for co-borrower).
  • Not worried about the legal issues surrounding Lending Club “quiet period
  • Launching in the next “2-3 weeks”

In summary, loanio looked like a Prosper clone with the added feature of co-signers…  It could be interesting… stay tuned for the rest of the finvovte details and any loanio information.

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5 comments ↓
#1 Eric on 07.07.08 at 4:21 pm

Wow – “2-3 weeks” sure came and went. I wonder how they are doing – nothing happening on the site.

#2 RateLadder on 07.07.08 at 4:25 pm

I was just having that same conversation with LazyMan and MOney.

#3 Tom on 09.10.08 at 10:10 am

It looks like the co-borrower floor will be an “E” credit grade. An E credit grade is equivilant of Experian VantageScore 569-603. The co-borrower also has to have a score higher than the other borrower.

I’ve got some Loanio screenshots up.

#4 Tom on 09.10.08 at 10:11 am

It looks like the co-borrower floor will be an “E” credit grade. An E credit grade is equivilant of Experian VantageScore 569-603. The co-borrower also has to have a score higher than the other borrower.

#5 Loanio is Expecting Launch within Days | P2P Lending, Peer to Peer Lending, People to People Lending | P2P Lending News, Information, Borrowing and Lending Strategy on 09.15.08 at 8:55 am

[...] may recall I mentioned seeing Loanio at Finovate in SF. To me their most interesting feature is the possibility a co-borrower for bad credit [...]

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