I have been having an ongoing email conversation with Michael Solomon the CEO of Loanio for quite some time… In fact, he originally bought advertising on this blog over a year ago. While still hesitant to give an exact date, he told me in no uncertain terms that Loanio is in the final stages of preparing for launch and that both “final security audit and legal compliance audit” are the final hurdles to launch and both are wrapping up.
You 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 borrowers. I am interested in seeing the impact of the co-borrower on the fundability of bad credit loans in the peer to peer marketplace.
Tom at Prosper Lending Review has some screen shots and a writeup about the inside access he was given.
I expect after many delays that this time is for real and I for one am interested to see if the entrance of a Prosper competitor can re-energize the p2p lending space the way Lending Club and Prosper did in early 2008. Competition breeds innovation and innovation is good for consumers. Welcome Loanio I hope your launch is highly successful.
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Loanio sent out an email a couple of weeks ago saying their launch was just over the horizon. I hope that this time they are true to their word. A Prosper alternative will make Prosper work harder and the overall P2P lending world will be the better for it.
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