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 ↓
Wow - “2-3 weeks” sure came and went. I wonder how they are doing - nothing happening on the site.
I was just having that same conversation with LazyMan and MOney.
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.
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.
[...] 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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