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.
Related Posts- Prosper 1 Month Late or Worse Curves By Credit Grade The methodolgy or the sql for obtaining the data these curves from the private data export have already been explained in detail, but briefly... The Y axis is the percentage of all loans orginated of a given age that are currently 1 month late or worse... The X axis is......
- Loanio Launch Coming Today (or tomorrow or the next day or the day after that or ...) I was just told by the Loanio CEO that barring any last second hangup to expect the launch of Loanio today. I noticed that they have a blog too: Loanio Blog Good luck Loanio, we have been looking forward to your launch for quite some time.........
- Green Note Review [caption id="attachment_877" align="alignnone" width="468" caption="Green Note"][/caption] P2P student loans have exploded onto the scene this past year, due in a large part to a lack of availability of traditional loans. There has never been a better time for a p2p site to start offering student loan assistance, and Green Note......
- Zopa Shuts Down US Branch Zopa, the UK based peer to peer lending company, is shutting down their US branch due as a result of toughening conditions that are currently being experienced by the US economy. Zopa provides loan services in the UK, as well as in Italy and Japan through a pure P2P style......
- Prosper Ordered to Cease and Desist by SEC http://www.sec.gov/litigation/admin/2008/33-8984.pdf It appears to me that the ruling is that they have been selling unregistered securities without a license. What does that mean for the lenders? Doesn't the board and company officers have some personal liability too? There is some discussion at prospers.org: http://www.prospers.org/forum/prosper_order_to_cease_and_desist_by_sec-t10903.0.html No one seems sure just yet... SEC: UNITED......
