
  Old Line Banker Puts $1 Million Into P2P Lender Prosper  - transburgh
http://www.techcrunch.com/2009/11/10/old-line-banker-puts-1-million-into-p2p-lender-prosper/
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tsestrich
That's pretty interesting that he'd put his money into Prosper rather than
Lending Club (lendingclub.com). Maybe as a company it's currently more
profitable, but for investors (ie. people making the P2P loans), its far more
risky than lending club.

I just started up using lending club, and I chose it over prosper because of
lending club's more rigorous screening process for who can obtain loans (must
have a 660 credit score to qualify for even the lowest grade loans). As such,
lending club loans have a far lower default rate across the board (Prosper
indicates a >20% charge-off rate -- that's 20% of loans becoming unrecoverable
losses. Lending club has a year-to-year default rate of only ~5% for even its
lowest-grade loans).

Anyone else doing P2P lending?

