Google-Backed Lending Club Brings Peer-To-Peer Lending To Business Loans

Peer-To-Peer Lending is something that makes so much sense. I would call it ‘the next big thing’. But it’s really just the world going back to the fundamentality of humanity:

True connection. Personal touch. Community

TechCrunch

Peer-to-peer lending marketplace Lending Club is announcing a major expansion today into business loans.

Lending Club brings together lenders and borrowers who want to cut out banks in the process of investing among peers, has facilitated a total of $3.8 billion in consumer loans, and is growing at a pace of over $750 million a quarter. And the company has more than doubled annual loan volume each year since launching in 2007.

We’re told Lending Club business loans will range from $15,000 to $100,000 initially, increasing to $300,000 in the future. The loans carry fixed interest rates starting at 5.9 percent with terms of one to five years, no hidden fees and no prepayment penalties. We’re told the average interest rate on the platform hovers at around 12.5 percent.

Lending Club CEO Renaud Laplanche says that the company’s existing tech and credit products catered towards consumer loans can easily extend…

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