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Good summary of the social lending, or P2P lending market. In it, site's enable users to lend to each other, bypassing banks altogether. It's nascent but has potential.

 

Submitted: Jun 20, 2007    Views: 422    Comments: 2    Likes: 6   


View Article: http://www.centernetworks.com/social-lending-web-2-0


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Comments Received:

soczie
soczie

Strikes me as a very dangerous phenomenon. Banks have risk management divisions which can package the risk and determine who can bear it. So-called peers lack the ability to adequately access risk or to bear it. I was taught from a very early age not to lend money to friends because that will ruin relationships - I certainly am not lending it to some "peer" who is "begging" on the internet.

Posted: Jun 20, 2007

Author/Submitter Response:

it will probably work for those that can't get a loan elswhere. most of these lenders use credit scores to help define risk, which is the same criteria banks use. so, they aren't lending based on criteria much different than banks. that's the great thing about fico scores, etc.

Sam Cass
Sam_Cass

This is an interesting idea. I'm not sure if I would do it but I can see others giving it a try.

Posted: Jun 21, 2007

Author/Submitter Response:

yeah, it's probably only for a niche group of the market, those that can't get a loan elsewhere.



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