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Online loans (but not from a bank)

Submitted by: Zach
Created: Jun 27, 2006, 4:27 pm

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The Idea

A website where people can go to ask for a loan and others can go to to review loan applications and lend. Lenders are free to choose the interest rate they want to lend at based on an eBay like rating system for credit worthiness. The system merges these micro-loans and provides the borrower with a loan at a blended rate.

I thought of this idea when I was...

Thinking of ways to bring crowd participation to banking.

Comments Posted

uproar Posted: July 14, 2006, 10:21 pm

Like Prosper, which is even referenced in the "Submit Ideas" section of Cambrian House?

motiggidy Posted: July 17, 2006, 3:50 pm

As well as zopa in the UK.

dplass Posted: August 8, 2006, 9:58 am

Not sure this would fly in the US due to banking laws.

fidoogle Posted: August 24, 2006, 9:44 am

This idea came out on ABCNews about 3 months ago. It's called Prosper.com

Rizal Posted: April 30, 2007, 7:15 am

lol .... so much coverage on this idea. oh hell yeah its a new idea. when u hear it on the teli

zentropy Posted: July 30, 2007, 6:28 am

It's called p2p-lending i think. There are some websites out there which do this. But it can be risky, i heard it's best to spread your risk by lending your capital to multiple people on these websites. If a few fail to repay, then the damage is limited.

mlimotte Posted: September 21, 2007, 1:38 pm

Besides Prosper, another implementation is Kiva (http://www.kiva.org/app.php?page=about), which is a "socially responsible" version.

"Kiva lets you connect with and loan money to unique small businesses in the developing world. By choosing a business on Kiva.org, you can "sponsor a business" and help the world's working poor make great strides towards economic independence. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates from the business you've sponsored. As loans are repaid, you get your loan money back."

It's a good idea, but you need a niche or angle for differentiation.

Marc

Hello!

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