Lending Club Raises $17.5 Million From Kleiner Perkins and John Mack

Lending Club the social (or peer-to-peer) lending site, has raised $15 million from Kleiner Perkins Caufield &Byers and $2.5 million from John Mack, the former CEO of Morgan Stanley.

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How it works: Debt consolidation with Prosper.com

“Debt consolidation” can sound complicated and downright confusing. But it’s really just about reducing your debt to a single monthly payment and then making a commitment to getting rid of it forever.

You could pay off your debt faster and pay lower lifetime interest and fees.

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Social lending: Zopa launches two- and four-year loans

Zopa is the largest social lending community, having helped match around £200m since launch in the mid-noughties.And it’s expanded its range to include two-and four-year loans, complementing the three-and five-year loans it already offered.

Borrowers taking out two-year deals through Zopa are typically enjoying even cheaper rates than three-year ones.

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Are peer-to-peer lenders the future of banking?

Websites that match up borrowers and lenders are enjoying a new wave of interest after a series of high-profile endorsements.

These websites act as a kind of broker between lenders and borrowers. The idea is that without expensive branches and the weight of regulation, they can offer better rates to both sides. So far, the established peer-to-peer lenders have kept bad debts impressively low.

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Five Key Indicators P2P Lending is Reaching a Tipping Point in the U.K.

The U.K.’s new generation of crowdsourced businesses is creating best of breed products, unencumbered by the legacy of traditional banking margins and approaches. Coming from an online world, the focus is on leaner, smarter models that disrupt the way traditional organisations have approached real world finance.

Recent indications suggest that the peer-to-peer lending industry in the United Kingdom is nearing its tipping point. The sector is servicing a universal need and developing innovative, vibrant business models to compete against each other.

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Peer-to-peer lending via the internet hits £250m

Lending via three websites that link savers with borrowers – bypassing the banking system – has topped £250m.

The “new age” finance carries no protection for deposits, but is being tipped as a serious threat to traditional banks.

The peer-to-peer sites are led by Zopa, which has lent more than £200m since it started in 2005.

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Every P2P Loan is Getting Funded at Lending Club

September of last year, was the last time a loan was listed on Lending Club’s platform that did not get funded.

Not every listing becomes a successful loan – some are removed because they fail some form of verification; others are removed by the borrower. But according to Lendstats the last time we saw a valid loan on Lending Club not get funded by investors was in September, 2011.

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