Peer To Peer Lending Crosses $1 Billion In Loans Issued

Peer to peer (p2p) lending was always an idea with great potential. It is a simple concept. Match people who want to borrow money with people who want to invest money. Cut the banks out of the equation and everybody wins. Of course, it hasn?t been that simple. When the industry was just getting established the two leading players, Lending Club and Prosper, found themselves coming under the scrutiny of the Securities and Exchange Commission (SEC). In 2008, while still in their infancy, both companies had to go through the expensive and time-consuming SEC registration process. Even though many people were writing the industry obituary at this point both Lending Club and Prosper survived. Today, both companies are thriving as the industry is gaining widespread support from borrowers and investors alike. With greater than 100% year over year growth p2p lending is one of the fastest growing investments. Industry volume is now over $50 million in new loans a month and over the Memorial Day long weekend total loan volume passed the $1 billion mark since the industry began back in 2006.

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