Monday, April 7, 2008

ABC News: Banking on Strangers

ABC News features a Lending Club borrower and lender on Social Lending Networks, New Alternative to Banks.

The borrower, a small business owner, could not find a loan from a bank. He then turned to Lending Club and was able to receive a $25,000 loan at 12.4% from 74 strangers.

The lender is earning about 15% on her $3,000 investment spread over 13 borrowers.

Also, check out Mashable's 5 Ways To Lend Money Online.

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