Tuesday, October 14, 2008

Lending Club and Loanio present at FINVOATE 2008

Two dozen companies including Lending Club and Loanio presented at FINOVATE 2008 in New York City today. Netbanker reported on the various presentations throughout the day.

Of course, the big news is Lending Club re-opened to lenders today. They also opened the first secondary market for p2p loans. According to Netbanker's report of the presentation, Lending Club has "been experiencing a 2% default rate and have been approving 14% of applications received."

As for Loanio, Netbanker's Jim Bruene reported, "Solomon walked the audience through the Loanio loan application process emphasizing the option to have a co-borrower, a first for a U.S. P2P lender, and the optional Platinum loan listing, which includes a host of verifications to give lenders more assurance the borrower is being truthful with their application."

Our review of Loanio is here. Loanio was a last-minute addition to FINOVATE after Pertuity Direct delayed their launch to ensure they meet regulatory requirements.

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