Tuesday, December 30, 2008

CBS features Lending Club

CBS featured a Lending Club lender and borrower in a short video this week. Iraq war veteran Rob Ramonas borrowed from Lending Club when he was unable to borrow from banks. He plans to become a lender and "pay it forward" when his loan is paid off. Lending Club lender Howard Rubinstein was intrigued by the opportunity to make more than he could through bank CD's and has invested thousands of dollars. He estimates he is making about 10%.

According to CBS news, p2p lending is on the rise and is expected to grow to $6 billion by 2010.

CBS featured p2p lending in March 2008. Unlike the feature in March, there is no mention of Prosper or Zopa which have closed due to regulatory challenges. Lending Club is registered with the SEC and is experiencing increased loan volume.


Stumper said...

Woah, great spot from CBS. Does this mean that Peer to Peer lending is now officially a mainstream idea?

Tom said...

It is a great spot.

I think p2p lending is already mainstream, but I don't think this CBS spot is the tipping point. Most news articles and TV news reports for the last 2-3 years have been very laudatory.

David said...

Pretty shoddy reporting though, to not mention that one of the bigger P2P sites might have been selling illegal securities for two years