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3 Things You Didn’t Know About Peer Lending

truths about peer lending

This post is from Joseph Hogue who is a Chartered Financial Analyst and blogs about peer lending and crowdfunding. He’s helping me out while I am off visiting my kinfolks in Kentucky! If you haven’t heard much about peer lending yet, odds are that you soon will. Though the industry has been around since before the financial crisis, it has only just become popular over the last couple of years. Now the largest peer lending platform in the world, Lending Club, is issuing shares on the New York Stock Exchange and the media is all over the story. Despite the media attention, there are still quite a few misconceptions about peer lending and what it might mean for investors and borrowers. In my conversations with investors and borrowers, I’ve heard time and again three pervasive myths that keep people from using this revolutionary new form of finance.  Peer Lending Myth #1: Peer Lending is only for People with Bad Credit This one couldn’t be further from the truth. In fact, the minimum credit score for borrowers on the two major peer lending platforms is 640 with an average score of 726 across all borrowers. A little over a fifth of ...

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