March 21, 2008 at 13:57Social networks of P2P loans: an alternative to banks?
On the Internet there are more and more sites that actually represent an alternative to banks. These are credit exchanges and social networks, each participant of which can act as either a borrower or a lender. Borrowers receive a multi-year loan on favorable terms, and lenders can invest money at a good percentage, which is higher than bank discount rates. Basically, such exchanges will be created for students who need to pay tuition. At the moment, there are at least four such projects : three in the US and one in China. Largest Prosper
P2P Loan Exchangeestablished in February 2006 and has since attracted $ 40 million in venture capital investments. Each potential lender submits an application there for up to $ 25,000 indicating the minimum interest, and borrowers (from among those approved by the lender) are traded, offering more favorable conditions.
There are similar projects: American Lending Club and Chinese Qifang . And a few days ago, another Fynanz website began to work , which focuses exclusively on American students. So far, only students from Florida and New York are admitted to financial instruments.
The fact of creating such systems suggests that in the future, P2P networks and crowdsourcing can become a real alternative for the holy of holies of the capitalist economy - for banking institutions.
P2P Loan Exchangeestablished in February 2006 and has since attracted $ 40 million in venture capital investments. Each potential lender submits an application there for up to $ 25,000 indicating the minimum interest, and borrowers (from among those approved by the lender) are traded, offering more favorable conditions.
There are similar projects: American Lending Club and Chinese Qifang . And a few days ago, another Fynanz website began to work , which focuses exclusively on American students. So far, only students from Florida and New York are admitted to financial instruments.
The fact of creating such systems suggests that in the future, P2P networks and crowdsourcing can become a real alternative for the holy of holies of the capitalist economy - for banking institutions.