Comments on: Social lending goes red hot, as FaceBook enters the space with “LendingClub” http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/ Tracking the evolution of financial institutions Mon, 13 Feb 2012 00:48:52 +0000 hourly 1 http://wordpress.com/ By: Colin http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-26534 Wed, 31 Dec 2008 04:19:16 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-26534 @Maureen … there is only one such company in Canada, and it is undergoing qualification and regulatory approvals. For updates you can sign up at communitylend.com – incidentally I am involved in that company.

Colin

]]> By: MAUREEN http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-26532 Wed, 31 Dec 2008 00:16:33 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-26532 Hi. My name is Maureen and I live Toronto, Canada. I am very interested in finding out how I can get connected in the Social Lending Club. I would love to be a part of a group that truly believes in helping each other in financial situations!!!!! Banks, etc are very unforgiving and never give people a second chance.

Please get back to me ASAP.

Thanks!!!

Paulettte

]]> By: Hello people http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-25019 Thu, 31 Jan 2008 13:20:55 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-25019 Thanks boys8b0143fb64c41e89e204b7c458756922

]]> By: Crowdfunding and Peace Corps « Friends & RPCVs of Guyana http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-11286 Fri, 22 Jun 2007 20:05:12 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-11286 [...] based on a similar business model and has an application on Facebook, making both of these tools a speedy and viral method for funding.  Another website based on this model, Zopa, lacks an application on [...]

]]> By: Colin http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-10138 Tue, 05 Jun 2007 12:28:51 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-10138 Mark, Thanks for stopping by … I agree about distrust in companies, as one driver of the P2P movement.

]]> By: Mark http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-10102 Tue, 05 Jun 2007 05:00:21 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-10102 While I don’t typically think of banks as innovators Bank of America has done some interesting things over the last five years (first major w/ free checking, ‘keep the change’ program, integrated online banking and brokerage) but I think this space is too new and has too many perception risks associated with it currently to be attractive to the banks. I think a lot of the people active on these sites are purposefully avoiding banks because of past experiences or distrust of major financial institutions and it would be tough to pull them away from their new-found financial communities. Been blogging about these p2p lending companies and their relationship to microfinance at http://www.bankerinindia.typepad.com

]]> By: Lending Club's hook into Facebook | Social Lending Watch http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9931 Sat, 02 Jun 2007 22:29:15 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9931 [...] We’ll have much more on it later, but if you are curious now, login to Facebook and check out Lending Club (the easiest way is to login via the link at the top of the Lending Club homepage). Or read Colin Henderson’s great analysis here. [...]

]]> By: John Januszczak http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9418 Tue, 29 May 2007 16:47:18 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9418 Why can’t/don’t the banks get in on peer to peer/social lending? I suspect they will wait and see if or when this causes any significant dent in their existing lending business model (I have no idea of p2p lending’s size). However, you have to think that they are in an amazing position given their client base and business to offer such a product if the need arises.

Consider the classic second mortgage. Why can’t my bank facilitate the loan from the little old lady (how’s that for a stereotype!) who is also their client instead of me going through the mortgage broker or another third party? The bank processes the forwarding of funds and payments (easy because we are both clients) and acts as a trusted third party. They make fee income instead of interest income on a loan they don’t want to advance anyway. Why not allow clients to lend money directly to each other, and they simply provide the back end processing and movement of funds? They could do this for loans they don’t want to make themselves, e.g. allow clients to advertise their lending needs on a bank p2p website.

I suppose one risk is that if someone defaults on payment, the lender may hold the bank morally accountable even though they should know the loan is p2p.

]]> By: Heath Stanley http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9244 Fri, 25 May 2007 19:15:03 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9244 Great post Colin!
I think Facebook really has the potential to sweep up the college and young adult social lending market for those lucky kids that have enough money to save, but not really enough to invest. They can also penetrate the market to those that don’t mind the risk of social lending, but haven’t heard of Zopa or Prosper.
My real question is…when will banks start implementing social lending within the bank’s internet banking products and try to make money off these ‘alternative’ investments? This way the bank doesn’t have to lower their spreads on traditional loans, but still make money on the fees they could charge as a social lender.

]]> By: Could FaceBook risk becoming another AOL? « The Bankwatch http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9241 Fri, 25 May 2007 18:19:59 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9241 [...] Which banks understand the web lifestyle? ← Social lending goes red hot, as FaceBook enters the space with “LendingClub” [...]

]]> By: Rex Dixon http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9239 Fri, 25 May 2007 17:24:13 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9239 Thanks for the coverage of Lending Club! Great post you made, and to learn more, please go ahead and add the Lending Club to your Facebook profile.

Also please continue to check back to the blog.

Rex

]]> By: Philip Calvert http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9237 Fri, 25 May 2007 17:02:26 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9237 In fact, Zopa have had a presence on Ecademy.com – the social network for business people for a few weeks now.

They’ve set up a Social Lending Club where they can interact and engage with people within an online business network and hopefully attract new lenders and borrowers.

Nevertheless – LendingClub and Zopa’s foray into social networks is highly significant in the personal finance space and the start of an exiting new distribution route.

Financial Advisers/IFAs are also using the Ecademy social network to engage with potential clients and professional introducers – see http://www.ecademy.com/club/IFALIFE.

Philip Calvert
Author, Speaker, Internet marketing and Social Media Expert

]]> By: Kirill Dmitriev http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9236 Fri, 25 May 2007 17:01:37 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9236 Great article, it is great the the model is getting more and more recognition. It may actually eventually put pressure on banks to narrow spreads. I will definitely try this out and hope that it can be used outside of Facebook

]]> By: Prosper group news » Blog Archive » Update on Lendingclub launch http://thebankwatch.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9234 Fri, 25 May 2007 15:52:21 +0000 http://bankwatch.wordpress.com/2007/05/25/social-lending-goes-red-hot-as-facebook-enters-the-space-with-lendingclub/#comment-9234 [...] up on my earlier post regarding the LendingClub launch read Colin Henderson's view on this. Furthermore in this blog it says (without giving sources): For the moment, the site [...]

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