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Education is one of the primary objectives of this blog. Occasionally we will explore and explain commonly used, and often misunderstood, banking terms. We recommend two resources that help define financial terms: Investor Words and Morgan Stanley.
Process for funding loans at Lending Club. Describes the relationship between lenders, borrowers, LC and Webbnak. Graphic contained in the Lending Club S-1 filing.
Form S-1
Lending Club
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Form S-1REGISTRATION STATEMENTUNDERTHE SECURITIES ACT OF 1933LendingClub Corporation
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Global inflation has re-emerged as a major threat to the world economy, the International Monetary Fund said on Thursday in a stark warning that marked an abrupt change of tone from its emphasis on the risks to growth.
Prosper introduces their new tag line
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"Let's bank on each other,"
Just located the entire HBR article online with no subscription required
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It is only a matter of time before these digital systems close the arbitrage enjoyed by large banks, which lend at up to 15% interest but pay only about 5% on capital. Why do business with a bank when your network’s lending and savings interest rates are both 7%? To grasp the power of such a system, imagine your local credit union with the membership and social networking capabilities of MySpace.
Instead, the 31-year-old from Schaumburg, Ill., recently borrowed $22,500 on Prosper.com, an online lending network that matches individual borrowers and lenders. The interest rate on Mr. Walsh's loan: 10.25% -- several percentage points below what he says he would have had to pay at a bank.
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Instead, the 31-year-old from Schaumburg, Ill., recently borrowed $22,500 on Prosper.com, an online lending network that matches individual borrowers and lenders. The interest rate on Mr. Walsh's loan: 10.25% -- several percentage points below what he says he would have had to pay at a bank
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So what is ABN Amro offering? P2P lending?
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While the sites are not yet grabbing huge chunks of business from traditional banks, Javelin projects that the demand for social lending services to pay off credit card debt could grow from $38 billion in 2007 to $159 billion by 2012.
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Lending Club isn’t alone. IOU Central, the first Canadian person-to-person lending site which launched to online fanfare a couple of months ago, came to a screeching halt after all but three weeks citing similar regulatory issues. What made this rather ironic was their tag-line: "Person to person lending finally comes to Canada" they pronounced, as if to say the other companies such as CommunityLend and PeerMint that had announced intentions to launch there months ago were dragging their heels for no good reason.
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With the United States’ economy flirting with the word “recession”, people are looking to get out of debt. Banks aren’t always eager to give out loans for things like paying off a credit card, and this situation has given rise to social lending. Some sites let you collect interest as the lender, and some simply give you the opportunity to help someone out. If you’re interested in lending money online, we’ve got five such services for you to look at.
William is doing a good job at evolving the discussion - "social economy"
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I tend to define the social economy a little more broadly: as that increasing part of our society's economic decision-making that is influenced by emerging social tools. The water cooler is now global, and people can influence each other's spending habits and brand preferences more effectively and instantly.
“Canadian employment is still holding up well, with no obvious signs of stress outside of the beleaguered manufacturing sector,” said deputy chief economist Doug Porter in a note to clients. “The bounce in the unemployment rate is as much a reflection of the tidal wave of people pouring into the work force as a sign of weakness in the job market,” he noted. “After all, employment is still up 1.9 per centfrom a year ago, which would normally be seen as a solid increase.”
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“Canadian employment is still holding up well, with no obvious signs of stress outside of the beleaguered manufacturing sector,” said deputy chief economist Doug Porter in a note to clients. “The bounce in the unemployment rate is as much a reflection of the tidal wave of people pouring into the work force as a sign of weakness in the job market,” he noted. “After all, employment is still up 1.9 per centfrom a year ago, which would normally be seen as a solid increase.”
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