Lendingclub.com is a “person-to-person” lending site, promising better rates than those found at a bank. Borrowers set up profiles, share their stories, and obtain loans from willing individuals at a rate calculated by the site.
Prosper.com is similar to Lending Club, but sets interest rates differently. Borrowers choose a maximum rate, which lenders then “bid down” in an auction. Currently in a “quiet period” required for SEC approval.
Virginmoneyus.com manages loans, but doesn’t pair up borrowers and lenders. Rather, it’s a “resource” for friends and family members who are looking to lend money to one another but are unfamiliar with the formalities and paperwork.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Why all drugs should be legal. (Yes, even heroin.)
- Comic-Con 2014: Everything we learned about Avengers 2, Batman v. Superman, and more
- 7 ideas from ancient thinkers that will improve your modern life
- The big, gaping hole in the liberal policy arsenal
- Here's the schedule very successful people follow every day
- How to trim $500 from your monthly spending
- Face it, ladies: We can't all be beautiful
- Blame Obama and U.S. evangelicals for the persecution of Iraqi Christians
- Don't hate the 'poor door'
- Are there too many good shows on television?
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