In financial transactions that more closely resemble a hostage-taking, desperate college women in China are reportedly turning over naked pictures as collateral for their loans.
Lending Club, a major P2P lender, uses WebBank to originate the loans that Lending Club securitizes. Investors buy the securities which are backed by the loans. By the end of 2015, Lending Club had issued almost $16 billion in loans.
The peer-to-peer lending market is under pressure in China after 21 people were arrested in association with a P2P Ponzi scheme.
SoFi shelled out around $5 million, or a whopping 20% of its annual budget, for a 30-second spot that aired during the 2nd quarter of the game Feb. 7 on CBS.
Why are millennials more likely to use personal loans? One reason is because they are delaying home ownership and can’t borrow against the equity in their homes.
The California Department of Business Oversight has launched an inquiry into 14 marketplace lenders, requesting details about their lending practices, investors and business models.
Peer-to-peer lending brings together individuals who need a loan with investors seeking higher returns than they can find elsewhere.