Jim Bruene over at Netbanker, quotes Prosper Marketplace on their reaction to Lending Clubs announcement earlier this week. The key quote is emphasised for reference.
Lending Club Abruptly Shuts Down Peer Lending (NetBanker)
Person-to-person lending is an increasingly popular way for individuals to borrow and lend money at attractive interest rates. Understandably it must be done in a secure and trusted way. While we’re not in position to comment on another company’s regulatory stance, Prosper believes that the way we have structured the Prosper marketplace is in compliance with applicable state and federal laws. Currently Prosper has over 650,000 members, and more than $130 million in loans have funded through the Prosper marketplace.
2 responses so far ↓
CommunityLend brings P2P to Canada // April 10, 2008 at 4:13 pm |
[...] Slow and steady appears to be a smart course for CommunityLend considering the halt at Lending Club this week and Prosper’s quick defense of their structure. [...]
The Startups Forum » Blog Archive » CommunityLend brings P2P Lending to Canada // April 10, 2008 at 5:56 pm |
[...] CommunityLend brings P2P Lending to Canada Person-to-person (P2P) lending is an increasingly popular way for individuals to borrow and lend money at attractive interest rates. To date, no Canada-based company has tackled this business model as the regulatory issues would be a huge obstacle. Understandably there is a natural tension between disruptive technologies like P2P and financial regulation as peoples needs for innovation need to be balanced against the desire for safe and sound investments. Toronto’s CommunityLend has been quietly working away with regulators over the past ten months and decided to pull back the curtain on their plans yesterday as they ramp up to launch. They’ve put together all the right pieces to make a go at it – an impressive Board of Advisors, an experienced management team, and a regulatory approach based on sound legal advice. Slow and steady appears to be a smart course for CommunityLend considering the halt at Lending Club this week and Prosper’s quick defense of their structure. [...]