Starting today, a range of next-generation financial services companies, all of whom employ technology in innovative ways, have teamed up to market some much-needed help to consumers with the Uncrunch America campaign. Like a team of of financial Superfriends, Lending Club offers personal loans through a peer-to-peer model, Virgin Money (yes, a pro-social for-profit offshoot of the Branson empire) has peer-to-peer mortgage financing, OnDeck Capital offers small business loans with a proprietary holistic scoring model, CreditKarma has credit score tools, and Geezeo offers personal finance and budgeting tools.Since the beginning of the year, UnCrunch members have lent almost $75 million to one another.My last post on P2P lending was just a few days ago, so clearly I am sold on the idea. If nothing else it will ease suffering while our leaders figure out what to do about TARP II and the zombie banks.
Thursday, February 26, 2009
A new Fast Company article about a campaign to end the credit crisis through peer to peer lending has received considerable attention. From the article: