Peer-to-peer lending sees exponential growth

By Penny Yi Wang for Medill News Service

In the past few years, consumers disillusioned with tight-fisted banks have jumped on the peer-to-peer lending bandwagon.

When the Great Recession hit, banks suffered big losses as borrowers defaulted on loans they had taken out during the economy’s long upturn. In response, lenders have drastically tightened their lending requirements. As a result, many borrowers with anything less than stellar credit now can’t qualify for traditional bank loans.

But non-wealthy Americans still need loans from time to time. And as bankers have turned stingy, borrowers have increasingly turned to alternative online lending platforms, such as Lending Club and Prosper Marketplace.

directlending
Third quarter lending more than doubled at Lending Club and Prosper from a year-ago period, up 37-fold from 2010.

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SpotHero shifts into high gear with parking app

By Penny Yi Wang

Parking in the city is never easy, but SpotHero, a Chicago-based technology company, has found a way to help commuters.  The start-up’s mobile apps find discounted parking spots in real time and allow users to pay online or in the app. The company, which launched in 2011 with three co-founders, now has 30 employees. SpotHero has just added four new cities to its roster of seven.

Shot on an iPhone 6. Music: Batty McFaddin by Kevin MacLeod (incompetech.com)

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