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Hello All,

Has anyone run across the Lending Club?

I read an article about it recently, and am intrigued. Basically the Lending Club is a peer lending web site, where individuals can create "notes" for borrowers and potential borrowers ask for funding for various projects, debts, goals, etc. The return rates are attractive -- averaging 9.05% and much higher possible, depending on risk, minus a 1% fee from Lending Club -- and the default rates are below 2%. I like the idea of peer lending, and I think there should be more of this kind of community exchange of wealth after the meltdown of so many industries last fall, particularly the financial sector. I love the idea of cutting out the middle-man -- the banks -- and helping our fellow citizens to achieve their goals (while also making some money, too). The more I think about it, the project is really kind of revolutionary.

Any thoughts?

-Narn Ceredir
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