I was looking at LendingClub.com (peer to peer financing site) and wanted to get some comments/suggestions/critique about the model/site. Anybody been part of this group. It does look like a better model than the current Banking model where you park your money for free and Banks get to profit from it.
What I am not sure is their risk model. What if borrowers default on loan? Does it show up in credit history?
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I was looking at LendingClub.com (peer to peer financing site) and wanted to get some comments/suggestions/critique about the model/site. Anybody been part of this group. It does look like a better model than the current Banking model where you park your money for free and Banks get to profit from it.
What I am not sure is their risk model. What if borrowers default on loan? Does it show up in credit history?