Corrections & Clarifications
"Peer-to-Peer Lending Pain" (April/May 2009)
In "Peer-to-Peer Pressure" (April/May 2009), BusinessWeek SmallBiz reported that about 8.5% of loans made through Lending Club since 2008 are in default. CEO Renaud Laplanche says that many of Lending Club's defaulted borrowers do resume payment, and that the company's charge-off rate for loans made before 2008 is about 3.5%.
Return to the BWSmallBiz June/July 2009 Table of Contents