P2P-Banking.com

Globefunder is now open for loan request by borrowers (minimum credit score of 640 required). The signup for individual lenders at Globefunder is still "coming soon". 

A Columbus Business First newspaper article gave more details a few days ago: 

Interest rates for borrowers on GlobeFunder range from 8 percent to 20 percent. GlobeFunder makes its money by charging a onetime 1.75 percent fee to borrowers on their loans, and charging lenders 50 to 100 basis points of their investment over the 24- to 60-month loan term, Decio said.

A basis point is one-100th of a percent.

GlobeFunder is responsible for servicing, collecting and, if necessary, selling nonperforming loans to debt collection firms, Decio said. (more…)

When analysing Prosper.com data it is possible to find out all kind of things. E.g if there are regional differences to how talkative Prosper borrowers are when writing listings.

Prosper's most talkative borrowers live in:

as compared to:

Now, while that was fun, it is not really useful in any way or is it?

When looking at the length of funded listings, that became loans, by credit grade it gets more interesting.

Apparently the lower the credit grade the more detailed the description has to be to convince the lenders to bid to fund the loan.

Looking at the development of the description length of funded Prosper listings on the time scale  this chart is the result:

There are several possible causes that contribute to listings getting lenghtier:

• Borrowers take other listings as example and add on top of this
• Group leaders (or others) provide templates
• Competition for lender attention is getting tougher
• Borrowers detected that longer descriptions will increase chances (see HRs in table above) - unlikely

Suggestions?

Yesterday the new lender signatures were introduced by wiseclerk.com. Based on an idea from  nonattender this new tool allows to transform key lender stats figures into an image, which can be used in a posters signature at the prosper forum.

Example of the image (size decreased, original is larger):

The image shows the amount invested, the current number of loans, the roles and, if the lender is in the top 500 the rank by money invested.

Once created the images will update daily automatically.

The discussion thread on this new tool was a hot topic. After several suggestions, a couple of hours later a further signature tool, this time for the borrowers was offered.

Example of borrower signature (size decreased, original is larger):

We will see how this further develops.