As of this writing we stand at $345,290,750 in total loans issued for Prosper and $655,349,875 for Lending Club (according to their respective websites) for a grand total of $$1,000,640,625. Here is a quick look inside some of these numbers.
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Now, I will be the first to admit that this $1 billion in total loans for p2p lending in the U.S. was really crossed some time ago. It doesn’t take into account any loans from Peerform who are still going strong but don’t share their loan volume. I know back in the early days there were also loans issued by Loanio and Pertuity Direct although the numbers there wouldn’t have made much of a dent in the $1 billion. It also doesn’t include friends and family p2p loans issued by the many services such as National Family Mortgage and ZimpleMoney nor does it include any of the student p2p loan services.
These days, though, the only real p2p lending options for investors are Lending Club and Prosper. We have a duopoly in p2p lending in this country with just two major players and that doesn’t look like changing any time soon. Together they just crossed $1 billion in new loans. That is a milestone worth noting.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.