We are huge proponents of Americans having more credit choices. We understand that faxless payday loans are not for everyone. However, we also understand that people need credit from time to time, and that not everyone qualifies for a low-interest bank loan or a credit card that has a great low teaser rate for cash advances.
So, we were supporters of Peer-to-Peer lending when it became popular several years ago. And now, we are sad to follow the SEC as it shuts down some of the better peer-to-peer lending operations. Right now, there is only one large peer-to-peer lender in operation (LendingClub.com). All of the other lenders have been (temporarily, we hope) shut down by the SEC.
Peer-to-peer lending serves a very important need in the U.S. economy — it provides American consumers and businesses with choices and options for credit. Many of the payday lenders we generate leads for may not be happy with our support of peer-to-peer lenders, but hey, we want our customers to have options. And sometimes, a payday loan isn't the best option.
We hope the SEC comes to its senses, and allows well-organized peer-to-peer lending operations (like Prosper.com) to get back in business, and start offering American's more lending choices.
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