Lending Club & Prosper continue to grow

Consumers Find Investors Eager to Make 'Peer-to-Peer' Loans

Excerpt:

Prosper and Lending Club together originated about $871 million in loans last year, more than double the prior year's total and up tenfold since 2008. Lending Club says it is on track to lend $2 billion this year. ... Prosper, which began making loans in 2006, says its annual default rate is 5.8%. Lending Club, which opened in 2007, says its annual default rate is currently 4%.

Comment: I formerly invested with Prosper. At the max I had about $ 5,000 in loans. My return was about 3% (not high enough for the effort in my own view). But I could look at this again. I feel I need to make at least 7% to make it worth my time.