P2P Lending News

What is it about social lending that inspires people to write music and create videos promoting their favorite services? Okay, sometimes it’s just cold, hard cash, as in Lending Club’s $3,000 or Zopa UK’s £500 prizes for the top video posted on YouTube, or it’s a trip around the world, as with Zopa Italy’s launch-focused Zopacontest. But other times, it’s just creative folks with a little extra time on their hands who want to promote their favorite site.

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Microlending darling Kiva has announced today that they will start allowing lenders to fund loans to Americans. Although Kiva has facilitated over $75 million in loans to entrepreneurs (Kiva calls them “the working poor”) in developing nations since 2005, this is the first time that American residents have been able to take advantage of the Kiva platform from the borrowing side. Kiva cites the current credit crisis in the U.S., which prevents entrepreneurs from raising the cash they need to keep their businesses going, as a primary motivator.

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