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The Complete Idiot's Guide to Person-to-Person Lending by Curtis E. Arnold, Beverly Harzog

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Chapter10
The Best of the Rest
In This Chapter
• How Lending Club got started
• Borrowing and lending on LendingClub.com
GlobeFunder.com and direct-to-consumer lending
• Borrowing and lending on Loanio.com
 
The founder and CEO of LendingClub.com, Renaud Laplanche, started a company in 1999 and over the course of a few months had put $20,000 worth of expenses on his credit card. Although he had a great credit score, Laplanche was paying 18 percent interest. He decided to get the money he needed from friends at 10 percent interest.
The loans he got from friends helped him create a successful software business, Matchpoint, which was later acquired by Oracle. A few years later, Laplanche created Lending Club so others would have access to better ...

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