Globefunder is now open for loan request by borrowers (minimum credit score of 640 required). The signup for individual lenders at Globefunder is still "coming soon". 

A Columbus Business First newspaper article gave more details a few days ago: 

Interest rates for borrowers on GlobeFunder range from 8 percent to 20 percent. GlobeFunder makes its money by charging a onetime 1.75 percent fee to borrowers on their loans, and charging lenders 50 to 100 basis points of their investment over the 24- to 60-month loan term, Decio said.

A basis point is one-100th of a percent.

GlobeFunder is responsible for servicing, collecting and, if necessary, selling nonperforming loans to debt collection firms, Decio said.

The risk for lenders is that they are out of their investments if borrowers don't repay the loans, but they will receive the proceeds from a sale of the debt to another company, Decio said. That's why lenders, who must pledge a minimum of $500 per loan, are encouraged to fund portions of several loans, rather than putting all their money into one borrower, Decio said.

"It's not brain surgery – I wouldn't buy three loans at $8,000 each," he said.

Loans on GlobeFunder will range from $2,500 to $25,000.

For borrowers, the site may prove attractive because it will set interest rates based on a credit profile, unlike credit card companies, which give few rate breaks for good credit, Decio said.

GlobeFunder requires a minimum credit score of 640 for borrowers.

"We've got over 90 million people out there that don't have risk-adjusted rates," he said. "Either they're lazy or they don't recognize there's a way to consolidate and save money."

GlobeFunder's approach differs from other person-to-person lending sites.

Its interest rate ranges are based on borrowers' financial profiles, and the site eschews photographs and personal stories from borrowers about why they're looking for money – a tactic other companies have used, Decio said.

Its interest rate ranges are based on borrowers' financial profiles, and the site eschews photographs and personal stories from borrowers about why they're looking for money – a tactic other companies have used, Decio said.

"You're not going to see pictures and big stories about people's lives," he said. "We're not going to do that because it's not scalable."

Decio said GlobeFunder's approach, coupled with a more systematic way for setting rates and arranging loans, could allow the company to attract institutional investors that will lend on a large scale.

…

"What we didn't like about the bidding process is that lenders don't have time to go through and do bids," Decio said. At GlobeFunder, loans will be funded automatically if the criteria matches with what a borrower seeks.

If you give Globefunder a try and apply for a loan, please share your experiences at the Globefunder forum here at Wiseclerk.