Boober p2p lending service to reach 1 million Euro loan volume

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4 month after the launch, Dutch p2p lending service boober.nl is approaching a total volume of 1 million Euro funded loans (chart shows development of loan volume since launch).

Boober loan volume

In comparision, German p2p lending service Smava.de, launched only 8 weeks after Boober is growing much slower. Currently it reached approx. 150000 Euro loan volume. Look forward for a post on the development of Smava in the near future.

Boober plans to launch in Belgium as next country. While not started yet, the domain boober.be is already up, saying "beta".

Prosper loan figures

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Prosper loans have meanwhile surpassed 66 million dollars loan volume. A look at wiseclerk's prosper loan aging table shows that Prosper.com succeeds in increasing originating loan volume nearly every month. Currently new loans for about 8 million US$ originate each month.

However the figures also show an alarmingly high volume for late and defaulted loans. Especially when looking at older loans (the new ones do not have aged enough to be technically able to default). For example of 2.1 million dollar loan value that originated in June last year, $177,000 loan value has defaulted and another $105,000 are 3 or more months late. The default rate for loans from June 2006 will therefore be well above 10 percent at the end of the 36 month term. And this is no execption. For March and April 2006 defaults are already higher than 10 percent of originating loan value.

prosper loan aging

P2P Lending Korea – Popfunding and Moneyauction

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Internet usage in Korea is booming, most surfers enjoy broadband internet access. Furthermore the population is very open minded towards new technologies.

This year two P2P lending services launched.

Popfunding.com allows borrowers to get loans up to a maximum amount of approx. 2000 US$. Interest rates are auctioned. Maximum interest rate is 29 percent. The CEO is Hyun Uk Shin. According to the Korea Times the service does NOT charge fees from borrowers or lenders. Only bank fees have to be paid. If a borrower fails to make a payment popfunding.com will disclose his identity and contact information to the lender. 

Moneyauction.co.kr has a similar concept. 

Financial regulators are looking into the concepts to check if they are in compliance with korean laws.

(Sources: Ringblog, Korea Times)