The Public Knowledge Base

The basic premise of p2p lending is this: people sign up on either Lending Club or Prosper as a borrower or an investor. A borrower submits an application for a loan, and if approved the loan is placed on the website for investors to fund. Investors typically invest in a small portion of many different loans, thereby spreading their risk.

Borrowers
A borrower’s loan will remain on the web site for a short amount of time, up to two weeks. During that time investors can ask the borrower questions in order to decide whether or not to invest in the loan. While no personal information is displayed, information from the borrower’s credit report is provided for the investors, many of who screen these loans based on different criteria.

A number of things can happen while the loan is being funded:

1. The loan can be pulled off the platform because it fails some part of the verification process.
2. The loan can become fully funded, in which case it is taken off the platform and the borrower will receive their money less an origination fee (detailed in the table on the next page).
3. The borrower may cancel their loan and delete it from the platform.
4. The loan fails to obtain funding after 14 days. Although if investors fund only part of the loan it can still be issued if it funds above a certain percentage.

Investors
From an investor perspective, peer to peer lending allows you to directly invest in other people, thereby completely bypassing the banking system. Investors simply sign-up at Lending Club or Prosper, link to their bank account and then transfer money in.

Typically, there will be hundreds of loans to choose from for investors. Both Lending Club and Prosper allow investors an easy way to invest by providing automated plans. Prosper provides several different automated plans based on credit risk or you can build a customized plan based on your own selection criteria. Lending Club provides you with three automated options (low, medium and high risk), or you can use their slider tool to choose an average interest rate.

Then you just choose the total amount you want to invest and your money will be allocated automatically among many different loans.The other alternative for investors is to choose loans individually. You can use the filters that. Lending Club and Prosper provide, and then browse through each loan one by one. While this method is more time consuming, many successful investors will only invest this way.

Who Can Invest Money?
Investing with both Lending Club and Prosper is much more restrictive than borrowing. Only about half the states allow investors to open a peer to peer lending investment account. Prosper allows investors in the following 33 states: Alaska, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New York, Oregon, Rhode Island, South Carolina, South Dakota, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Lending Club allows investors in the following 36 states: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Illinois, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, New Hampshire, Nevada, New York, Oklahoma, Rhode Island, South Dakota, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, West Virginia, and Wyoming.

However, even if you reside in these states Lending Club imposes additional criteria on all investors. To be eligible, an investor must have an annual gross income of at least $70,000 and a net worth of at least $70,000, or just a net worth of more than $250,000. There are different requirements for California and Kentucky residents explained on Lending Club’s website.

Peer to peer lending goes by many names. It is also called social lending, person-to-person lending or p2p lending. It can be defined in this simple way: individuals lending money to other individuals without a banking intermediary.

The official definition from Wikipedia is “a certain breed of financial transaction
(primarily lending and borrowing, though other more complicated transactions can be
facilitated) which occurs directly between individuals or ‘peers’ without the intermediation of a traditional financial institution.” Basically, it involves people with money (investors) lending to people who need money (borrowers). Obviously this is something that has taken place since the invention of money thousands of years ago.

Today, with the explosive growth of the Internet and online social networks, this concept has been brought online. So now, borrowers can borrow money from people they have never met and investors can lend money to many anonymous borrowers just based on their credit information. There are dozens of companies all over the world enabling peer to peer lending, and in the United States there are two established companies: Lending Club and Prosper.

There are also many companies that do what I call direct peer to peer lending (direct p2p). These are primarily for people who want to formalize a loan arrangement between friends and family. Companies in the U.S. doing this today are ZimpleMoney, LendingKarma, National
Family Mortgage and many more. They help setup loan agreements and manage the funding
process for you. While these companies provide a valuable service the focus of this e-book will
be on the mass-market p2p lending sites, Lending Club and Prosper.

I also want to make a distinction between peer to peer lending and microfinance. Microfinance typically deals with very small loans sizes (under $1,000) and are usually run by non-profit organizations. I am a big fan of microfinance organizations like Kiva (I loan money on Kiva) but they serve a different purpose and have different goals from peer to peer lending organizations like Lending Club and Prosper.

Why is Peer to Peer Lending Becoming Popular?
Peer to peer lending is a rapidly growing industry. In the 12 months ended December 31, 2014 the total amount of money loaned by Lending Club and Prosper was $5.98 billion. That is around 147% growth over the preceding 12 months. Clearly, it is becoming more popular all the time.

To understand why peer to peer lending is growing so fast, we need to look at the advantages it provides for both borrowers and investors.

Borrowers
The financial crisis in 2008 had a huge impact on banks and financial institutions that is still being felt. Many individuals who had found it easy to get loans from banks before suddenly found themselves cut off.

Many people had used the equity in their home to borrow money in the past couple of
decades, but with homes across the country dropping in value, banks became much more
cautious with this kind of lending. Unsecured personal loans from banks became almost nonexistent.

Many people who needed money found themselves resorting to credit cards with high interest rates. Clearly, there was a void in consumer financing and peer to peer lending helped fill that void. Borrowers found that their 28% credit card interest rate could be cut in half with a loan through Prosper or Lending Club. The fixed loan term, typically three or five years, is also appealing because borrowers can see how they can pay off their debt completely in a relatively short time period.

Investors
There are several advantages for investors. The biggest and most important one is the higher rate of return. Some Lending Club and Prosper investors are averaging at least a 10% annualized return, and the vast majority are earning more than 6%.
You can choose your level of risk with p2p lending. You can choose to invest in A grade loans where every borrower has excellent credit, where the likelihood of defaults are low. Or you can invest in higher risk, higher interest loans. Alternatively, you could choose some combination of these high risk and low risk loans.

Many people are drawn to peer to peer lending because you are investing in real people, not some faceless bank or mutual fund. Peer to peer lending also adds diversification to an investor’s overall portfolio. You are investing in consumer credit, which is a different asset class from other investments.

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A factory reset, also known as master reset, is a software restore of an electronic device to its original system state by erasing all of the information stored on the device in an attempt to restore the device’s software to its original manufacturer settings. Doing so will effectively erase all of the data, settings, and applications that were previously on the device.

This is often done to fix a software issue that the device is facing, but it could also be done to restore the device to its original settings. Such electronic devices include handheld computers such as PDAs and mobile phones. Since a factory reset entails deleting all information stored in the device, it is essentially the same concept as reformatting a hard drive.

Pre-Installed applications and data on the card's storage card (such as a MicroSD card) will not be erased. A factory reset should be performed with caution, as it effectively destroys all data stored in the unit. Factory resets can often fix many chronic performance issues such as freezing and will not remove the device's operating system.

The foreign exchange market (Forex, FX, or currency market) is a global decentralized market for the trading of currencies. This includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the Credit market. The main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market does not determine the relative values of different currencies, but sets the current market price of the value of one currency as demanded against another.

The foreign exchange market works through financial institutions, and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are actively involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "interbank market" (although a few insurance companies and other kinds of financial firms are involved). Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions.

The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from European Union member states, especially Eurozone members, and pay Euros, even though its income is in United States dollars. It also supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies.

In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency.

The modern foreign exchange market began forming during the 1970s. This followed three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.

The foreign exchange market is unique because of the following characteristics:

• its huge trading volume, representing the largest asset class in the world leading to high liquidity;
• its geographical dispersion;
• its continuous operation: 24 hours a day except weekends, i.e., trading from 22:00 GMT on Sunday (Sydney) until 22:00 GMT Friday (New York);
• the variety of factors that affect exchange rates;
• the low margins of relative profit compared with other markets of fixed income; and
• the use of leverage to enhance profit and loss margins and with respect to account size.
• As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks.

According to the Bank for International Settlements, the preliminary global results from the 2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $5.1 trillion per day in April 2016. This is down from $5.4 trillion in April 2013 but up from $4.0 trillion in April 2010. Foreign exchange swaps were the most actively traded instruments in April 2016, at $2.4 trillion per day, followed by spot trading at $1.7 trillion. According to the Bank for International Settlements, as of April 2016, average daily turnover in global foreign exchange markets is estimated at $5.09 trillion. This marks a decline of approximately 5% from the $5.355 trillion daily volume as of April 2013. Some firms specializing in the foreign exchange market had put the average daily turnover in excess of US$4 trillion. The $5.09 trillion break-down is as follows:

• $1.654 trillion in spot transactions
• $700 billion in outright forwards
• $2.383 trillion in foreign exchange swaps
• $96 billion currency swaps
• $254 billion in options and other products

Top 10 currency traders

% of overall volume, May 2016

Rank	Name	Market share
1	Citi	12.9 %
2	JP Morgan	8.8%
3	UBS	8.8%
4	Deutsche Bank	7.9%
5	Bank of America Merrill Lynch	6.4%
6	Barclays	5.7%
7	Goldman Sachs	4.7%
8	HSBC	4.6%
9	XTX Markets	3.9%
10	Morgan Stanley	3.2%

What Does a Mesothelioma Law Firm Do?
Law firms specializing in mesothelioma are different from any other type of law firm. Whereas other firms may specialize in areas like car accidents or nursing home abuse, mesothelioma law firms focus primarily on mesothelioma and other asbestos-related diseases. It’s not recommended to retain legal representation from a general practice law firm or even a personal injury firm that specializes in a wide array of injury cases. You’ll need an attorney who specifically specializes in mesothelioma cases, as these types of lawsuits are extremely intricate and require vast, in-depth understanding of asbestos exposure and diseases.

Attorneys at these law firms have knowledge and experience regarding federal and state laws concerning asbestos use and its history in the workforce. They also have sharp investigative skills and are able to dig deep to uncover when and where companies and/or other entities exposed workers to asbestos. Additionally, these law firms are comprised of educated attorneys who understand the legal process involving courts, trials, settlements, and appeals.

How Can a Law Firm Personally Help Me?
When first getting started, victims usually have a plethora of unanswered questions regarding asbestos and their rights. A good law firm should be able to provide you with following information:

• Evidence Related to Your Exposure: Once you provide the law firm with your work information, they should be able to investigate and determine how asbestos was used at your workplace. In some cases, they may already have the information available.
• If You Truly Have an Asbestos Claim: Asbestos law firms understand what’s needed in order to have a true asbestos claim. With this knowledge, they are able to determine how strong your case is and what the estimated chances are that you’ll win. Most attorneys make sure they’re confident in your case before taking it on. Be wary of any attorney who promises to take your case without knowing any of the details or an attorney who claims they can get you an exact amount of compensation before reviewing your case.
• Your Case Worth: If the firm decides you have an asbestos case, they will then be able to come up with an average figure of how much your case is worth. This is including past expenses, daily expenses, medical bills, lost wages, emotional trauma, physical suffering, future expenses, and much more. Keep in mind, however, that there is no set formula as to how much your award amount may be. The aforementioned factors, along with other details, such as if your former company has a trust fund set up or not, will also come into play.
• Who Exactly is Responsible: It can be difficult for the average person to determine who exactly is responsible for exposing victims to asbestos. For example, companies can move, go out of business, hide, suppress relevant information, and change ownerships. In some cases, your former company is responsible, the manufacturer of the asbestos products may be responsible, or supervisors and/or owners may be responsible. In other instances, there may be just one sole responsible entity, yet in a different case, there may be several responsible parties. Remember that part of the law firm’s job is to research, seek out, and determine the entity or responsible parties that are liable for your exposure to asbestos.

What Are Law Firm Fees?

Law firms may have different fees as well as different payment options. However, an experienced and caring law firm understands that victims of asbestos-related diseases more than likely have enough financial burden in dealing with their illness, and are unable to afford up-front fees for legal representation. As a result, many firms work on what’s known as a contingency fee basis, meaning that they only get paid when you get paid.

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