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Peer-to-Peer Lending


班级:金融1101 姓名:彭航 学号:110810116

Peer-to-Peer Lending: Ready to Grow, Despite a Few Red Flags

Peer-to-peer lending hit the headlines in early December when former Citigroup CEO Vikram Pandit invested in Orchard, a New York City-based startup that aims to create a secondary market for P2P loans. Pandit is part of a group including venture capital firms Canaan Partners and Spark Capital that is investing $2.7 million in Orchard.
12 月初,当花旗集团前首席执行官 Vikram Pandit 拜访 Orchard 时,个人对个人贷款成 了报道热门,Orchard 是一家设在纽约市的初创企业,该公司意在为 P2P 贷款营造一个二 级市场。 包括风险投资机构 Canaan Partners 和 Spark Capital 在内的投资者为 Orchard 投入了 270 万美元,潘迪特也是这个投资群体中的一员。

Peer-to-peer (P2P) lending bypasses banks by connecting borrowers with lenders through online platforms for mostly small loans — like credit card debt — using proprietary technology to assess risk, creditworthiness and interest rates. Enthusiasts say banks have left open a wide and growing market for P2P lending, given that the banks are burdened with stiffer capital adequacy requirements, brick-and-mortar costs, legacy technology and impaired loan portfolios
通过在线平台,利用适当的风险、信誉和利息评估技术,P2P 贷款可使信用卡债务等大部 分小额贷款越过银行这一环节。 这一业态的热情支持者认为, 考虑到银行承担的资本充足率 的严格要求、实体运营场地的成本、传统的技术以及减值贷款(impaired loan)组合等负 担,银行为 P2P 贷款留下了一个广阔而且不断增长的市场空间。

Indeed, despite a few red flags raised by critics, participants in the industry feel it is ready for broad-based expansion. The two biggest P2P platforms in the U.S. — LendingClub and Prosper, both based in San Francisco — are

witnessing triple-digit growth. LendingClub expects to close 2013 with loan origination of $2 billion, while Prosper is looking at $350 million, compared with a combined $871 million last year. Last September, Prosper raised $25 million in a round led by its existing VC partner Sequoia Capital and BlackRock.

确实如此,尽管评论人士发出了一些警示信号,但业内企业则认为,自己已经具备了大规模 扩张的良好条件。美国两家最大的 P2P 贷款平台——LendingClub 和 Prosper,均设在旧 金山——就已经历了三位数的增长。LendingClub 的贷款发放总额有望在2013年达到20 亿美元, Prosper 也有望达到3.5亿美元, 而两公司去年合在一起的贷款发放总额仅为8.71 亿美元。去年 9 月,在一轮由之前已为其投资的风险投资合作伙伴红杉资本( Sequoia Capital)和贝莱德集团(BlackRock)领投的投资中,Prosper 获得了2,500万美元的资 金。

How P2P Lending Works
P2P 贷款的运作原理

Borrowers can list loan requests of between $2,000 and $35,000 on lending platforms. Retail and institutional lenders can select from those requests and invest as little as $25 in a part of each loan, called “fractional loans,” or invest in “whole loans.” P2P lending platforms carry the loans on their books, collect repayments and pursue defaulters. For those services, lending platforms charge investors annual fees of 1% of the loan amounts. These fees are the “skin in the game” for the platforms, which forgo the fees for unrecovered loans. The platforms also charge borrowers loan origination fees of between 1% and 5% of the loan amount, in addition to the interest rate.
借款人可将介于2,000美元到3.5万美元的贷款请求发布到贷款平台上。 零售贷款人 (retail

lender)和机构贷款人可以从这些贷款请求中为每一笔贷款最少投资25美元,这种贷款被 称为“部分贷款”(fractional loans) ,也可以“整体贷款”(whole loans) 。P2P 贷款 平台将这些贷款保留在自己的账户中, 并负责收回还款以及向违约者追讨欠款。 贷款平台为 自己提供的这些服务向投资者收取贷款数额 1%的年费。对贷款平台来说,这些费用就是 “风险共担”(skin in the game)费用,用于补充未偿付的贷款。除了利息以外,贷款 平台还会向借款人收取“贷款发放费”(loan origination fees) ,其比例介于贷款数额的 1%到5%。

The minimum FICO credit score requirements are 660 at LendingClub and 640 at Prosper. (FICO credit scores are the most widely used in the U.S., and range between 300 and 850. The higher the score, the lower the consumer’s credit risk.) These lending platforms evaluate each loan application to decide on the interest rate, which ranges between 6% and 35%. On average, only one tenth of the loan applications find willing lenders, either because of poor credit scores or because credit histories cannot be verified. LendingClub’s average loan size is $14,000 with an average interest rate of 15.5%, while the corresponding numbers at Prosper are $11,000 and 16.3%.
LendingClub 和 Prosper 要求的最低费埃哲(FICO)信用分值分别为660和640.(FICO 信用分值在美国已得到广泛使用,分值的范围为300到850。分值越高,消费者的信用风险 越低。 )这些贷款平台通过评估每个贷款申请来确定贷款利息水平,利息的范围从 6% 到 35%不等。平均而言,只有十分之一的贷款申请可以找到愿意出借资金的人,无法找到出 借人的原因可能在于申请人的糟糕信用记录,也可能是因为申请人的信用历史无法证实。 LendingClub 的贷款平均数额为1.4万美元,平均贷款利息为15.5%,Prosper 的这两个 数据分别为1.1万美元和16.3%。

Because the lending platforms do not have banking licenses, they use WebBank, a bank in Salt Lake City, Utah, to make the loans. The platforms then sell pieces of those loans to investors, who use proprietary risk evaluation criteria to select the loans they want to finance.

因为贷款平台没有银行业务执照,所以,它们通过犹他州盐湖城的一家银行 WebBank 发 放贷款。 贷款平台随后可将这些零散的贷款销售给投资者, 投资者可利用适当的风险评估标 准来选择自己想要提供资金的贷款。

“This is a niche that probably has some future,” says Wharton finance professor Franklin Allen, adding that the P2P lending industry has overcome the biggest hurdle in capturing the market of credit card debt. “Unless you have some kind of a technology platform or computing system, it is extremely costly to process these loans.” Using advanced techniques for credit scoring and risk evaluation, the major platforms have made P2P lending viable, he adds. P2P lending also has a natural advantage in the current financial system, Allen says. “If you think of the low rates that most depositors get and the high rates on credit cards, it is a big opportunity.”
“这是一个前景可能还不错的利基市场。”沃顿商学院金融学教授 Franklin Allen 谈到, 他还补充说,P2P 贷款行业已经越过了占领信用卡债务市场的最大障碍。“除非你拥有某 种类型的技术平台,或者拥有计算系统,因为处理这些贷款的成本非常高。”他还补充道, 利用信用评分和风险评估的先进技术手段,主要贷款平台使 P2P 贷款成为可能。艾伦谈到, 另外,在目前的金融体系内,P2P 贷款还拥有另一个天然优势。“如果你想要大部分储户 得到的低利息和信用卡的高利息,这是一个巨大的机会。”

Wharton management professor Keith Weigelt describes P2P lending as an attempt at disintermediation of the banking system, a form of “shadow banking.” He draws a parallel with such practices in China, where many private lenders thrive amid government restrictions on bank credit.
沃顿商学院管理学教授 Keith Weigelt 谈到, P2P 贷款是一种试图让银行体系“非居间化” 的尝试, 是“影子银行”的一种形式。 他将这一业态与中国的“影子银行”实践进行了比较, 在中国,很多私人出借人在政府对银行信贷的严格监管下茁壮成长。

Ron Suber, head of global institutional sales at Prosper, calls P2P lending a “full-fledged mega trend and a brand-new legitimate asset class,” noting that Prosper closed November with loan originations of $50 million, 10% higher than in the previous month. (LendingClub closed November with $234 million in loan originations, a 5% growth over the previous month.)
Prosper 全球机构销售部门负责人 Ron Suber 将 P2P 贷款称为一个“已经具备充分发展 条件的大趋势,是一种全新的合法资产类别”,他谈到,11月,Prosper 的贷款发放总额 为5,000万美元,比以前一个月增长了10%。 (LendingClub11月的贷款发放总额为2.34 亿美元,比以前一个月增长了5%。 )

P2P lending is seeing growth because it is in “one of the best credit cycles we’ve ever been in,” Suber says. He explains why: “Unemployment is low. People are consolidating debt and improving their personal financial balance sheets. At the same time, lenders are hungry for yields and cash flow every month. Banks are lending less. And P2P platforms have grown and institutionalized the credit process.”
P2P 贷款之所以不断增长,是因为它“处在史上最佳的信贷周期之一”,苏贝尔谈到。他 这样解释其中的原因:“失业率很低,人们都在考虑合并债务,并在考虑改善自己的财务资 产负债表。与此同时,出借人迫切希望获得收益,迫切希望每月都有现金流。可银行的贷款 却越来越少。因此,P2P 贷款平台得到了不断增长,并使信贷过程制度化了。”

Suber also suggests that the younger generation prefers to borrow or lend online at P2P platforms through their smartphones and tablets rather than visit a traditional bank for their needs. “It is easy, and it is quick,” he says, adding

that P2P platforms have cut the time taken to process loans from 10 to 11 days or longer to about four days.
苏贝尔还谈到,年轻一代人更喜欢通过自己的智能手机和平板电脑在 P2P 贷款平台上在线 借款或出借资金,而不是跑到传统的银行网点来满足自己的需求。“这种方式很轻松,而且 也很快捷。”他谈到,他还补充说,P2P 贷款平台已将贷款手续的办理时间从10到11天甚 至更长的时间,大大缩短到了大约4天。

P2P lending has many factors in its favor, according to Bill Kassul, a partner at Ranger Specialty Income Fund, a $15 million P2P fund that Ranger Capital Group in Dallas, Texas., launched last November. One, the banking industry is not challenging P2P lending platforms even as they disrupt the existing business model. By contrast, technology disrupters have faced stiff opposition from the entrenched leaders elsewhere. Examples include Napster in the music industry, and Travelocity and Expedia in online travel reservations, he notes.
Bill Kassul 认为,P2P 贷款有很多有利条件,Kassul 是漫游者特殊收入基金(Ranger Specialty Income Fund)的合伙人,这家1,500万美元的 P2P 基金由得克萨斯州达拉斯 的漫游者资本集团(Ranger Capital Group)于去年11月出资设立。P2P 贷款的一个有 利条件是,银行业即便打破现有的商业模式,也不会对 P2P 贷款平台构成挑战。形成鲜明 对比的是,P2P 行业的技术颠覆者面临着地位稳固的出借人的强烈反对。他谈到,这样的 例证包括音乐产业的 Napster 以及在线旅游预订业的旅游城和 Expedia。

Banks cannot enter the P2P space “even if they wanted to because they are brick-and-mortar, have legacy technology and would almost have to start all over with a clean slate to compete with the online platforms,” says Kassul. However, Allen is not so sure: “Banks may be able to set up subsidiaries that mimic these platforms,” he suggests.

Kassul 还谈到,“即便它们想进入”,银行也无法挺进 P2P 的市场空间,“因为它们是拥 有实体营业场所的企业,它们保有传统的技术,如果要与在线平台展开竞争,它们几乎要完 全推倒重来。”然而,艾伦却不这么认为,“银行也可以设立子公司来模仿这些平台。”他 谈到。

Second, P2P lending is an attractive alternative for investors who “are starving for yields,” says Kassul. P2P investors can earn net returns between high single digits and low double digits with lower risk than in conventional fixed-income securities, he adds, noting that Ranger wanted to launch a distinctive fixed-income product before it decided that a P2P fund would be a better option. He expects the fund to grow to between $150 million and $200 million by the end of 2014.
Kassul 谈到,P2P 贷款的第二个有利条件是,对“渴望获得收益”的投资者来说,P2P 贷 款是个很有吸引力的选择。他还补充谈到,P2P 投资者可以以低于传统固定收益证券的风 险,获得较高一位数和较低两位数的净收益,他还谈到,漫游者资本集团在认定 P2P 基金 是个更好的选择之前,曾想推出一款与众不同的固定收入产品。他预期,到2014年年底, 该基金有望增长到1.5亿美元到2亿美元之间的规模。

Peter Renton, publisher of P2P lending website Lend Academy, says in a blog post that as a P2P investor with LendingClub and Prosper, he earned his best-ever returns of 11.62% last quarter. “It is a win-win for all parties,” he writes. “The investor gets a better return on their money than a traditional savings account or CD, and the borrower gets a lower interest rate than they would likely pay for a credit card advance or bank loan.”
P2P 贷款网站 Lend Academy 的出版人 Peter Renton 在一篇博客文章中谈到,作为 LendingClub 和 Prosper 两个贷款平台上的一位 P2P 投资者, 上个季度, 他获得了11.62% 这一自己史上最佳的投资回报率。“这是个双赢的结果。”他写道。“投资者获得了比传统 的储蓄或者定期存款更好的投资回报, 借款人则得到了比用信用卡取现或者银行贷款更低的


Cherry Picking Loans: The P2P Business Model
选取贷款:P2P 的商业模式

“We look for mispriced loans our technology platform identifies, ” says Kassul. For example, if a platform assigns a 15% interest rate for a specific loan, Ranger’s technology might determine that the borrower carries lower risk and is eligible for a 10% interest rate.
“我们会寻找我们的技术平台发现的错误定价贷款。”凯素尔谈到。举例来说,如果一个平 台为某一笔贷款设定的利息为15%,漫游者公司的技术平台可能会发现这位借款人的信用 风险更低,所以,有资格获得利息为10%的贷款。

Joshua Rand, one of three partners at Petra Partners LLC in New York City, which also launched a P2P fund in November, is equally bullish. He is aiming for net returns of between 12% and 17% from his approximately $2 million fund. Petra Partners cherry picks the loans, hoping to find borrowers saddled with a relatively higher interest rate than their creditworthiness and risk of default might warrant. Like Ranger, Petra Partners also relies on proprietary tools to assess borrowers’ creditworthiness.
Petra 合伙公司(Petra Partners LLC)去年11月也成立了一个 P2P 基金,该公司的三位 合伙人之一 Joshua Rand 同样看好这一行业的前景。他的目标是,为其近200万美元的基 金获得12%到17%的净收益。佩特拉合伙公司会随意选取贷款,希望能找到这样的借款人 ——负担比其信用和违约风险证明的利息更高利息的借款人。 就像漫游者公司一样, 佩特拉 合伙公司也依靠适当的工具来评估借款人的信用状况。

Consumer loans form the biggest chunk of P2P loans, and most of those are

for credit card debt settlements. Kassul says his fund will have 60%-70% of its investments in U.S. consumer loans, and 15%-20% in U.S. small business loans. International consumer loans and small business loans will make up the remainder of Ranger’s investments. Kassul’s sights are on the European market, especially the U.K., Australia and New Zealand.
消费者贷款构成了 P2P 贷款的最大份额,其中的大部分都用于信用卡债务清算。Kassul 谈 到,他的基金会有60%-70%资金投资于美国的消费者贷款,15%-20%的资金投资于美 国小企业贷款。漫游者公司的其余资金投资于外国消费者贷款和外国小企业贷款。Kassul 的着眼点是欧洲市场,尤其是英国、澳大利亚和新西兰市场。

Kassul says he prefers countries like the U.K. among overseas markets because they have an existing base of P2P lending platforms, supportive government policies and sufficient data and credit histories of borrowers. The major P2P platforms in the U.K. are Zopa, Ratesetter and Funding Circle. Loan originations in November were $32.3 million at Zopa, $24.9 million at Funding Circle and $24.2 million at Ratesetter. P2P lending has begun in India as well, with at least two new platforms – i-lend.in and Faircent.com – launching operations in the last six months.

Kassul 谈到,在海外市场中,他更喜欢英国等国家的市场,因为他们已有 P2P 贷款平台
的基础、政府的支持性政策以及借款人的足够数据和信用记录。在英国,主要的 P2P 贷款 平台是 Zopa、Ratesetter 和 Funding Circle。Zopa11月发放的贷款总额为3,230万美 元, Ratesetter 和 Funding Circle11月发放的贷款总额分别为2,490万美元和2,420万美 元。印度也开展了 P2P 贷款业务,在最近6个月里,至少有两个新平台面世——i-lend.in 和 Faircent.com。

Credit card debt is the biggest market for P2P lenders and makes up about

70% of Prosper’s business. Suber says total U.S. credit card debt is about $850 billion. “We are looking at 10% of that; we have $82 billion to go. ” He is seeing a “rapid increase” of 5%-7% each month in demand for the second biggest category: small business loans. Home improvement loans are also becoming popular, as are loans for vacations, tax payments and products like solar panels or motorcycles, he adds.

对出借人来说,信用卡债务是 P2P 贷款的最大部分,占 Prosper 业务量的约70%。Suber 谈到,美国信用卡债务总额约为8,500亿美元。“我们关注的是其中的10%;所以,我们 还有820亿美元的市场空间。 ”他在第二大类别中看到了需求每月在以5%-7%的速度“快 速增长”,这个类别就是小企业贷款。他还补充谈到,就像度假贷款、纳税贷款和安装太阳 能板贷款和购买摩托车贷款一样,家庭装修贷款同样也日趋普遍。

Investors in payday loans may also come into the P2P space and create lending platforms, Kassul suggests. Payday loans are cash advances that borrowers repay on their next payday. They typically carry very high interest rates of nearly 400% (such as a $15 fee for a two-week loan of $100), but also suffer high default rates of up to 20%. The motivation to create platforms is because Wall Street tends to assign them valuations of up to six times earnings, compared with a multiple of two for finance companies like Ranger, he adds. The next big push for P2P valuations will come when LendingClub goes public next year as planned, he says.

Kassul 谈到,发薪日贷款投资者可能也会进入 P2P 贷款的市场空间,并自行建设贷款平
台。发薪日贷款是指借款人预支的现金,借款人会在下一个发薪日偿付。通常情况下,这种 贷款的利率非常高,可高达近400%(比如,一笔时间为两周的100美元借款,费用可达15 美元。 ) ,但这种贷款也深受可高达20%的违约率之苦。他还补充谈到,P2P 创建平台的动

机在于,华尔街对其估值往往可高达营收的6倍,而对漫游者这类金融公司的估值则往往只 有营收的两倍。他认为,P2P 公司估值的下一轮飙升将在 LendingClub 明年按计划上市时 到来。

Suber does not expect P2P lenders to enter big-ticket corporate lending any time soon, but sees possibilities in weddings, student loans and medical expense loans like those for elective surgery. Other asset classes he sees within reach for P2P lending include residential and commercial real estate such as land purchases, car loans, furniture purchases, litigation and finance, among other areas. Suber 并不认为 P2P 出借人会很快进入大型企业贷款业务,但可能会进入婚礼、学生贷款
以及选择性手术( (elective surgery)等医疗花费贷款等领域。他认为,可能进入 P2P 贷 款领域的其他资产类别包括购买住房贷款和土地购买等商用地产贷款、 汽车贷款、 购买家具 贷款、诉讼和资金筹措等。

Prying open another market, LendingClub has begun selling its loans to small community banks that need to diversify their asset portfolios, says a recent report in American Banker. The platform has partnered with seven banks so far, and is working with some of them to make personal loans to their customers, according to the report.
《美国银行家》 ( American Banker )最近的一篇文章称,为了打开另一个市场空间, LendingClub 已经开始将其贷款销售给需要将其资产组合多元化的社区银行。 这篇文章称, 截止到目前,该贷款平台已经和7家银行达成了伙伴关系,并正在与其中的某些银行合作向 其客户发放个人贷款。

Beginning this month, Orchard expects to advise financial institutional investors on developing risk prediction models and regulatory compliance,

among other aspects of P2P lending. Later next year, it plans to launch a secondary market for loans from lending platforms like Prosper and LendingClub. With secondary trading platforms for P2P loans, investors can sell the loans they finance instead of holding on to them through their tenures of three years or more.
本月初,除了 P2P 贷款的其他环节之外,Orchard 还希望为金融机构投资者提供风险预测 模型和执行标准等环节的建议。 明年年底, 该公司准备为 Prosper 和 LendingClub 等贷款 平台的贷款建立一个二级市场。利用为 P2P 贷款建立的二级交易平台,投资者可将自己持 有的投资卖出,而不是在三年或者更长时间的贷款期限内一直持有。

The creation of a secondary market for P2P loan portfolios will catapult the industry to its next growth level, says Kassul. “The Achilles’ heel of the investments in this market is it is not liquid.” He expects the secondary market to expand in the next two years with more entities like Orchard coming up. He also sees the possibility of funds like Ranger creating an exchange where they could trade in loan portfolios.

Kassul 谈到,为 P2P 贷款资产组合创建一个二级市场,将使该行业跃升到更高的增长水
平。“在这个市场中投资的唯一弱点就是没有流动性。”他认为,随着更多 Orchard 这类 公司的出现,在接下来的两年里,二级市场的空间有望得到扩展。他还认为,漫游者这样的 基金有可能创建可进行贷款资产组合交易的交易机构。

Yet securitization, or trading in bundles of loans, will take time, according to Allen. “These loans are pretty small, and the cost of checking them out will be quite large. That will be difficult to do until these platforms become big. ” According to Suber, a few funds have already securitized and sold parcels of

P2P loans.
不过艾伦认为,资产证券化或者将贷款打包交易都需要时间。“这些贷款的金额非常小,所 以,核查的成本很高。在这些平台成长到较大规模之前,这样的操作非常困难。”但据苏贝 尔说,有几个基金已经完成了 P2P 贷款的证券化并已打包销售了。

Concerns over Loan Performance

Amid all the enthusiasm, the performance of lending platforms has not exactly been stellar. After being 120 days past due in repayments, a loan moves into default status and is then charged off, states a blog post on Orchard’s website. According to the post, a review of LendingClub loans since January 2012 showed large fluctuations in recoveries. The percentage of accounts paying some amount of recovery ranged from a high of 79.5% of charge-offs in October 2012 to a low 11.6% in June 2013. Total recoveries of charge-offs fell from about 8% in January 2012 to almost zero in June 2013. Prosper, too, went through an uneasy patch with charge-offs and recoveries last year. “Recovery amounts are highly dependent on the collection techniques of the agency along with what agencies are able to offer the borrower as an incentive,” says the Orchard blog post.
虽然人们充满热情,但贷款平台的表现却并不那么出色。Orchard 网站上刊载的一篇博客 文章谈到,超过120天逾期未还的贷款会被默认为“违约状态”(default status) ,随后 会被作为坏账冲销。 这篇博客文章指出, 检视 LendingClub 自2012年1月以来的贷款发现, “追回”(也称为“坏账回收”) (recovery) (“追回”是指借款人的贷款被视为坏账以 后借款人偿付的部分金额——译者注)情况大起大落。追回一定数量贷款的账户比例,从 2012年10月占坏账(charge-offs)数量的79.5%,降低到了2013年6月的11.6%。坏 账追回的金额从2012年1月的8%降低到了2013年6月的接近零。Prosper 去年同样也经

历了为坏账和追回颇感困扰的时期。 “追回的金额高度依赖于催收公司的催收技巧以及它们 能给借款人以什么样的刺激。”Orchard 的那篇博客文章指出。

Weigelt describes the uninspiring performances on charge-offs and recoveries as “growing pains” and does not consider them to be red flags suggesting that the P2P industry might face a crisis, especially with high-risk loans. The industry, he adds, is currently too small to worry about those types of loans. At the same time, however, he labels P2P lending an “unproven model” and expects lending platforms to be aware of that and exercise caution in the early years. “If you take on risky loans and you have a lot of defaults, they will get in the business news, and people reading that will be more hesitant to go to these platforms and lend money,” Weigelt states.

Weigelt 将坏账和追回坏账这种不怎么鼓舞人心的表现称为“成长的烦恼”,他并不认为
这些是 P2P 行业可能面临危机,尤其是一场高风险贷款危机的警示信号。他还补充谈到, 这个行业目前的规模还太小,不值得为这种类型的贷款感到担心。不过,他也将 P2P 贷款 看成是一种“未经证实的模式”, 并希望贷款平台能认识到这一点, 而且在运营的最初几年 谨慎从事。“如果你发放高风险贷款,那么,你就会遇到很多违约,这些问题随后会出现在 商业新闻报道中,从而,读到这些新闻的人对选择这些平台以及出借资金就会更加犹豫不 定。”Weigelt 谈到。

The high default rates turn off many prospective investors, acknowledges Kassul, but it would be the wrong way to evaluate investment opportunities, he says. “You have to look at the net yield. You need enough of an interest rate to offset the defaults.” Typically, an investor looking for a 10% net return needs to select loans with an average interest rate of about 18%, with the difference taking care of defaults, fund fees, expenses, etc., he says, adding

that funds also need to diversify their investment in loans across the spectrum of high-interest and low-interest loans to hedge their risks.

Kassul 也坦承,高违约率让很多潜在投资者失去了热情,不过他也谈到,人们在评估投资
机会时不要做出错误判断。“你必须关注净收益,你必须有足够高的利息抵消违约。”他谈 到,通常情况下,一位寻求10%净收益率的投资者应该选择平均利息约为18%的贷款,两 者的差额可用来弥补违约、基金手续费等费用,他还补充说,为了对冲风险,基金也应该使 其投资多样化,也就是在高利息和低利息的全谱系贷款上投资。

Prosper under its new management has “dramatically improved the pricing risk, and credits and defaults have declined significantly,” says Suber. The performance of its new management team is evident in the 500% growth in originations since [last] February, he adds. Last January, Prosper came under new management led by former Wells Fargo executives Stephan Vermut as CEO and Suber.

Suber 谈到,在新管理层的领导下,Prosper“大大降低了定价风险,贷款风险和违约风
险业已显著降低”。他还谈到,新管理层的表现是显而易见的,自去年2月以来,该公司贷 款发放量增长了500%。去年1月,富国银行(Wells Fargo)前高管 Stephan Vermut 和 Suber 领导的新管理团队接管了公司管理权,弗穆特任职首席执行官。

According to Allen, regulators in the future will have to pay closer attention to “the integrity of lending platforms, check out their credit scoring models and see how reliable they are.” They must also take a careful look at the contracts borrowers sign, he adds.
艾伦认为, 监管机构将来必须对“贷款平台的诚信给予密切关注, 必须检验它们的信用评分 模型,并判断其可靠性。”他还补充谈到,监管机构还要密切关注借款人签订的合同。

The regulatory environment for P2P lending is evolving, although most of the major players are subject to some form of supervision. For starters, each U.S. state has different rules for borrowers and lenders of P2P loans. Currently, residents of 47 states can apply for Prosper loans, and those in 44 states for LendingClub loans. Only residents of Iowa, Maine and North Dakota cannot apply for P2P loans. Investors in P2P loans have a narrower field: 30 states allow their residents to invest in Prosper loans, while only 26 states are open to LendingClub, ostensibly because of how they perceive the risks.
P2P 贷款行业的监管环境也在演变,这一行业的主要“玩家”需服从某些形式的监管规定。 初创企业需要了解的是,美国各州对 P2P 贷款的借款人和出借人有不同的规定。目前,47 个州的居民可申请 Prosper 的贷款,44个州可申请 LendingClub 的贷款。只有爱荷华州、 缅因州和北达科他州三个州的居民无法申请 P2P 贷款。P2P 贷款行业的投资者可选范围则 要更小些: 30个州允许其居民投资 Prosper 的贷款, 但只有26个州开放了对 LendingClub 的贷款投资,表面上看,其理由在于他们对这种投资风险的认识。

Investors in P2P funds, whether they are individuals or institutions, are not subject to any specific regulation. However, the states that permit their residents to become P2P lenders require them to be “accredited investors.” The SEC defines accredited investors as those with net worth of $1 million, not counting the value of their primary residence. The U.S. Securities and Exchange Commission regulates P2P lending platforms like LendingClub and Prosper that deal with accredited investors. They also come under the purview of the Federal Trade Commission because they entertain non-accredited retail investors. The Federal Deposit Insurance Corp. regulates WebBank, which makes those loans.

P2P 贷款投资基金的投资者——无论是个人投资者还是机构投资者——不适用于任何特定 的规定。然而,允许其居民成为 P2P 出借人的州要求,投资者必须是“合资格投资者” (accredited investors) 。美国证券交易委员会(SEC)对“合资格投资者”的定义是不 包括主要住所(primary residence)的资产净值达到100万美元的投资者。美国证券交易 委员会规定,LendingClub 和 Prosper 这类的 P2P 贷款平台应与“合格投资者”进行交 易。此外,这类平台还进入了联邦贸易委员会(Federal Trade Commission)的监管范 围,因为有非认证零售投资者参与其中。发放这些贷款的 WebBank 则受到联邦存款保险 公司(The Federal Deposit Insurance Corp.)的监管。

“The main problem is whether these platforms can overcome fraud issues,” says Allen, adding, however, that P2P platforms should be able to handle such issues once they get big enough to invest in mechanisms that can combat fraudulent activity.

“主要的问题在于,这些平台是否能应对欺诈问题。” Allen 谈到,不过他也补充说,一 旦成长到能在打击欺诈行为的机制上投入资金的足够规模,P2P 贷款平台应该能处理好这 类问题。

Suber says the lending platforms file documents with the SEC every day and work closely with the Consumer Fraud Protection Bureau. “The regulators are incredibly supportive because they view us as helping consumers pay less interest and get more credit, and investors get more returns.” According to Rand, the platforms are transparent enough with their financial statements, and “the possibility of fraud is zero.”

Suber 谈到,这类贷款平台每天都要向美国证券交易委员会提交成交记录,并要与消费者
免受欺诈保护局(Consumer Fraud Protection Bureau)进行密切合作。“监管机构之 所以对这些平台提供了令人难以置信的支持, 是因为它们认为我们可以帮助消费者享受更低 的利息、得到更多的贷款,同时,投资者也可以获得更多的投资回报。”Rand 认为,这些 平台的财务报表已足够透明,“欺诈的可能性是零”。

Recent developments in China dampen the cheer in P2P lending circles. Dozens of P2P lending platforms have gone bankrupt in China since October, with the amount of money involved reaching one billion yuan (US$164.5 million), according to a report in early December by Want China Times, a Taiwan-based news site. The site attributed the estimates to Wangdaizhijia, a P2P lending portal in China. It blamed the closures on risky loans that bypassed the traditional banking system, inadequate regulatory oversight, poor managerial capabilities and tardy responses to security breaches and hacking.
中国最近的动态冷却了 P2P 贷款行业的热情。据台湾新闻网站《英文旺报》 (Want China Times)报道,自10月以来,中国已有数十个 P2P 贷款平台倒闭,涉及到的资金总额高达 10亿元(合1.645亿美元) 。该网站的数据来源于中国的 P2P 贷款门户网站“网贷之家”。 报道称,P2P 贷款平台倒闭的原因在于绕开传统银行系统的高风险贷款、监管不力、低下 的管理能力以及对安全漏洞和黑客攻击反应迟钝。

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