5

I live in Ohio, and Lending Club and Prosper are unavailable for me to utilise as a lender. Are other P2P services available for Ohio residents? Are there alternative but similar lending strategies that someone in Ohio could use?

5

You don't have many choices I am afraid. There is really only one option available to you at present and that is Folio-fn. It is a secondary market for p2p lending where you can buy and sell notes from both Lending Club and Prosper. Links are below:

Lending Club: https://www.lendingclub.com/foliofn/aboutTrading.action

Prosper: http://www.prosper.com/invest/trade.aspx

Good luck. Hopefully Ohio will be added to the list of states that offer p2p lending some time soon.

  • Thanks, I hope so too. Is there any good information about those secondary markets? My (uninformed and naive) impression is that it's a dump off for people getting out of p2p or people trying to unload bad lends to a sucker. – gunit888 Feb 15 '11 at 22:36
  • @gunit888 You are right, there are plenty of people who are looking to dump late loans on the trading platform so you need to be careful. Here is the best guide I have seen to starting on the Foliofn: fivecentnickel.com/2010/08/06/… – user2770 Feb 22 '11 at 17:27
  • 2
    That article indicates that Ohio is among the list of states that cannot participate in the secondary market. I hate Ohio. – gunit888 Feb 22 '11 at 17:59

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