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P2P借贷 路在何方

消费信贷市场估值高达两万七千亿美元。近几年来,P2P借贷逐步开始在市场之中占有一席之地。本文之中,专家们将对P2P借贷的未来展开讨论。

只要关注新闻头条,就能了解到相关产业的最新动态。 P2P的重地Lending Club,正在与七个小社区银行合作。银行通过Lending Club平台购买贷款。Lending Club运用技术,使得客户获取、承销及服务过程比传统的分支银行体系更加高效廉价。

“我们的低运营成本和银行的低成本资金相结合,创造了一个成本极低的个人贷款方式,这使消费者能够还清贷款,或者可以避免昂贵的信用卡。 ”Lending Club首席执行官Renaud Laplanche在六月份第一份合作协议公布的时候说道。

Titan Bank是曾与Lending Club合作的银行之一。Titan通过一个私人应用向客户提供个人贷款。Lending Club提供发放和承销服务,与Titan分担费用和收入。

银行的底线在于——Lending Club能够以合理的价格帮助小银行有效地利用流动性并且分散投资组合。

Titan董事长Jonathan Morris在去年夏天以一句话进行了总结:“这是银行贷款的未来。”

走向未来

该行业推动着已有合作伙伴的发展。Funding Circle,Dealstruck和Quarterspot已经开始提供小企业贷款。就在上个月,Lending Club也推出了一个针对存在融资困难的小企业主的商业贷款平台。据了解,商业贷款开始时的范围为1.5万到10万美元,在未来将增加至30万美元。该贷款为固定利率,最低利率为5.9%,贷款期限一至五年不等,并且没有提前还款罚金,可以在网上申请。

最大的问题是接下来会发生什么。“这是不可避免的,P2P贷款将延伸到商业贷款,汽车贷款和抵押贷款” Jonathan Smith,商务咨询公司ChiefOptimizer的CEO这样说道。

“目前已经有一些平台在提供房地产贷款,虽然不是30年按揭”,Lend Academy 创始人兼CEO Peter Renton说,“我也听说过企业家开始着手汽车贷款的P2P借贷平台。而SoFi 和CommonBond两个平台已经开始发放学生贷款了。”

“P2P Lending Advice”上的一位博主Stu Lustman表示:“P2P借贷的存在是因为银行没有提供这些类型的贷款。即使房屋产权贷款也没有,尽管它们是由真正的房地产担保的。P2P贷款将继续沿着这条道路演化,在目前银行及其他机构不能向贷款人服务的领域,提供贷款和资本,比如商业贷款和汽车贷款领域。随着利率的持续低走(比起在P2P贷款平台的投资者的要求更低),抵押贷款将会更加难以获得。”

目前已经出现了汽车贷款的P2P平台。上月早些时候,Braeger汽车金融集团公布了公司的众筹方案,向个人投资者开放了汽车金融的投资空间。根据Braeger汽车金融集团的介绍,公司将专注于非次级汽车金融,为投资者提供高收益的固定期限投资和季度回报。 Braeger的投资门户网站为VroomBank.com。投资者可以设立一个帐户,选择一个固定的投资项目——三、四、五年期的债券,收益率分别为7%,8%或9%。根据Braeger公司,投资者的款项将流向经授权的金融业监管局(FINRA)经纪人/经销商。

这对银行来说意味着什么?

“对于一些人来说,这是一个与具有结构性和成本优势的平台合作发行、承销和小额贷款的机会。对于其他人来说,P2P借贷似乎是一个致命的威胁——一种颠覆性的尝试,通过在网上创造更好的体验抢占了他们最好的客户。” Sam Hodges,Funding Circle的联合创始人以及董事总经理这样说道。

“我们认为,在未来几年,越来越多的银行将与P2P平台合作。这对于借款人非常有利,他们可以从两方获得更好的贷款,从当地银行分支机构获得P2P借款的体验。”Hodges说。

Mike Cagney,SoFi的首席执行官说,有超过$100MM的银行贷款参与到SoFi贷款中而且这个数字正在不断增加。“越来越多的中小银行都发现外包贷款发放其实更加便捷廉价,而把注意力更多的放在存款项目上。”Cagney说。

贷款正变得民主化。“这是一个新的趋势,并且将继续影响金融的各个领域。正如我们所知的那样,受制于世纪的成本结构,导致银行现在业务效率并不高效。” Renton说。

“可以确定的是,贷款的市场正在迅速发生变化,而这很大程度上源于P2P借贷市场的发展,” MoneyCrashers.com的金融专家David Bakke说,“为了保持市场竞争力,传统的银行和其他贷款人必须从现在开始注意P2P市场的发展状况了。”

The consumer credit market is a $2.7 trillion industry. In a few short years, peer-to-peer lending is gobbling up a greater share of the pie. In the last of a three-part series on peer-to-peer lending, the experts look at the future of peer-to-peer lending.

One only has to read the headlines to know that the industry continues to morph. P2P powerhouse, Lending Club, is partnering with seven small community banks. The banks buy loans through the Lending Club platform. Lending Club uses technology to make the customer acquisition, underwriting and servicing process more efficient and to operate at lower costs than traditional branch-based banks.

"The combination of our low operating cost and banks' low cost of funds help create a significantly lower cost structure for providing personal loans, which enables consumers to either pay off or avoid expensive credit cards," Lending Club CEO Renaud Laplanche said in a statement when the first partnerships were announced in June.

Titan Bank is one of the banks that had teamed with Lending Club. Titan offers personal loans to their customers through a private application. Lending Club provides origination and underwriting services and shares fee revenue with Titan.

The bottom line – Lending Club can help small banks deploy liquidity and diversify their portfolio at a reasonable price.

Titan Bank Director Jonathan Morris summed it up simply last summer, "This is the future of bank lending."

Moving forward

The industry is pushing past partnerships. Funding Circle, Dealstruck and Quarterspot already offer small business loans. Just this month Lending Club launched a new business loan platform that is targeted to small business owners who have a tough time getting access to the capital they need to start or grow their business. Business loans will range from $15,000 to $100,000 initially, increasing to $300,000 in the future, according to Lending Club. The loans are fixed rate and start at 5.9%, with terms of one to five years, with no prepayment penalties. You apply online.

The big question is what's next? "It's inevitable that P2P lending will extend into commercial loans, auto loans and mortgages," says Jonathan Smith, CEO of the ChiefOptimizer, a business consulting company.

There are already some platforms out there offering real estate loans, although admittedly not 30-year mortgages, says Peter Renton, CEO and founder of Lend Academy. "I have also heard of entrepreneurs looking to start P2P lending platforms for auto loans. Student loans are already happening with two platforms, SoFi and CommonBond," says Renton.

Stu Lustman, blogger at P2P Lending Advice, weighs in. "Peer-to-peer lending exists because banks are not making these kinds of loans. Even home equity lines of credit are way down, despite the fact that they are secured by the real estate in someone's home. The evolution of peer lending will continue down this road of providing loans and access to capital in areas that current banks and other institutions are not providing for their base of borrowers. The expansion will continue into commercial loans and maybe auto loans. Mortgages will be tougher as rates are so low, lower than what investors in a peer lending platform will require."

Auto loans are indeed happening. Earlier this month Braeger Auto Finance Group announced its own version of crowdfunding, opening up the investment space of auto financing to individual investors. According to the Braeger Auto Finance Group, it will focus on non-prime auto financing, offering investors high yields on fixed term investments and quarterly returns. Braeger's investment portal is at VroomBank.com. Investors can set up an account, select a fixed investment – a three, four or five year note, yielding 7%, 8% or 9%, respectively. According to Braeger, investor monies will flow through an authorized Financial Industry Regulatory Authority (FINRA) broker/dealer.

What does all this mean for banks?

"For some, it's an opportunity to collaborate with platforms that have structural and cost advantages when it comes to originating, underwriting and servicing smaller-ticket loans. For others, peer-to-peer lending seems like a mortal threat – a disruptive attempt to steal away their best customers by creating a better experience online," says Sam Hodges, co-founder and managing director of Funding Circle, an online loan marketplace for small businesses.

"We think that in coming years more and more banks will be partnering with alternative lenders, which will be a win for many borrowers, as they can get the best of both worlds, an alternative lending borrower experience, but coming form their local bank branch," says Hodges.

Mike Cagney, CEO of SoFi says they have had over $100MM in bank participation in SoFi loans and that number is growing monthly. "Small and intermediate banks are finding it more cost effective and efficient to outsource their loan origination and keep their core focus on deposits," says Cagney.

Lending is becoming democratized. "It is a new trend that will continue to impact all areas of finance. Banking as we know it today is inherently inefficient with business models and cost structures that are mired in the 20th century," say Renton.

For sure the lending landscape is rapidly changing, in large part due to the peer-to-peer lending space, says David Bakke, a financial expert with MoneyCrashers.com. "Traditional banks and other lenders need to take note now in order to remain competitive."


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