SF Gate – Peer-to-peer lending started as a way individuals could borrow money from other individuals over the Internet. But now that big money is flooding the market, it might be due for a name change.
On Monday, Lending Club, the biggest P2P lender, announced a “strategic alliance” with Union Bank, one of the nation’s 20 largest banks. Initially, Union Bank will purchase personal loans through Lending Club’s platform. Eventually, the two companies, both based in San Francisco, will create new credit products for their customers.
