同行对同行贷款在美国
(Peer-to-Peer Lending in the United States) | 摘要 (Abstract) 互联网已经彻底改变了我们思考，生活的方式，并互相交流;这种进步还可以扩展到我们如何做生意。消费者和生产者的传统模式已永远地改变或取代有更好的东西，而在本文中，我们探讨这样一个例子：点对点点对点贷款。The Internet has revolutionized the way we think, live, and interact with each other; this progress can also be extended to how we do business. Traditional models of consumer and producer have been forever changed or supplanted with something better, and in this paper, we examine one such example: peer-to-peer lending. 2014年7月25日 |

同行对同行贷款在美国
(Peer-to-Peer Lending in the United States) | 摘要 (Abstract) 互联网已经彻底改变了我们思考，生活的方式，并互相交流;这种进步还可以扩展到我们如何做生意。消费者和生产者的传统模式已永远地改变或取代有更好的东西，而在本文中，我们探讨这样一个例子：点对点点对点贷款。The Internet has revolutionized the way we think, live, and interact with each other; this progress can also be extended to how we do business. Traditional models of consumer and producer have been forever changed or supplanted with something better, and in this paper, we examine one such example: peer-to-peer lending. 2014年7月25日 |

TABLE OF CONTENTS

概观 (Overview)

隐私和匿名 (Privacy and Anonymity)

P2P贷款 (P2P Lending)

公司简介 (Company Profile)

减轻风险 (Mitigating Risk)

行业成功 (Industry Success)

国际比较 (International Comparison)

参考文献 (References)

概观 (Overview)
“同行对等（P2P）计算或网络是一种分布式应用程序体系结构划分同行之间的任务或工作负载。同龄人同样的特权，在应用程序等效的参与者。它们被认为形成一个对等网络中的节点。”
(“Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks or workloads between peers. Peers are equally privileged, equipotent participants in the application. They are said to form a peer-to-peer network of nodes.”) “参加社区之间的合作是关键的P2P系统旨在休闲人类用户的持续成功;这些达到他们的，只有当大量节点提供资源的全部潜力。”
(“Cooperation among a community of participants is key to the continued success of P2P systems aimed at casual human users; these reach their full potential only when large numbers of nodes contribute resources.”)

“但在目前的实践中的P2P网络通常包含大量的谁使用由其他节点共享资源的用户，但谁不分享自己的东西（通常被称为“吃白食的问题”）。 Freeloading可以在网络上产生深远的影响，在某些情况下，可能会导致社会崩溃。在这些类型的网络“的用户有自然的惩罚措施进行合作，因为合作会消耗自身的资源和可能会降低自己的表现。”
(“But in current practice P2P networks often contain large numbers of users who utilize resources shared by other nodes, but who do not share anything themselves (often referred to as the "freeloader problem"). Freeloading can have a profound impact on the network and in some cases can cause the community to collapse. In these types of networks “users have natural disincentives to cooperate because cooperation consumes their own resources and may degrade their own performance.” ”)

“研究P2P网络的社会属性，是由于营业额，利息和零成本的身份不对称的人口众多具有挑战性的。各种激励机制已经实施，鼓励，甚至强迫节点提供资源。”
(“Studying the social attributes of P2P networks is challenging due to large populations of turnover, asymmetry of interest and zero-cost identity. A variety of incentive mechanisms have been implemented to encourage or even force nodes to contribute resources.”)

隐私和匿名 (Privacy and Anonymity)
“一些的对等网络上放置隐私沉重的重视和匿名性，也就是说，确保通信的内容是隐藏的窃听，而参与者的身份/位置隐蔽。”
(“Some peer-to-peer networks place a heavy emphasis on privacy and anonymity—that is, ensuring that the contents of communications are hidden from eavesdroppers, and that the identities/locations of the participants are concealed.”)

最初，这一直是P2P网络中，包括文件共享协议很重要，因为参与者可能会违反当地，国家或国际版权法。在借贷资金，太（应该主要是有合法的做法和目标）的世界里，不难想象，一定量的隐私和匿名是不理想。
(Initially, this has been important in P2P networks that include file-sharing protocols, because the participants may be violating local, country, or international copyright laws. In the world of lending and borrowing funds, too (which should largely have legitimate practices and goals), it is not hard to imagine that a certain amount of privacy and anonymity is to be desired.)

P2P贷款 (P2P Lending)
同行对等网络，不像客户端 - 服务器的网络，依靠个人计算机或用户的直接联网。有很多用途，这种类型的结构，包括文件共享，并且特别地，对金钱的借贷。借贷的情况下，这是一个重要的考虑因素，因为它涉及到银行和其他金融机构，这增加了成本，并为符合资格的潜在借款人施加更严格的标准的脱媒。
(Peer-to-peer networks, unlike client-server networks, rely on the direct networking of individual computers or users. There are many uses for this type of architecture, including file sharing, and in particular, the lending of money. In the case of money lending, this is an important consideration because it involves disintermediation of banks and other financial institutions, which have added costs and apply stricter criteria for potential borrowers to qualify.)

总之，通过使用P2P借贷平台，它应该更容易和更便宜的钱双方之间流动。
(In short, by using P2P lending platforms, it should be easier and cheaper for money to flow between parties.)

公司简介 (Company Profile)
为了更清楚地了解如何P2P贷款的过程中去，就必须有一个例子。为此，我们将着眼于贷款俱乐部，在美国的两个最突出的和成功的这样的平台之一。这家公司成立于2007年，在金融危机期间 - 他们似乎已经从中获利很好。
(In order to gain a better sense of how the process of P2P lending goes, it will be necessary to have an example. For this, we shall look at Lending Club, one of the two most prominent and successful such platforms in the United States. This company was founded in 2007, during the Financial Crisis – and they seemed to have profited from it nicely.)

www.lendingclub.com：以下信息是直接从他们的主页上拉。有了这些信息，它似乎是相当容易开始的贷款申请。
(The following information was pulled directly from their homepage: www.lendingclub.com. Given this information, it would seem to be fairly easy to begin a loan application.)

与设置配置文件在任何网站上，该公司要求用户的一系列基本问题，可以快速，自信地回答。 1）是多少贷款？ 2）它会被用来做什么？ 3）如何为你的信用评分？让我们来看看这些问题的更多细节。
(As with setting up a profile on any website, the company asks the user a series of basic questions that can be answered quickly and confidently. 1) How much is the loan for? 2) What will it be used for? 3) How is your credit score? Let’s examine these questions in more detail.)

在美国，我们感到非常自豪，有一种文化 - 更不用说社会计划 - 鼓励创新和创业精神。国家往往是因为它提供了机会希望和梦想的来源很多移民。在此同样，贷款俱乐部引诱潜在的借款人及宣布激发他们的希望：个人贷款最高至35,000元（¥216,811.70）！在几乎每一个地球上的国家，这构成对固定在人的一生财务问题了实质性的一步。
(In America, we take great pride in having a culture – not to mention social programs – that encourages innovation and entrepreneurship. The country has often been the source of hopes and dreams for many an immigrant, because of the opportunity it affords. In this same vein, Lending Club entices potential borrowers and inspires their hope by announcing: Personal Loans up to $35,000 (¥216,811.70)! In just about every country on Earth, this constitutes a substantial step toward fixing financial problems in one’s life.) 1) 你有多需要？(How much do you need?) 2) 这是什么呢？(What is it for?)

根据这个方案，有以下选项的下拉菜单。而借款人必须有合法的理由想采取这样一个庞大的贷款（不提信誉资格，如下一步所述），这11个选项代表了消费者的生活显著方面可能需要一些援助。
(Under this option, there is a drop-down menu with the following options. While the borrower must have a legitimate reason for wanting to take on such a sizable loan (not to mention the creditworthiness to qualify, as explained in the next step), these 11 choices represent significant aspects of a consumer’s life that may be in need of some assistance.)

* 信用卡再融资 (Credit Card Refinancing) * 债务合并 (Debt Consolidation) * 家庭装修 (Home Improvement) * 主要采购 (Major Purchase) * 首页求购 (Home Buying) * 汽车融资 (Car Financing) * 绿色贷款 (Green Loan) * 业务 (Business) * 假期 (Vacation) * 移动和搬迁 (Moving and Relocation) * 医疗费用 (Medical Expenses) 3) 如何为你的信用？(How is your credit?)
这第三个和最后一个问题更多的是一种形式上的：贷款俱乐部将检查你的信用记录和评估你的成绩为自己。这个分数，然而，是极为重要的贷款是如何在美国给定的：它可能意味着彻底否定，这可能意味着一个相当广泛的利率（低于那些具有一个很好的得分），并且它可以最终确定多少你有资格收到钱。这种做法是否遵循在中国，在美国，它是如何“好”或“可靠”的消费者你是根本措施。
(This third and final question is more of a formality: Lending Club will check your credit history and assess your score for themselves. This score, however, is paramount to how loans are given in the United States: it can mean outright denial, it can mean a rather wide range of interest rates (lower for those with a good score), and it can ultimately determine how much money you are qualified to receive. Whether or not this practice is followed in China, in the United States, it is the fundamental measure of how “good” or “reliable” a consumer you are.)

这种“FICO”得分，因为它是所谓的，范围可以从350到800，并估计你的未来信用风险水平。它是基于消费者的信用历史，一般地，与五个因素，特别是。它们是：a）付款记录（35％）;二）所欠的款项（30％）;三）信用记录（15％）的长度;四）新增信贷（10％）;以及e）类型的信贷使用（10％）。时间每次为你付账单将带给你的分数了;在很短的时间内开了很多账户（贷款及/或信用卡）和失踪付款期限会降低你的分数。
This “FICO” score, as it is called, can range from 350 to 800, and estimates your level of future credit risk. It is based on a consumer’s credit history, generally, and five factors, specifically. These are: a) payment history (35%); b) amounts owed (30%); c) length of credit history (15%); d) new credit (10%); and e) types of credit used (10%). Paying your bills on time every time will bring your score up; opening a lot of accounts (loans and/or credit cards) in a short period of time and missing payment deadlines will lower your score.

层次水平的贷款俱乐部，例如，是关心有：
(The levels of gradation that Lending Club, for instance, is concerned with, are:) * 优 (720+) (Excellent) * 好(660-720) (Good) * 公平(600-660) (Fair) * 差(<600) (Poor) * 没有把握 (Not sure)

减轻风险 (Mitigating Risk)
在写于2014年6月的一篇文章，对P2P借贷平台的相对安全性进行了检查。它的理由是，因为像Prosper及贷款俱乐部网站做背景调查，每个借款人，包括运行的信用分数，贷款人给出所涉及的风险进行合理评估。
(In an article written in June 2014, the relative safety of P2P lending platforms was examined. It was reasoned that, because websites like Prosper and Lending Club do background checks on each borrower, including running credit scores, lenders are given a reasonable assessment of the risk involved.)

贷款人可以亲自选择他们想要使用，根据上述标准和代价的借款人提供最大回报的工作的借款人。它通常似乎是非常危险的借钱给别人你不知道在互联网上，但是这些P2P网站已采取许多猜测出来的方程。
(Lenders can personally select which borrowers they want to work with, based on the above criteria and a consideration of which borrowers would provide the greatest returns. It would normally seem to be very risky lending money to someone you do not know over the Internet, but these P2P sites have taken much of the guesswork out of the equation.)

有，可以采取，以及其他步骤。一方面，它是表示，潜在投资者避免所有借给他们的钱，只是一个单一的买家：多元化是关键。投保的损失的另一个重要策略是保持传统的证券除借贷平台，只有具备这些P2P贷款占总投资的一小部分。
(There are other steps that can be taken, as well. For one thing, it is advised that potential investors avoid lending all of their money to just a single buyer: diversification is the key. Another important strategy for insuring against loss would be to hold traditional securities apart from the lending platform, and only have these P2P loans as a minor proportion of total investments.)

行业成功 (Industry Success)
“业内人士介绍，总体而言，拥有一些4-6年的低违约稳健回报的。” “这绝对是无数失意低收益的投资者和无数绝望的小企业主饿了金融生存和发展之间的完美套利，”罗伯特羔羊，金融在纽约大学教授。”
(“The industry, overall, boasts some 4-6 years of solid returns with low defaults.” “It’s absolutely the perfect arbitrage between countless frustrated low-yield investors and countless desperate small business owners hungry for financial survival and growth,” says Robert Lamb, a professor of finance at New York University.”)
据一个网站，该公司贷款俱乐部，其应用过程中，我们上面的研究，已经有前所未有的增长，其业务量。在过去7年里，因为它成立，该公司已在爆炸对P2P贷款现场，并作为结果，既有令投资者鼓舞的其他公司。
(According to one website, the company Lending Club, whose application process we studied above, has had unprecedented growth in the volume of its operations. In the last 7 years since it was founded, the company has exploded on the P2P lending scene and, as a consequence, has both reassured investors and inspired other companies.)

Loans facilitated | | 2007 | 2014 | Growth | $3,500,000 | $3,400,000,000 | 97,042.86% |

在其商业模式而言，贷款俱乐部其实是非常有选择性的：它由现任总理和超素借款人和拒绝了90％的贷款申请保护公司价值。有一个大的上升空间被挑剔;这取决于投资者选择了贷款等级，贷款俱乐部已经交付介乎5.8％至12.4％的年均回报。
(In terms of its business model, Lending Club is actually very selective: it protects company value by serving prime and superprime borrowers and turning down 90 percent of loan applications. There is a big upside to being picky; depending on the loan grade picked by investors, Lending Club has delivered average annual returns ranging from 5.8 percent to 12.4 percent.)

“据预测，到2016年，美国的对等贷款机构将发起每年$ 20十亿的贷款向上。显然，资金古老的来源，虽然源远流长，正在发生变化，通过创新和技术的影响力和经济环境本身的性质。”
(“It is projected that by 2016, U.S. peer-to-peer lenders will be originating upwards of $20 billion in loans annually; this is equivalent to ¥123.77 billion! Clearly, age-old sources of funding, though well established, are changing through innovation and technology’s influence and the nature of the economic environment itself.”)

国际比较 (International Comparison)
“网上的对等贷款的概念是比较旧帽子国外。蔓延到西欧大部分地区才开始了其大约十年前在英国。在更严格的债券市场，如中国，政府保持一个胖手指对银行的规模，对等网络银行已经彻底爆发了。”
(“The concept of online peer-to-peer lending is more old hat abroad. It got its start about a decade ago in the U.K. before spreading to much of western Europe. In more rigid debt markets, such as that of China, where the government keeps a fat finger on banks’ scales, peer-to-peer banking has outright exploded.”)

去年春天，中国中央人民广播电台报道，2000多名这样的网站已经建立了全国自2007年以来，他们的贷款增加300倍，到6十亿人民币的价值，由2011年年中。有现场充斥着虐待，不透明度和缺乏监督。
(“Last spring, China National Radio reported that more than 2,000 such websites had been set up nationwide since 2007, with the value of their loans increasing 300-fold, to 6 billion yuan, by mid-2011. The field there is rife with abuse, opacity, and lack of oversight.”)

“2011年9月，中国银行业监督管理委员会警告说，点对点等行业的不良贷款比率为“显著高于”银行的这些初创公司是一个滋生欺诈和洗钱。尽管如此，需要的是有：据中信证券，中国的4200万中小企业只有3％能获得银行贷款，而367000亿元的居民储蓄坐在银行存款。”
(“In September 2011, the China Banking Regulatory Commission warned that the peer-to-peer sector’s bad-loan ratio was “significantly higher” than that of banks and these startups are a breeding ground for fraud and money laundering. Still, the need is there: According to Citic Securities, only 3 percent of China’s 42 million small and midsize businesses can get bank loans, while 36.7 trillion yuan of household savings sits in bank deposits.”)

参考文献 (References)

http://www.businessweek.com/articles/2013-01-20/peer-to-peer-lending-no-longer-just-a-curiosity

http://www.forbes.com/sites/davidprosser/2014/06/05/are-the-banks-about-to-gobble-up-peer-to-peer-lenders/

https://www.lendingclub.com/

https://www.lendingclub.com/fileDownload.action?file=10-K-DEC-31-2013.pdf&type=sf10k

http://www.lendingmemo.com/lending-club-vs-prosper-for-borrowers/

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

http://www.nasdaq.com/article/is-peertopeer-lending-safe-cm358911

https://www.prosper.com/welcome/how-it-works/

https://www.prosper.com/Downloads/Legal/prosper10k12312013.pdf

https://www.prosper.com/Downloads/Legal/prosper10KA220111231.pdf

https://www.prosper.com/Downloads/Legal/prosper10k12312010.pdf

http://tabbforum.com/opinions/how-peer-to-peer-lending-is-reshaping-the-finance-industry

http://en.wikipedia.org/wiki/FICO

http://en.wikipedia.org/wiki/Peer-to-peer

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[ 1 ]. 有实际参与的P2P贷款在美国几家公司;它甚至被传言说，银行可能会开始得到在行动上，因为他们正在失去客户。然而，最重要的两个，目前的球员是贷款俱乐部和繁荣。
There are actually several companies involved in P2P lending in the United States; it has even been rumored that banks may start to get in on the action, because they are losing customers. However, the two most important, current players are Lending Club and Prosper.
[ 2 ]. 这是一个缩写的名称为“费埃哲公司”，成立于1956年由工程师比尔博览会和数学家艾萨克伯爵。
This is an acronym for the name “Fair Isaac Company,“ which was founded in 1956 by engineer Bill Fair and mathematician Earl Isaac.
[ 3 ]. 正如上面提到的，它并不真正的问题是什么，申请人说关于他或她自己：这将是由公司反正来验证。这将是有趣的，看看是否有人居然承认有不良信用记录，并希望获得贷款;它是可能的贷款确实存在这样的消费者 - 虽然，在一个非常高的利率。
As mentioned above, it does not really matter what an applicant says about him- or herself: it will be verified by the company anyway. It would be interesting to see if anyone actually admitted to having a poor credit score and hoped to get a loan; it is possible that loans do exist for such consumers – albeit, at a very high interest rate.
[ 4 ]. 这篇文章写于2012年1月。(This article was written in January 2012.)