Marlette Funding LLC, started by ex-employees from a Barclays credit-card unit, said in a statement that it arranged more than $450 million in consumer financing after unveiling a website in March to match investors with borrowers. More than $200 million was in the last three months of 2014.
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- Marlette’s main service mimics that of Prosper Marketplace and Lending Club, they facilitate unsecured 3 and 5-year loans for as little as $2,000 and up to $35,000. There are some noteworthy differences between them and the peer-to-peer lending platforms though.
- In contrast to Lending Club and Prosper Marketplace, Marlette Funding only allows investors to buy whole loans. The two peer-to-peer lending giants allow loan buyers to acquire portions of a debt, in increments as little as $25.
- Another major distinction of Marlette is that the startup company relies solely on banks, hedge funds, investment managers, and other institutions to provide capital for loans arranged through its website. Unlike Prosper and Lending Club, the banker's group doesn't allow the everyday person to get involved on the investing end of the equation.