Medical Loans Are Becoming a Target For Peer-to-Peer Lenders

medical loans -peer to peer lendingFrom www.bloomberg.com -

A year ago, Lesley Johnston weighed 298 pounds. At 30, the Norman (Okla.) resident suffered from hypertension, a rapid heart rate, and sleep apnea so severe she slept attached to a machine. In July, Johnston had bariatric surgery to shrink the size of her stomach.


So far she’s lost 72 pounds, and the apnea and hypertension are gone. “I don’t worry about dying in my sleep,” she says. Now her husband, Josh, wants the same surgery. And you might be able to profit from it.
Johnston paid for her procedure by putting $15,750 on a credit card, but she and her husband are considering financing his surgery with a loan from LendingClub or Prosper Marketplace, the two largest startups in the rapidly growing field of peer-to-peer lending. The companies match borrowers who want to...


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Editor’s Notes:

  • Prosper Marketplace even funds loans for surgeries not deemed necessary by the general public, with cosmetic surgery on the rise Prosper stands to gain a large part of the medical loans market share. At the moment, Lending Club does not service loans for cosmetic surgery.
  • It's obvious that the major peer-to-peer lending platforms are planning on servicing as many medical loans as possible. Both Prosper and Lending Club have acquired small medical lenders over the past year. Both P2P lenders hold an advantage because they can offer medical loans at rates that the major banks are not willing to offer.
  • Lending Club and Prosper are both focused on bringing more awareness to the availability of medical loans through peer-to-peer lending providers. Both P2P loan companies have made a consistent effort to build relationships with networks of health care professionals. In order to fund more medical loans for borrowers in need, both companies are networking with dentists, doctors and health care providers in various fields on a regular basis.

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