Peer to Peer Lenders Target Washington

P2P lending is a good option if you need a loan.

It's not the only option, and you should still compare offers from traditional banks and credit unions.  However, it's been more and more difficult for individuals and businesses to get money from traditional lenders.

While peer to peer networks have helped, they've faced headwinds over the past year.  Regulators weren't sure what to do with them, so P2P services had to spend time with the regulators figuring out what rules to follow and how to move forward.

A new effort from P2P services hopes to streamline that process and make it easier to do business.  The Coalition for New Credit Models recently launched to help lawmakers understand and accept innovative financial services.

When I first saw the press release, I figured they were hoping to market a new campaign for consumers.  Instead, it looks like they're getting serious about working with legislators - a lofty goal right now.  "Innovative" financial products are not exactly popular these days, so they'll have to let everybody know what they mean by innovative.

Further reading:

• How Peer to Peer Lending Works