美联储克利夫兰银行行业分析报告：关于P2P借贷的三个神话.pptxVIP

ECONOMIC COMMENTARYNumber 2017-18November 9, 2017Three Myths about Peer-to-Peer LoansYuliya Demyanyk, Elena Loutskina, and Daniel KollinerPeer-to-peer lending platforms, which provide a way for individuals who want to invest to lend to those who want to borrow, have experienced phenomenal growth in the past decade. Many praise the industry and maintain that P2P loans provide unique benefits to consumers. We examine a comprehensive set of credit bureau data to examine P2P borrowers, their credit behavior, and their credit scores. We demonstrate there is little evidence of these benefits. In fact, P2P loans resemble predatory loans in terms of the segment of the consumer market they serve and their impact on consumers’ finances.Peer-to-peer (P2P) lending came to the United States in 2006, when individual investors began lending directly to individual borrowers via online platforms. In the decade since, the industry has grown dramatically, and P2P lending is now widely regarded as the most progressive consumer ?nance innovation in ?nancial markets today.Online lenders and policymakers have suggested that the P2P market offers unique bene?ts to consumers. Three bene?ts are often repeated and seem to have become widely accepted. First, P2P loans allow consumers to re?- nance expensive credit card debt. Second, P2P loans can help customers build their credit history and improve their credit scores. Finally, P2P proponents claim that P2P lend- ing extends access to credit to those who are underserved by traditional banks.But signs of problems in the P2P market are appearing. Defaults on P2P loans have been increasing at an alarming rate, resem- bling pre-2007-crisis increases in subprime mortgage defaults, where loans of each vintage perform worse than those of prior origination years (?gure 1). Such a signal calls for a close examination of P2P lending practices. We exploit a compre- hensive set of credit bureau data to e