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Tuesday, November 11, 2008

Online loan sites fit bill for borrowers, lenders alike

Twelve traditional banks turned down Tim Murphy's request for a $25,000 loan to start a gourmet popcorn shop in an Atlanta suburb, but he found 97 individuals willing to share in lending him the full amount through Lending Club.

Murphy's 1,600-square-foot store now offers a dozen varieties of popcorn, including parmesan and garlic, ranch-flavoured and nacho cheese.

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