Loanio (New York), an auction-based peer lending platform that enables individuals to borrow or lend money to one another, has rolled out its p2p lending Web site, which aims to serve the needs of those with poor or no credit profile histories. Borrowers with questionable credit scores will be permitted to participate on the p2p lending platform by using a co-borrower or a guarantor.
Loanio also introduced its Platinum Verification Services, which are optional and available to borrowers when they initiate their loan request. A Platinum loan will indicate to lenders that Loanio has verified certain otherwise self-reported financial profiles of borrowers, such as last year's tax returns, employment and income and more.
Although the co-borrower option is mandatory for those with bad or no credit, the co-borrower and Platinum Verification features are offered as an option to all users.