The money that I lent is still working as usual, so no worries. I never did receive the $25 sign-up bonus that I though I would, but that’s been the only disappointment so far.

You have posted a very informative look at Loanio. You obviously did your homework and spent some time on it.

I thought you might like to see http://www.yadyap.com. YadYap is a new peer-to-peer payday loan platform that will be launching soon. Our goal is to drive traditional payday loan rates down through an auction system while allowing everyday people to invest in payday loans. Let us know what you think…

Thanks for the clarification. So, it appears that a minimum Experian credit score of 569 is all that’s required for a borrower to list on Loanio. That’s lower than say, Lending Club’s FICO requirement of 640. I don’t have a problem with that – it just means that lenders should carefully scrutinize the loans they choose to fund.

That said, the ability to filter loans based on credit quality is much appreciated!

I hope Loanio succeeds and is able to grow its user base. Thanks for your comment.

We really appreciate your thoughtful analysis of Loanio! It will certainly help us adjust to the needs of our customers as we continue to build our business.

To answer your question: the minimum credit grade allowed for borrowers is E. This corresponds to an Experian credit score between 569 and 603. For more information on credit scores and who can borrow on Loanio, check out the “Borrow Money” tab on the Loanio homepage (www.loanio.com/pages/borrow_money), then click on the “Who Can Borrow” link on the left-hand side.

Thanks again for taking the time to give us some feedback.