The current paper examines loan-level data from Lending Club to look at peer-to-peer borrowing by small businesses. We begin by looking at characteristics of loan applications that were and were not funded and then take a more in-depth look at funded applications. Summary statistics show an...

"Over the past few decades, the world economy has undergone radical transformations, in part connected to the expansion of the 'digital economy', in part to the growing interconnection via the internet of the world of objects and physical processes. This 'great transformation' poses the dilemma...