CHICAGO As losses mount at American banks and the pain of the credit disaster spreads from housing and finance to the broader economic system, many small companies complain it’s increasingly difficult to acquire loans.
The Thomson Reuters/PayNet Small Business Lending Index rose to 129.7 in December from a downwardly revised 129.1 in November. Measured from a year earlier, when the index registered one hundred thirty five.6, it was the sixth decline in seven months. Movements in the index typically correspond with movements in gross domestic product development a quarter or two ahead.
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Seasoned Return calculations signify historic efficiency information for the Borrower Payment Dependent Notes (”Notes”) issued and sold by Prosper since July 15, 2009. To be included within the calculations, Notes must be associated with a borrower mortgage originated more than 10 months in the past; this calculation uses loans originated via May 31, 2012. Our research shows that Prosper Note returns historically have proven increased stability after they’ve reached ten months of age. For that motive, we provide Seasoned Returns”, defined because the Return for Notes aged 10 months or more.
Borrowers normally should have credit scores of about seven-hundred, though some lenders, like San Jose, California.-primarily based Western Bancorp, will accept credit scores as low as 620. Credit scores vary from 300 to 850, with 640 seen as the road between prime and subprime. Borrowers usually pay one-half to 3-quarters of a proportion point above typical mortgage charges.