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Financial Innovation

Table 4 Descriptive statistics for alternative P2P lender at county-level

From: Regulatory constraint and small business lending: do innovative peer-to-peer lenders have an advantage?

Variable

Obs

Mean

Std. dev

25th

Median

75th

Panel A. alternative peer-to-peer lender loan characteristics

P2PSBL

3584

9.307

.815

8.764

9.210

9.903

Term(months)

3584

3.737

.234

3.584

3.584

4.094

Int_rate (%)

3584

.13

.047

0.098

0.121

0.165

Loan_status

3584

1.738

.44

1

1

2

Annual_inc($)

3584

11.095

.533

10.779

11.156

11.462

Dti(%)

3584

13.022

7.471

6.970

13.060

18.510

Fico

3584

6.576

.051

6.532

6.561

6.616

Panel B. County control variables

Population

3584

10.176

1.555

9.098

10.042

11.150

Income

3584

10.682

.24

10.524

10.668

10.821

Unemployment (%)

3580

8.034

2.7

6.09

7.78

9.60

C3 (%)

3576

71.21

19.174

53.96

68.2

88.45

HHI (%)

3568

7.709

.604

7.21

7.568

8.168

BRNUM

3576

3.048

1.689

1.609

2.708

4.673

DebtoIncome (%)

3584

1.675

.975

1.01

1.58

2.16

Domdep($k)

3575

18.607

3.857

14.764

19.654

21.551

  1. This table presents the summary statistics of alternative small business lender Lending Club. According to the Lending Club dictionary, the main dependant variable P2PSBL is the logarithm of amount of small business loan volume. Term is the payment numbers on loan. Int_rate is the interest rate on loan. Loan_status is a dummy variable and set to 1 if charged off, set to 2 for a fully paid loan. Annual_inc is the annual income provided by the borrower. Dti is the “ratio calculated using the borrower’s total monthly debt payments on the total debt obligations, excluding mortgage and the requested Lending Club loan, divided by the borrower’s self-reported monthly income”. Fico is the credit score of borrowers. Term,Fico and Annual_inc are logarithmic. The county control variables are described in Table 3. Variables are winsorized at the 1st and 99th percentile
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