RT Journal Article SR Electronic T1 What’s in a Picture? JF Journal of Human Resources JO J Hum Resour FD University of Wisconsin Press SP 53 OP 92 DO 10.3368/jhr.46.1.53 VO 46 IS 1 A1 Devin G. Pope A1 Justin R. Sydnor YR 2011 UL http://jhr.uwpress.org/content/46/1/53.abstract AB We find evidence of significant racial disparities in a new type of credit market known as peer-to-peer lending. Loan listings with blacks in the attached picture are 25 to 35 percent less likely to receive funding than those of whites with similar credit profiles. Despite the higher average interest rates charged to blacks, lenders making such loans earn a lower net return compared to loans made to whites with similar credit profiles because blacks have higher relative default rates. These results provide insight into whether the discrimination we find is taste-based or statistical.