CommunityLend is now closer to launch, with the unveiling of their new pre-launch website. CommunityLend is the Canadian version of Zopa (from the UK, but has now expaneded to other countries) and Prosper (from the US), which are P2P lending sites. In theory, by reducing the middle-man (the bank), lenders and borrowers alike should get better rates then they would through the bank.
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Not just another (Canadian) financial blog… and maybe the oldest Canadian financial blog???
Dave … thanks for the post. We are excited to be in the final stretch prior to launch.
Nice looking site, I wonder how a P2P lending bank gets started? Do they seed the initial loans to get the ball rolling? Or give some special benefit to the first lenders to go out on a limb for them?
It has been a while but thought I would let you know we are now live and accepting borrowers and lenders. It has been a long journey, but we received the necessary licences and we are open for business in Ontario and Quebec for now, with other provinces coming as soon as possible.