Social lending is coming to Canada. Founded more than a year ago by Michael Garrity and Colin Henderson and following the successful model of Zopa in the UK and Prosper in the U.S., CommunityLend will be launching a P2P lending service in Canada.
P2P lending works like this. Borrowers provide their details to CommunityLend, including a public profile and reason for the loan. CommunityLend performs a credit check on the borrowers and then posts the borrower’s story, profile and credit rating to a community of prospective lenders/investors in an eBay-like interface. Investors then bid on pieces of the loan (each loan is typically divided up among many lenders which mitigates everyone’s risk). After the bidding process the loan is then issued at the minimum rate required to satisfy enough lenders to fund the full amount.
The company will be offering, at first, one standard type of loan – 3 years, fixed rates to a maximum of 25k. Judging by other services like Prosper.com, social lending seems to fill a gap in the product offering of a traditional bank. Rates are typically in the 10-18% range, which fits above bank rates for unsecured lines of credit and below that of high interest credit cards. CommunityLend makes money by charging a small spread to both the borrower and the lender.
With the current “sub-prime” troubles in global credit markets, the timing may be perfect for CommunityLend. Banks in Canada and the US have been tightening their credit policies making borrowing more difficult, especially for marginal creditors. The transparent, market-based P2P model may well prove to be a solution than can judge and price loans in this segment better than the big institutions.
In addition to the funding announcement (of mostly non-Canadian investment dollars btw), CommunityLend is also announcing a new slate of directors including Barry Campbell, former MP and Secretary to the Minister of Finance and Jim Jones CEO of GMAC Residential Capital [100B lending portfolio].
Congratulations to the team for reaching this milestone. We look forward to providing a more thorough review of the lending service once it goes live (we’re told early to mid next year).
For the time being you can get more info at the company’s newly launched website: CommunityLend.com.
Tom … thanks for the post. We are both excited, and humbled by the extent of the business opportunity, and we will work hard to live up to everyone’s expectations.
Colin
Tom … thanks for the post. We are both excited, and humbled by the extent of the business opportunity, and we will work hard to live up to everyone’s expectations.
Colin
Congrats Michael, Jennifer, Colin, & Roger!
Malgosia & I have repeatedly said that this venture is the only one that would have brought us back from San Fran to Toronto, apart from Savvica. I think P2P lending’s time has come–and I look forward to using the service.
Stick it to those banks!
(Congrats to StartupNorth on the scoop!)
Congrats Michael, Jennifer, Colin, & Roger!
Malgosia & I have repeatedly said that this venture is the only one that would have brought us back from San Fran to Toronto, apart from Savvica. I think P2P lending’s time has come–and I look forward to using the service.
Stick it to those banks!
(Congrats to StartupNorth on the scoop!)
woooooohoooooo!!!
congrats CL team!
-mike
woooooohoooooo!!!
congrats CL team!
-mike
Very excited for the whole team at CommunityLend! Congrats!
Very excited for the whole team at CommunityLend! Congrats!
Yay, happy to hear about the progress and the backing. I’ll write up a post once I finish my 7th exam :)
Yay, happy to hear about the progress and the backing. I’ll write up a post once I finish my 7th exam :)
Are you unexpectedly experiencing a temporary financial obscurity, and you need a little extra cash? A payday cash advance might be just what you need. Obtaining a cash advance takes little time; cash may be delivered to you quickly by most lenders. Many lenders can even get money to you within the same day! Easing your stress of negative consequences due to taking out a payday cash advance is also our goal. We are meticulous in storing and keeping your personal information safe, secure from cyber criminals. What makes us special is that most the lenders do not perform credit checks, or require the faxing of documents. So, if you’re feeling the pressure of financial hardship, apply for a payday cash advance now!
Are you unexpectedly experiencing a temporary financial obscurity, and you need a little extra cash? A payday cash advance might be just what you need. Obtaining a cash advance takes little time; cash may be delivered to you quickly by most lenders. Many lenders can even get money to you within the same day! Easing your stress of negative consequences due to taking out a payday cash advance is also our goal. We are meticulous in storing and keeping your personal information safe, secure from cyber criminals. What makes us special is that most the lenders do not perform credit checks, or require the faxing of documents. So, if you’re feeling the pressure of financial hardship, apply for a payday cash advance now!
With just a little over a week left before we find out who will serve as our Commander of Chief for the next four years, there are new controversies between both the Democrats and Republicans. Not just the headline news, but the entire media and people across the country are reporting on Vice Presidential Candidate Sarah Palin and her $150,000 spending spree on clothes, makeup and accessories. This story has captured a sudden flow of negative publicity. Although both Palin and Democratic Presidential hopeful Barack Obama have spent large amounts of money on clothing, we should not allow this matter to distract us from the true focus that will affect the future of our country. After all, we live in a society where looks, more than anything, are the prime things that we judge people on. If you have one candidate enfolded in designer clothes, but someone else who looks as if they have a wardrobe from K-Mart’s clearance rack, the scale is beyond balanced. Obama’s TV commercials cost way more than what the Republican National Committee has spent on Palin’s clothes. Besides, it’s probably not a bad political move, considering all the attention Palin is getting with her wardrobe. Clothing is NOT one of the critical issues that we should base our focus on right now. The American people should judge the candidates on their plans for our future, and vote for the candidate that supports American’s right to freedom of choice, personal financial responsibility, and the continued rights to no fax payday loans.
Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans….
Blog: http://personalmoneystore.com/moneyblog/
Great job on helping out the community with providing funds to be loaned to those that need it.
Cash may be delivered to you quickly by most lenders. Many lenders can even get money to you within the same day! Easing your stress of negative consequences due to taking out a payday cash advance is also our goal. We are meticulous in storing and keeping your personal information safe, secure from cyber criminals. What makes us special bedroom furniture is that most the lenders do not perform credit checks, or require the faxing of documents.
Nowadays all formalities regarding cash advance loans are done online though you can get it from various physical financial organizations. But going online will get you the amount without any delay. Some times if your tool gets approved without any problems, then possibility are there the money will be transferred to your consideration for the duration of 24 hours automatically and you can use it wherever you want. You can easily avail numerous quotes from various lenders available online and decide on the best among them.
To qualify for such you must have a regular monthly income of at the very least ?1500 and must be a legal UK citizen staying at your current place for more as opposed to six months. If you fulfill these criteria along with an age of 18 or above then just provide the lender with your bank account number and a post dated cheque which will enable the automatic deduction of the total loaned total number plus interest rate on your next payday and reap the advantages of these loans.
I beleive that this is a great concept because it shares responsibilities and it shows much more trasnparency than traditional loans!
I beleive that this is a great concept because it shares responsibilities and it shows much more trasnparency than traditional loans!
Cash Advance
A Cash Advance Loan is an option that the cardholders can use to borrow actual currency against their current balances. For most credit card credit users, the amount of cash available for a cash advance is a small percentage of their overall credit limit. Statements issued by the bank will generally provide two sets of numbers: the credit limit and the cash advance limit. Receiving a cash advance can simply be a matter of using a credit card at the nearest ATM. Many electronic banking machines offer the credit card users an option of a cash advance. As long as the requested amount does not exceed the current cash advance limit, the ATM or other electronic banking machine should dispense real currency. If the amount of the cash advance does exceed the current limit, the ATM may still dispense the money but also electronically flag the exchange. An unauthorised cash advance can be handled in the same manner as a purchase over the credit limit.
Inspiring Charity in All of Us
I was doing my normal rounds about a month ago, looking for something to blog about, shopping, playing tug-o-war with the dog, hounding DubLi for a great deal on a fancy new webcam, when I accidentally clicked over to my iGoogle page, and saw something that snagged my attention. Jordin Sparks, of American Idol fame, apparently has been making her rounds to charity events and auctions, priming up the guests with her celebrity status.
My mouse wandered off of the back button on the browser, and towards the celebrity news gadget on my iGoogle, and I read on. Just with her presence, the big-wigs who attend these events bid higher, pay more, order more food, the list goes on. The article specifically spoke of a dinner where a few NFL stars were being entertained, and went on to tell of Spark's busy schedule. TV appearances on the west coast, radio shows on the east, just back from an Australian tour.
This young woman has it in her power to make millions of dollars a year. Millions, and instead of promoting herself, she went with her father to charity events. Maybe not completely selfless, I am sure she was reimbursed at least in the slightest, but still, if I was faced with a stadium of screaming Aussies that had each dropped forty dollars, or a small dinner where no one was writing a check that large, I'd have chosen shrimp on the barbie in no time flat.
So I looked more into it, (the DubLi network and my webcam would just have to wait), and found many, many more. George Clooney, stuffing charity pockets full with his donations, Beyonce, just a sweetheart, apparently, and even Bill Gates. They all take time out of their day to see what good they can do for the world.
Now I am not the normal “let's do it because the celebrities do” type. In fact, I usually look on Hollywood like a leper colony, with disdain and fear. But this really moved me. Their days seem so much more important than me and my boring little job, my cubicle, my dog and my webcam, yet they were not to self important to take time out to give back.
I got an email, it was DubLi, I had the lowest unique bid, and I had just purchased the webcam. In total, with the bid cost and the final offer I had made, it cost me $13.60.
It didn't take me long to find an animal sanctuary that was in desperate need of funds, birdfeed and office equipment. An exotic bird sanctuary, they raised endangered species for re-release into the wild population. So that's what I could give back. On my way into work the next week, I stopped by, the webcam still in its shipping package, and dropped it off.
A few days later I saw on their website that they would soon have video of their Andean condors and great horned owls. And it just made me smile for a minute and think, thank you, Ms. Sparks. Thank You Mr. Clooney, thank you to all who act charitably in your normal day, thank you DubLi for getting me such a good price, and don't thank me … it was the least I could do.
The company will be offering, at first, one standard type of loan – 3 years, fixed rates to a maximum of 25k.
P90x .It really is not expensive if you factor in the cost of a gym membership,P90x workout . The cost for P90X is about three months of a paid gym membership but you get to keep the program foreverP90x . You can try many of the online sites, but it will be the same as buying from the company or a Beachbody Coach. Make sure you are getting original DVD's. People are selling copies all over. The problem is how long will they last, P90x workout ,and you truly need the exercise and nutrition guide to even follow the program. You can go to any site http://www.p90xmall.com/ or you can go to and click on products. P90x dvd You can order directly from the site,P90x dvd.
nP90x .It really is not expensive if you factor in the cost of a gym membership,P90x workout . The cost for P90X is about three months of a paid gym membership but you get to keep the program foreverP90x . You can try many of the online sites, but it will be the same as buying from the company or a Beachbody Coach. Make sure you are getting original DVD’s. People are selling copies all over. The problem is how long will they last, P90x workout ,and you truly need the exercise and nutrition guide to even follow the program. You can go to any site http://www.p90xmall.com/ or you can go to and click on products. P90x dvd You can order directly from the site,P90x dvd.
Great post. The tips and the ideas given in the post seems to be very much informative and useful for the job seekers. Thank you for such a good post.n