CommunityLend is “an online community where people lend money directly to other people. (…)You can set your own rates, payback periods and meet some cool people along the way…”
I love the sound of this, and I’m very glad it’s made its way to Canada. Peer-to-peer lending “banks” been launched in Holland and Germany and, it seems, with some success. In the Netherlands, Guus Drijver, founder of the unfortunately named Boober, says: “Boober doesn’t work with hidden costs and is completely transparent. We don’t sponsor yacht races or soccer teams, and don’t have expensive headquarters or pay thousands of people high salaries.” Amen, brother.
In “the next few months”, CommunityLend will be launching what the are calling a “test phase” where you can “set up profiles, manage loans, bid on auctions and create groups without using real money”.
I can hardly wait.