Comments on: CommunityLend: A borrower and a lender be | International Banking Systems http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/ Starting the conversation about P2P Lending in Canada Tue, 02 Mar 2010 09:28:42 +0000 http://wordpress.com/ hourly 1 By: Zector http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-391 Zector Sat, 21 Mar 2009 16:58:58 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-391 I find it very silly that the government allow people to charge 20% per week, or 1040% annual by payday loan places, and they have a problem with a fair open new idea like this. Somethings Canada is ahead on, but other things we are closed minded. Maybe someday Canada will really be as bleeding edge as people think it is. I look forward to you guys getting this worked out. Thank you for your hard work. I find it very silly that the government allow people to charge 20% per week, or 1040% annual by payday loan places, and they have a problem with a fair open new idea like this.

Somethings Canada is ahead on, but other things we are closed minded. Maybe someday Canada will really be as bleeding edge as people think it is.

I look forward to you guys getting this worked out. Thank you for your hard work.

]]> By: Colin http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-386 Colin Mon, 16 Mar 2009 02:49:32 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-386 Current status is that we continue to work closer and closer with the regulators, and we will get there. The discussions are sensitive and cannot offer more detail right now. Current status is that we continue to work closer and closer with the regulators, and we will get there. The discussions are sensitive and cannot offer more detail right now.

]]> By: Zector http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-385 Zector Mon, 16 Mar 2009 01:44:57 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-385 This seems to be a bit old of a thread, but what is the current status? i have watched this idea for a while in Canada, and the way the market now is, this might be a good time to give options to borrowers. So whats up? Id love to dive in lending! This seems to be a bit old of a thread, but what is the current status? i have watched this idea for a while in Canada, and the way the market now is, this might be a good time to give options to borrowers.

So whats up? Id love to dive in lending!

]]> By: Colin http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-123 Colin Tue, 17 Jun 2008 19:32:22 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-123 @Brandon ... thanks for stopping by, and making the comment. Your encouragement is appreciated. @Brandon … thanks for stopping by, and making the comment. Your encouragement is appreciated.

]]> By: Brandon http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-122 Brandon Tue, 17 Jun 2008 17:51:31 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-122 I'm glad to hear that we're nearing some kind of launch. I have been following the U.S. based social lending groups for some time and have been anxiously awaiting something similar on the Canadian side of the border. It seems like an innovative and informed way to both borrow and invest and I look forward to being a member of CommunityLend. Thanks for your hard work in bringing this service to fruition. I’m glad to hear that we’re nearing some kind of launch. I have been following the U.S. based social lending groups for some time and have been anxiously awaiting something similar on the Canadian side of the border. It seems like an innovative and informed way to both borrow and invest and I look forward to being a member of CommunityLend.

Thanks for your hard work in bringing this service to fruition.

]]> By: Colin http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-121 Colin Tue, 17 Jun 2008 01:16:36 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-121 @Brandon ... it has been an eternity :-) Q3 2008 is a firm target for us, and that aligns reasonably with the application in front of the regulators. I am always leery about promising something thats dependent on someone else's schedule, but we have enough substantive discussion evidence now to say that. To you and all who read this, thank you for your patience, and staying with the conversation. It has taken longer than we had hoped. @Brandon … it has been an eternity :-) Q3 2008 is a firm target for us, and that aligns reasonably with the application in front of the regulators. I am always leery about promising something thats dependent on someone else’s schedule, but we have enough substantive discussion evidence now to say that.

To you and all who read this, thank you for your patience, and staying with the conversation. It has taken longer than we had hoped.

]]> By: Brandon http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-120 Brandon Mon, 16 Jun 2008 18:54:59 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-120 Hi Colin, It seems like you guys have been "close to finalization" for eternity. I understand that specific dates may not be possible, but how about a quarter? Q3? Q4? Q1 2009? Q3 2011? If you were betting your own money on a launch quarter; which would it be? :) Hi Colin,

It seems like you guys have been “close to finalization” for eternity. I understand that specific dates may not be possible, but how about a quarter? Q3? Q4? Q1 2009? Q3 2011? If you were betting your own money on a launch quarter; which would it be? :)

]]> By: Colin http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-113 Colin Sat, 14 Jun 2008 18:10:35 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-113 @Dan ... The regulatory interaction is actually quite intense and regular, so less of the run around, and more like how can we make this work, kind of thing. re comments contrast - it is unusually light. Will get that fixed. @Dan … The regulatory interaction is actually quite intense and regular, so less of the run around, and more like how can we make this work, kind of thing.

re comments contrast – it is unusually light. Will get that fixed.

]]> By: Dan http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-112 Dan Sat, 14 Jun 2008 17:20:35 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-112 Well, I can say, from an individual perspective that doesn't quite have the same interest in their success, that Communitylend does seem to be serious about getting necessary approvals and such. I'm predicting that it's very much of the "government sends you a bunch of stuff, you answer within a week, they get back to you a month later just to say that they've received your response" kind of run-around. I think the company is there technically (ie: backend and frontend software), after all, it's not a technically difficult idea, but we'll see what they've been spending their spare development time on eventually. Rob, I guess that you've been following the whole Bell Wholesaler Throttling & Copyright Amendment dealio? :) Colin, mind setting the text contrast in the comment field a bit higher? Light gray on a white background just doesn't work too well. Well, I can say, from an individual perspective that doesn’t quite have the same interest in their success, that Communitylend does seem to be serious about getting necessary approvals and such.

I’m predicting that it’s very much of the “government sends you a bunch of stuff, you answer within a week, they get back to you a month later just to say that they’ve received your response” kind of run-around.

I think the company is there technically (ie: backend and frontend software), after all, it’s not a technically difficult idea, but we’ll see what they’ve been spending their spare development time on eventually.

Rob,
I guess that you’ve been following the whole Bell Wholesaler Throttling & Copyright Amendment dealio? :)

Colin, mind setting the text contrast in the comment field a bit higher? Light gray on a white background just doesn’t work too well.

]]> By: Colin http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-111 Colin Sat, 14 Jun 2008 04:29:14 +0000 http://blog.communitylend.com/2008/06/13/communitylend-a-borrower-and-a-lender-be-international-banking-systems/#comment-111 @Rob ... thanks for the thoughtful response. You clearly feel our pain. Yes this feels like an interminable exercise, but we are passing milestones, and close to finalisation. One thing is clear in all this ... social lending will be regulated in Canada, just as it is in the US, [although Prosper remains an outlier there at least for now]. The regulation is not trivial, and has personal consequences for non compliance. What I can say is that we are going to open the site up to discussion quite soon, along the lines you mention. We did not do sooner because it clearly would have hurt, not helped our cause. Take a look at our peers in Montreal back in April for an example of that. Your words of encouragement are like a fresh breeze in spring to me, and we will count on you and others once the timing is right and we can start to create momentum for the enhancement of future phases of social lending. Colin @Rob … thanks for the thoughtful response.

You clearly feel our pain. Yes this feels like an interminable exercise, but we are passing milestones, and close to finalisation. One thing is clear in all this … social lending will be regulated in Canada, just as it is in the US, [although Prosper remains an outlier there at least for now]. The regulation is not trivial, and has personal consequences for non compliance.

What I can say is that we are going to open the site up to discussion quite soon, along the lines you mention. We did not do sooner because it clearly would have hurt, not helped our cause. Take a look at our peers in Montreal back in April for an example of that.

Your words of encouragement are like a fresh breeze in spring to me, and we will count on you and others once the timing is right and we can start to create momentum for the enhancement of future phases of social lending.

Colin

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