CommunityLend featured in new YongeStreet Canadian online magazine
Today we are featured in the new YongeStreet Canadian online magazine. Carla Lucchetta, a Toronto based writer and TV producer has done a nice write up and we are proud to be one of the features during just their 2nd week of operation.
Peer to peer lending: taking the bank out of banking | YongeStreet
Peer to peer lending (sometimes called social lending) is new to Canada, a fairly conservative country financially speaking, though organizations like Prosper in the US and Zopa in the UK have been running for a number of years now. Borrowers who possess good credit file their information online, requesting from $1,000 to $25,000, with the opportunity to outline why they are asking for funds; home renovation, children’s tuition, or small business seed money. The loan request is then put up for auction to accredited lenders, whether an individual, a group of individuals or an organization who have demonstrated their financial clout.
