CommunityLend Newsletter – August 2010
Marketplace Update for July
With July now behind us we have hit the mid-point of Canada’s long awaited and much coveted summer months. July also marked the 5th month of operation for CommunityLend, Canada’s only peer-to-peer lending system . It was another growth month for us, with an increase in loan activity, some new loan products and some great media coverage.
Here are the key market statistics for our year-to-date to July.
- Loan Demand at the website has now exceeded $3 Million
- Loan Requests Accepted at the website is now at $496,300
- User Membership is now over 1,800
- Our Average Loan Size for Accepted Loans moved up to $7,400 (from $7,000 last month).
- Our Average Offered Interest Rate came down to 16% (from 17% last month)
Who says Canadians aren’t thinking about borrowing and investing in the summertime?
New Product Announcement: Private Auto Loans
CommunityLend is now offering a financing option for buyers of private cars. The private auto industry is a multi-billion dollar industry in Canada that is under-served by traditional financial institutions. Starting this month, CommunityLend will be offering financing to qualifying borrowers interested in purchasing a private vehicle through sites like AutoTrader. Click on the advertisement below for more details.
Taking our Financing Message to the air waves starting this September!
CommunityLend’s CEO, Michael Garrity, will be joining popular radio show, The Finance Hour, as co-host, starting this September. The show airs weekly on Saturdays at 9:00am on CP24 Radio 1050.
The Finance Hour offers practical advice for Canadians on finance related products and services with a specific focus on helping households save their money. Here are some examples of topics that Michael and co-host James Plewak of Strength Finance expect to cover.
• Car Purchases – lease, loan or cash?
• Home Improvement projects – when does it make sense to use a finance option?
• Mortgages – fixed rate or variable rate?
Listen in each week for valuable insight into the world of finance as well as special guests from Canada’s financial services community. We also plan to share content from the show here on our blog. Also check out our new Facebook fan page, and twitter feed.
In the News
We were humbled and honoured recently to see CommunityLend and our CEO included in this media article on the top leaders in financial services within Canada.
Notable and Influential Banking Leaders in Canada | banknerd.ca
Questions on Lending or Borrowing at CommunityLend?
Email us: info@communitylend.com
Call us toll free: 1.888.536.3025 (9:00am – 5:00pm EST)
