CommunityLend.com is still in their beta phase, and has yet to fully launch yet, but they do have some interesting features that are already obvious. Like most p2p lending sites, they are striving to create an alternative to traditional bank loans, but they are also trying to take that to the next level by developing actual online communities both for borrowers and lenders.
The premise of CommunityLend is that the more competition there is for your loan, the less interest you’ll have to pay. This should really appeal to those who are trying to save money on their loans, or have been turned away by traditional lenders. While there information is not yet complete, it does appear that the site will be catering heavily to borrowers.
Lenders however will still be taken care of. We appreciated the fact that they pointed out that only a select few are allowed to take advantage of the benefits of lending in the traditional standard. By creating this type of site, they hope to open up the billion dollar lending industry to smaller investors and groups that are looking for a solid way to make money.
While it is not yet clear if there will be any restrictions for borrowers, such as a minimum credit score, the site does appear to be trying to link up borrowers with very affordable loans. The main focus appears to be on small, unsecured loans for things like paying off a wedding or managing debt, but it could conceivably be used for cars, student loans and other financial needs.
The online community feature is quite interesting and appears to be centered around the goal of bringing charitable and local organizations together online, where they will be able to reach out to those in need. Once communities are created, they are free to get new members to join, and there will be features for discussion, learning and more.
The company has already arranged for multi-million dollar funding and their About Page reads like a veritable who’s who in banking and interest business. We found their roster to be very impressive and it looks as though the company is going to be in very good hands. Even the best concepts can falter with a lack of leadership, and it appears as though CommunityLend should be able to avoid that issue.
There are no set launch dates yet, but the company has moved quickly since receiving their financing in December of 2007. Borrowers, lenders and communities can sign up for more information and news on when the official launch will take place. Given that they have built a very strong foundation so far, they should not have any problems succeeding in this market place.
We liked the ideals behind CommunityLend and wish them well on their journey to becoming a p2p lending destination. We’ll be watching with interest to see how they develop and carve out their niche in this competitive industry. It will definitely be interesting to see how they progress.
Related Posts -
Carnival of P2P Lending #9 Welcome to the 9th addition of the Carnival of Peer to Peer Lending... Editor's Picks: P2P-Loans.com presents P2P Lending Grows in Popularity as Banks Slow Lending (Are Individual Lenders Suckers or Savvy?) posted at P2P-Loans.com. Pinyo presents Why Borrowers With Bad Credit Pay A Higher Interest Rates posted at Moolanomy....... -
The Lending Club Offers New Alternative for Consumer Credit Following $600 Million SEC Registration Back in April of this year, the Lending Club announced that it would be going into a quiet period due to the beginning of a registration process involving the SEC, the United States Securities and Exchange Commission. Now the Lending Club is pleased to announce that the process has been...... -
RateLadder Lauches Prosper Group Focussed on Borrower Success As a dedicated and fanatical lender I have been trying to climb up the RateLadder. Put my experience to work for you, allowing you to climb down the RateLadder and obtain the best possible loan rate for your listing. Membership and Listing Requirements How dedicated? How fanatical?  I have been...... - Top RateLadder Referrers of My 1st Year Thank you readers. Thank you p2p lending. Thank you referrers. 12/26/2007 is my 1 year anniversary. As the start of the celebration I am thanking the top 10 (in terms of traffic for the entire year) blog referrers (some sites are more than just a blog). These stats are with my......
-
MicroPlace, an Ebay Company Launches MicroPlace, an Ebay company just launched. It is kinda like kiva.org, except that you invest in securities which pay interest (1%-3%) and the companies offering the notes handle the individual investments. So you are purchasing a pool of investments were the actual investments are made companies on the ground. The......
- Haws Heritage Traditional Watering Cans Watering Equipment Gardening & Plants Yard, Garden & Outdoor Living
- Healthrider Softstrider S900i Review Treadmills Cardiovascular Equipment Gym, Workout & Yoga Exercise & Fitness
- Dollar Bars, Rounds Silver Bullion Coins & Paper Money
- 3 Dollar Gold Coins: US Coins & Paper Money
- Liberty Head 20 Dollar, Double Eagle Gold Coins: US Coins & Paper Money
