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Home » Blogs » Dan's blog

Advice for those new to P2P Lending, IOU Central, Communitylend and/or Peermint

Submitted by Dan on Sat, 02/23/2008 - 09:00

If you're new to this whole new industry and are interested in funding a p2p loan or p2p borrowing, it would probably be best to go to the main Microlending page and read the articles from the bottom up starting with "Microlending in Canada: CommunityLend, Prosper.com & Zopa. Where are they, and when are they coming?. Articles are in a "newest at the top" format.

If you're familiar with Prosper, Zopa(US) and the like, then start reading from "IOU Central Comes Out of Nowhere: Canadian P2P Lending Now Available!" where I start documenting the entire process, so you can feel more comfortable with it, and learn from my mistakes and experiences, such as how you don't really need cheques if you don't have them to sign up for these services. Again, it would be a good idea to read that article, and the ones more recently posted, as it goes over everything that you'll need to do.

For now, IOU Central is the only service available to Canadians. Communitylend should be the next to operate, and then Peermint, in my opinion. So, if you don't feel comfortable with IOU Central, you shouldn't have to wait for too long.

And I am putting $125 of my own money where my mouth is, it is currently in transit from my credit union account to my IOU Central account.

I will have a functioning proper forum set up over the next day or two, so check back soon. Until then, feel free to contact me or just leave a comment on any article and I'll respond.

  • Dan's blog

2 reponses to "Advice for those new to P2P Lending, IOU Central, Communitylend and/or Peermint "

1. Regulatory Issue freezes Site?

Submitted by North4st on Fri, 02/29/2008 - 11:25.

Yikes, what's with that?  Frown I got worried last night when the site was "temporarily unavailable" and now this morning it reads: "Why Is IOU Central Operating With Limited Functionalities? IOU Central is now operating with limited functionality while we resolve a regulatory matter. IOU Central is acting in a very new area. We are the first in Canada, although similar models are operating under similar regulatory environments in the US and the UK. We are modeled on those innovative enterprises. We are committed to working with all the relevant regulatory bodies in order for us to continue to offer this service to borrowers and lenders. We will take all measures necessary to ensure we are working in full compliance with all regulations." I guess there are teething issues....

  • reply

2. Dan ... thanks for your

Submitted by Anonymous on Sat, 02/23/2008 - 18:13.

Dan ... thanks for your enthusiasm and research on the P2P Lending concept.

We have a vested interest in ensuring the industry moves ahead with credibility and respect from Canadians.

Colin

CommunityLend.

  • reply

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