CommunityLend Launched: January 11th, 2010

CommunityLend has officially launched.

More on this from me tomorrow evening (Tuesday).

For now, check out CommunityLend's front page or P2P-Lending's coverage.

It looks like it is Ontario only, but as we read before, it looks like they'll soon have approval for a few other provinces in Canada based on their legal filings.

I tried to register as a borrower in Ontario (which qualifies for their services) and with "Good" credit (I really don't know where I stand, it should be good, but my history is limited), and I got a cryptic error:

"

There was a problem registering; please correct the following issues before resubmitting:

  • Requested role is not included in the list

"

I didn't doubt there wouldn't some growing pains :)

Eventually, with a different browser, I was able to get registered. I suppose some browser plugin was causing the issue. Their user agreements are in the annoying 5 line long boxes, ridiculous for a (needlessly?) long document. I'll fully register once I read through the agreement (well, I agreed to the first to signup, now I have to agree to yet another as a borrower).

Submitted by Dan on Mon, 01/11/2010 - 23:23.

You have to be very RICH and

Submitted by Anonymous (not verified) on Fri, 03/12/2010 - 14:10.

You have to be very RICH and then you can invest/lend. I will take my 25K somewhere else to invest..

This is UGLY

Submitted by Calvin Chan (not verified) on Thu, 02/25/2010 - 02:41.

Well, with only accredited investor who can lend, this site is going to die out VERY SOON. (Read the qualification of accredited investor. You have to be a BANK, or someone who is VERY HIGH INCOME, or have LOTS OF MONEY. Come on .. I guess institutional investor with unlimited lending limit may find it interesting but then again, I can foresee a very high default rate on this. Trust me, I have been in the lending business for over 12 years, I can see it happen.)

OK, that's my 2 cents. I agree with the previous 2 posts that it is not a true P2P lending site. But that's not their fault, it is just our government.

It is a shame that the

Submitted by Benoit (not verified) on Sun, 02/21/2010 - 22:13.

It is a shame that the public has no access to investing. I do not need anybody to protect me against myself.

So frustrating that only

Submitted by Andrew (not verified) on Fri, 01/15/2010 - 21:47.

So frustrating that only approved lenders can use this site. Looking forward for the first microlending website in Canada.

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