P2P Lending in Canada- It Is Finally Coming

That's right folks, Canadians will soon be able to lend money to other Canadians via an online person-to-person lending site. For a little over a year, Prosper.com has been enabling Americans to lend money to other Americans at rates that are much better than your typical GIC or bond, all the while supplying the borrower with money at rates far below that of your typical credit card. Unfortunately, Canadians have been unable to take advantage of this service.

I recently discovered a site called CommunityLend.com that is promising to bring Canada into the world of P2P lending. As of now all that is available is a front page and a brief description stating that they should go live Fall 2007.

I for one am very excited for this opportunity. I think P2P offers a great opportunity for Canadians to further diversify their investment portfolios.