Canada's Globe and Mail has an interesting article about the peer to peer loan industry - Fast cash just a click away. After discussing the success of Prosper and Zopa, the article turns to the future of peer to peer lending in Canada.
From the article:
Toronto-based CommunityLend.com hopes to tap the estimated $110-billion (Canadian) unsecured consumer debt market in Canada as soon as this fall.
"You don't have to get dressed in a suit and sit in a stuffy office in front of a banker asking you all kinds of questions," said Michael Garrity, a former vice-president of marketing at Canada Post's online bill-payment division who co-founded CommunityLend with Colin Henderson, former head of online banking at Bank of Montreal.
"We provide an alternative with a rate that is completely formed by a free market," Mr. Garrity said. The company is awaiting licensing under a host of federal and provincial regulations.