Still no lenders on WikiLoan! Can you blame them?

There are now nineteen live listings on WikiLoan.com. Not surprisingly, none of the listings have been issued funds from a lender. The borrowers are asking for outrages interest rates based on their credit ratings. There are borrowers asking for 4% interest rates for their unsecured loans! Most of the listings have F ratings (scores between 0-599) and are asking for rates under 10%.

I can’t blame the lenders for avoiding this site for now. WikiLoan should advise their borrowers of reasonable rates based on their credit scores. LendingClub sets the rates, and prosper shows lenders how likely their loan will be funded for a range of rates.

Swapadebt is now WikiLoan.com and is Live!

What was once SwapaDebt is now WikiLoan.com.  SwapaDebt in my opinion was a disaster.  They promised peer 2 peer lending, had users wait for their debut, launched their new web site, allowed registration, did not communicate with new registers, did not allow new listings, and simply never went anywhere!  The name change was a smart move for those who were frustrated with SwapaDebt.

WikiLoan now appears to be live.  Their website is allowing registrations and is communicating this time through email.  There are currently fourteen new listings for loans that look legit, not just test listings.  None of the listings have any funding yet maybe due to lack of investors.

WikiLoan.com screenshot

Also, Wikiloan.com is now trading on the OTC and progress can be monitored using ticker WKLI.OB.  Currently trading at .20 cents.

WikiLoan trading as WKLI.OB

We will keep an eye on the progress of WikiLoan.com and run a review once the site begins to fullfill lending demands.

LendingClub.com Review – A+

I havn’t fully used the tools available through lendingclub.com.  However, I did go through the process of acquiring a loan.

The Pluses:

1. The application process was a breeze.
2. Direct deposit into checking and direct withdrawal of payments from same account.
3. Interest rate was very good compared to other unsecured loans.
4. The funding process was fast, easy and efficient.
5. Privacy was very good and kept your face and information away from the internet world.
6. Only lending users can view your profile!
7. They set your interest rate – can be positive and negative.  The positive side is that borrowers aren’t being stupid and asking for loans at 30% or higher as seen on other peer lending sites.
8. The loan has never shown up on Experian ( it has been over a year) .  This is great for people wanting to consolidate debt.  Your credit score rises as you use the loan to pay off credit cards and your debt to income percent falls.

The downers

1. Can’t set your own interest rate.  Like above, this is a good thing for people desperate for money and asking for unreasonable interest rates.  However, in other peer lending sites if you can plead a good case and show that you are a responsible borrower, lower rates are possible.
2. Must be registered as a borrower or lender. This is a pain for when I try to do reviews for both the lending and borrowing side.  I will have to resubmit a new application under a different email in order to become a lender.  Many users of p2p lending sites borrow loans at very low rates and re-invest them to other members to make a profit.  LendingClub’s registration process will make re-investing borrowed loans a tad trickier.

LendinClub.com has passed my test with flying colors for the borrowing aspect of their site. Later, I’ll post a review on how I feel about the investing portion.

E.M.

Loanio… oh Loanio!

Loanio… oh Loanio… why did you waste my timio!!  

If you pay attention to peer lending sites, you may have noticed how long Loanio.com made users wait for their grand opening.  They made several announcements of predicted dates of launch, however didn’t follow through.  Well… now they are open and according to their logo allow “Peer Lending For Everyone”. Unfortunately, as it turns out.. it isn’t for everyone.  Most users can lend with the exception of two States. However, most users can’t borrow as seen on their licensing map https://www.loanio.com/statesonmaps. I am positive more States will be open for borrowing as time goes by, however they need to let people know before sign up.  It was a waste of my time to provide all my information to the company just to discover my use of the site was limited.  

Loanio.. oh Loanio.. tell people they can’t use your site before they submit their personal information!  I hope you get your licenses under control because I can’t wait to do a review of your site once I’m allowed to use it.