Loanio’s Quiet Period Begins

Loanio.com has entered a quiet period as they begin the registration of promissory notes.  Well.. at least it isn’t floating alone as it shares the boat with Prosper.com.  Lendingclub.com finished the process earlier this year and is free sailing.  

The thing that I have a hard time understanding is why Loanio even opened their doors for business.  They delayed the grand opening multiple times… opened shop… just to close it two months later.   Hopefully while they stand idle, they get licensing for more states.   I figure if you’re going to have a grand.. grand.. reopening, truly have “Peer Lending For Everyone”.  Good Luck Loanio.com!

“Loanio, Inc. has suspended its business activities so that we may begin the process of registering our promissory notes with the appropriate securities authorities. Please be advised that effective immediately, Loanio will no longer be accepting registration from lenders or borrowers or accepting new loan requests until further notice. We appreciate your understanding and patience during this “quiet period” and hope to reopen for business as soon as possible. 

During this period we will not be responding to press, blogs, or other member inquiries specifically related to the suspension of business. However, if you have questions related to your account, loans, or any other related issues, you may contact us, as always, by logging into your account and creating a customer support ticket. ” Loanio.com

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.