December 20th, 2009
It appears WikiLoan has changed their homepage once again. From SwapaDebt.com to the opening of WikiLoan.com and now another change in their image. What amazes me is that they still lack lenders. Currently with the 7 listings, there isn’t a dime going to the borrowers. I wrote about WikiLoan.com in September about what they are lacking and what they need to change.
Still no lenders on WikiLoan! Can you blame them?
How about changing your platform WikiLoan? You can change your image multiple times but your lending platform isn’t working. Read the article above about why there platform is not working. Good Luck WikiLoan.com!!
September 5th, 2009
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.
September 1st, 2009
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.
