MONTREAL, Feb. 12 /CNW Telbec/ - IOU Central, the first person-to-person
online lending marketplace in Canada, officially launched its website today,
February 12, 2008 (<a href="http://www.ioucentral.ca">www.ioucentral.ca</a>). IOU Central is an Internet-based market
that enables people to borrow and lend money directly from and to other people
in a safe, convenient, and highly reliable environment.
"At its core, IOU Central empowers individuals to be their own banker by
giving them a platform to lend money to whomever they want. It's no longer
just your local bank that can earn interest on your deposited money!" said
Phil Marleau, Chief Executive Officer and Founder of IOU Central. "It also
gives borrowers an alternative source of funds at competitive rates with no
lengthy procedures to go through as are currently required at many traditional
The website is very easy to use for both borrowers and lenders. Someone
who needs a small loan posts his/her loan request on the loan listings board.
The loan request includes his/her credit score, the amount he/she wishes to
borrow, the term of the loan, and the maximum rate he/she is willing to pay.
The borrower can also provide additional information (such as his/her income
and housing expenses) which IOU Central can use to derive his/her debt payment
to income ratio and housing expenses to income ratio. This can increase the
borrower's chance of getting a lower interest rate.
Lenders, who are people with extra funds to invest, then bid on the loan
request by stating the amount they are willing to lend and the rate they are
willing to accept. When the listing ends, the bids with the lowest rates are
combined together into a single loan and IOU Central securely transfers money
from all of the lenders accounts into the borrower's account. Every month, IOU
Central withdraws funds from the borrower's account and deposits them into the
accounts of the lenders until the loan is fully repaid.
Using IOU Central, a borrower can apply for a personal loan in the amount
of $1,000 to $25,000 and for a term of up to 3 years. The lender on the other
hand can bid on a loan in amounts ranging from $25 to $25,000. IOU Central
facilitates risk diversification by allowing lenders to bid small amounts on
many different loans.
IOU Central adheres to strict privacy policies and uses the highest
levels of online security to protect each users account. IOU Central is
TRUSTe-certified to have industry-leading privacy protection and uses
bank-level data security and SSL 128-bit encryption, one of the best
commercial methods available today.
For further information:
For further information: Phil Marleau, President & CEO, IOU Central
Inc., (514) 789-0694 ext. 225, email@example.com; www.ioucentral.ca