CommunityLend Introduces Peer-to-Peer Lending to Canada

TORONTO, Feb. 17 /CNW/ - CommunityLend Inc recently announced the launch of Canada's only online peer-to-peer lending system after over two years of regulatory consultation and development.

Michael Garrity, Co-Founder and CEO of CommunityLend Inc, noted the online lending system aims to satisfy three essential Canadian market needs:

    1.  Helping Canadian borrowers to get better rates on loans by creating
        real competition for loan requests (Ont and Que for now).
    2.  Giving Canadian investors (starting with Accredited Investors) the
        opportunity to directly participate in Canada's large consumer credit
        market as an investment category.
    3.  Providing real communities the opportunity to positively influence
        the lending process for their members by highlighting their
        collective needs and responsibility.

Peer-to-peer lending is an international financial services innovation which cuts out the traditional "middlemen" in lending by facilitating the direct matching of borrowers to investors through online loan auctions.

For more, visit

SOURCE Financeit Canada Inc.

For further information: For further information: Colin Henderson at, (416) 646-2177

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