Author Topic: Lending Club in Canada?  (Read 2474 times)

Jmbegin

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Lending Club in Canada?
« on: December 31, 2015, 10:23:52 AM »
Hi All,

My first post here. I searched the forum for alternatives to https://www.lendingclub.com/ in Canada but came up empty.

Does anyone have any recommendations?

JM

nobodyspecial

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Re: Lending Club in Canada?
« Reply #1 on: December 31, 2015, 03:13:44 PM »

daverobev

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Re: Lending Club in Canada?
« Reply #2 on: December 31, 2015, 03:45:14 PM »
Lending Loop do seem to be the only game in (non-QC) town right now. There are only a few loans available to fund at any given time. The platform does seem to work as expected; they had some issue with the banks but that seems to be fixed now.

In the middle of the month, I get money from loans that are in repayment. I'm not at $50 a month yet, but when I am I'll just re-pledge.

Not sure what else there is to say. Let me know if there are any more questions.

frugalGreg

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Re: Lending Club in Canada?
« Reply #3 on: January 16, 2016, 04:54:51 PM »
Just to add some additional context to the hiccup with the banks. The backbone of any of these sites is your ability to get funds into, and out of the site.  For most people this will be via "fund transfers" with your bank.

Originally the main method of doing this with LendingLoop was through "electronic bill payments" (originated FROM your bank).  A few of the large banks (namely CIBC, and consequently PC Financial) blocked LendingLoop as a bill payment recipient.  LendingLoop is positioning this as "the big banks are afraid of us / afraid of competition" but who knows what it was really about. 

Either way, LendingLoop has introduced an alternative way of "linking" to your bank account, with transfers now originating via your LendingLoop account.  There are a few ways to creating this new kind of account link - including taking a picture on your phone of a void cheque and submitting.  I've done one transfer with this new approach and worked fine - although took 3-4 days to clear.