iGrin – peer to peer lending has come to Australia!
Well this week, I start on the final phases of the iGrin project.
What’s iGrin? Well, there are two parts:
You put up a profile, asking how much you would like to borrow, the interest rate and over what period
You review all Borrower details. You can see their credit rating, what they want the loan for, how much they want and the interest rate.
You can select the loan you would like to fund (or part of loan) and bingo bango! You have a deal!
It’s a weird concept but has worked in Europe and the US.
I’ll keep you posted…