There is another entrant to the peer-to-peer small business lending space. The name is Lendified and it seems to focus on smaller businesses then the Lending Loop and On Deck Canada.
The loan size is between $5,000 to $35,000. They offer terms of 3 to 12 months.
Interest rate range is 5.99% – 24.99%
Minimum 6 month in business with 50K in annualized revenue.
Minimum personal credit score of 600
Origination fee of 1.5 to 3.5% of the loan.
For more information you can visit their website at www.lendified.com
Lending Loop focuses on larger loans but are currently having regulatory difficulties and can no longer lend out investor money until it is resolved. Currently they are using their own funds to fund the loans.
Grouplend has changed its name to Grow. Everything else has stayed the same except recently they lowered the lowest interest to 4.8% and extended their term to include 5 year terms.
This space, sometimes referred to as FinTech, is growing and changing rapidly. I don’t see too much risk borrowing money from them, but lending your money through their systems would require high risk tolerance.