Grow, which was originally called Grouplend, has now exited the peer-to-peer lending space. Instead it is offering its technology to financial institutions that want to analyze loan applications and offer a more efficient loan process.
Previously Grow was the only peer-to-peer lender that was offering a credit check that did not affect the credit score. Now Borrowell and Amber Financial both offer a “soft” credit check that will not hurt your credit score during the initial application process.
Lending Loop has just worked out their issues with the provincial regulators and is back online connecting people who want to invest in businesses and the businesses that want to borrow money. However, if you are a start-up, you are still out of luck because they only lend to established small and medium sized businesses. The rates are from 7.5% to 26.5% depending on the credit rating and origination fee starts at 3.5% and goes up to 6.5%