Comunitae Funds 10 Loans In First Month, Signs Up 5,000 Users
Comunitae, the leading Spanish P2P lending company, recently announced in their July newsletter that they had funded 10 loans during their first month of activity. Comunitae launched in June after about a month of beta testing. Ever since their launch, Comunitae has been mobbed by the Spanish media, including print, radio, and television.
Other statistics offered by Comunitae were that on average, 50 loan requests are available for bidding from a pool of 780 borrowers. 645 investors are ready to lend, primarily from Madrid (where Comunitae is located), Barcelona, and Valencia. According to Comunitae’s twitter feed, the company just reached the 5,000 user milestone on Friday.
Comunitae, whose name combines “comunidad” (“community” in Spanish) and “TAE” (Spain’s equivalent of APR), is a fairly close facsimile of U.S. peer lender Prosper. Borrowers request loans from their community by creating public loan requests, and lenders place bids to participate and set interest rates. Borrower credit is ranked from A to C, and interest rates are in the 7-12% range.
Another social lending company in Spain called Lubbus has launched a beta site, but it is unclear whether actual peer-to-peer lending is taking place, or just testing.
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