International Law

First Australian social (peer to peer) lender: iGrin

I previously discussed social lenders here and here.

iGrin has launched in Australia: its principal offering is a borrower-lender matching service (up to a maximum $25,000,00 per loan) whereby a borrower nominates the amount it wants to borrower and the preferred rate and iGrin co-ordinates the lenders' bids until sufficient funds at the right rate are recived. The lenders do not know who the borrower is.

iGrin charges borrowers an establishment fee (once the loan is funded) of 1-2% (depending on the credit rating) of the amount borrowed or $90, whichever is greater.

It charges lenders a monthly servicing fee of 0.5%-1.5% of the current outstanding loan principal.

There is also a Member Direct service where a lender lends to a specific borrower and iGrin arranges the loan documents and funding.

Full post as published by David Jacobson's External Insights on October 30, 2007 (boomark / email).