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CommunityLend: A borrower and a lender be

Founded on the noblest principles of democracy, community, individual choice and responsibility, social lending may have the potential to do what Amazon has done to book selling. Lawrence Freeborn talks to Colin Henderson, chief technology officer and co-founder of the latest variant on the concept, CommunityLend.

Lending Club isn’t alone. IOU Central, the first Canadian person-to-person lending site which launched to online fanfare a couple of months ago, came to a screeching halt after all but three weeks citing similar regulatory issues. What made this rather ironic was their tag-line: "Person to person lending finally comes to Canada" they pronounced, as if to say the other companies such as CommunityLend and PeerMint that had announced intentions to launch there months ago were dragging their heels for no good reason.