Peer-to-Peer Lending Arrives in Canada: Grouplend is a Game Changer for Young Professionals

Canadians carry an average of $28,000 in non-mortgage debt. (Yes, that’s a crushing number.)

And the last thing ambitious young professionals need as an obstacle to achieving their dreams is a lack of cash.

The solution: peer-to-peer lending.

Enter Grouplend, a Vancouver-based company that grants Canadians small loans on terms that are a favourable alternative to what you’d get from the Big Six chartered banks. It seeks financing from institutional lenders and investment funds, and you won’t be asked for collateral or security. Interest rates are calculated based on “personalized pricing” – between 6.5% and 17.50%.

Certainly a much better (and less harmful) deal than what you’d get from credit card providers or payday loaners.

Applicants can receive loans up to $30,000 after submitting just some basic info and a credit score. Quotes for the balance you’re eligible for are given just seconds after the application is complete, and if you’re selected, you’ll receive funding usually within 24 hours.

And unlike the big banks, Grouplend isn’t subject to inconvenient opening hours.

It really couldn’t be easier:

Grouplend’s technology-oriented approach to lending is the perfect service for our generation of ambitious young professionals and entrepreneurs, individuals with small to mid-sized debts who are often underserved by the Big Six.

Consider them a little guy who looks after the other little guys.

To sum up, you can get a loan up to $30,000 in under 24 hours after a two-minute application process at a manageable interest rate from a Canadian company with a transparent algorithm.

This is what they call a no-brainer.

It’s time to release the burden of debt – check out whether you qualify, for how much, and start building your dreams of tomorrow, well, tomorrow.