Headquartered in Delray Beach, Florida, WikiLoan Inc. is a Financial Social Network. The company focuses on providing peer-to-peer lending services. They provide an Internet-based lending community of individual borrowers and lenders that come together to make personal loans. They also provide screening and credit checks on borrowers. In addition, the company allows lenders to select the types of borrowers they wish to consider for loans.
In essence, WikiLoan steps in where banks do not provide services. They are a person-to-person social lending community. They are a client’s platform to borrow or lend money between family and friends. This does away with the awkward feelings, which can often arise in these financial situations.
WikiLoan is a Social Network with a focus on finance. Through WikiLoan Inc., a Borrower creates their loan profile based on their credit scores. A Lender creates their own profile as to whom they want to lend to, and at what rate. Subsequently, WikiLoan Inc.’s automated matching system completes the rest of the process.
The company facilitates the process by offering each side the tools they need to make a well-informed decision to fulfill each of their respective expectations. Family and friends borrow and lend money amongst each other. They do this at rates suitable to their needs.
Last week, WikiLoan, Inc. announced the launch of their new Family and Friends website. The website provides all the documentation necessary for the transaction. They also provide proprietary administration tools, which enable users to securely pull credit reports and automate the loan repayment process.
Celent, Inc., a firm focused on the application of information technology in the financial services industry, reports that there were $118 million of outstanding peer-to-peer loans in 2005. This figure was $269 million in 2006 and $647 million in 2007. According to Celent, the expectation is that the market will grow by more than 500 percent over the next three years.