Community Lend close to focus on Sales Finance (one of our future channels)

If you have been following the CommunityLend Peer to Peer (P2P) Lending story over the years you might have been wondering why we have been so quiet here here recently.   The short answer is that we have been trying to decide how much more time to spend on our P2P Lending site in light of a larger and faster growing consumer lending business we also operate called Financeit™.

We have now made the decision that we will be suspending the operations of our P2P lending site so that our team can focus solely on Financeit™.

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Insights from a Lending Club Investor

In order to increase my overall ROI with Lending Club, I set up a pretty strict filter on  I only invest in high return loans, and filter out high risk characteristics such as loans for education or loans to people that have not held long term employment.  Historically, the data has shown that these loans are more likely to default.  Because my filter was so strict, I’ve found it a slow process to get $10,000 invested in active loans while diversifying at $25/loan.  About 2 months ago, I transitioned from $25/note to $50/note so I could get the rest of my money actively invested.


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Moody’s Warns 17 Banks Could Be Downgraded

Moody’s announced that it may soon downgrade the long-term credit ratings of 17 of the largest banks in the world.

“Capital markets firms are confronting evolving challenges, such as more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions,” wrote the credit ratings agency in a statement.

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Veda confirms credit card enquiries slow down in Q4 2011

Credit card applications fell by 9.9% in the December quarter.
Overall credit demand for 2011 ended flat on 2010.
Personal loan demand started to outstrip demand for credit cards, following a fifth consecutive quarter of growth and strong Q4 demand in Western Australia.
Mortgage enquiries continued to fall, registering an eighth consecutive quarter of decline.

SYDNEY, Australia. February 9, 2012 – Veda, Australasia’s leading provider of commercial and consumer data intelligence and insights today released the results of the Consumer Credit Demand Index, which revealed a sharp decline in credit card applications across Australia in the last quarter of 2011. This bucked the trend from earlier quarters in 2011, pointing to a slowdown in consumer demand for credit during the final quarter of the year. Compiled by Veda since 2004, the Consumer Credit Demand Index is a quarterly analysis of changes in consumer demand for credit cards, personal loans and mortgages across Australia.

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Credit Card Sales slow down in Australia

The report says that,  the number of credit card accounts has increased by just 1.9% for the year to April 2011. The average credit card had an outstanding balance of $3,326 while the number of transactions has increased by 4.4% over the year.  Surprisingly enough  in comparison to this, the number of debit card accounts has increased by 7.8% over the year and purchase only transactions are also up by 22.2%.

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Credit card and debit card statistics for Australia and the world

This page contains credit card statistics for Australia and other nations around the world — including statistics on credit card debt, credit card delinquencies, credit scores, credit card interest rates, bankruptcies and more — compiled by the staff. Statistics on this page will be updated regularly as we receive new or updated credit card data.

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Interesting Credit Card Stats/Myths

FLASHING your plastic comes at a price.

Credit card transactions in Australia increased by 6 per cent in the past year and consumers aren’t showing any signs of easing up on their use.

But many myths surround credit cards and how to use them. This can end up causing you big financial problems, so we’ve debunked a few of them.


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