Australia: Social Lending in social networks

Just a quick update from my other blog post ( peer to peer lending in australia):

  • New peer-to-peer lending websites starting up in Australia
  • Lenders and borrowers set the terms of the loans
  • P2P lending could be worth $5bn globally within three years

P2P in Australia

First to market in Australia is Sydney-based iGrin which softly launched www.igrin.com.au in October. It has recently brokered Australia’s first online P2P loan, worth $5000.

It will be joined soon by Brisbane-based Peermint Opens in a new tab. which will operate in Australia, New Zealand and Canada.

In New Zealand, www.nexx.co.nzOpens in a new tab. has announced it will be up and running soon.

Plans to bring Zopa to Australia are also underway and might eventuate in 2008. Industry rumours variously suggest that Google, eBay and PayPal are also considering working towards P2P lending services. (more at news.com.au)

Note to social bankers – it won’t work if you don’t put a focus on social. ’nuff said. Oh and watch out for the ones who embed themselves in other large networks. Lending Club in Facebook. Offering takeaway options … Creating a social network around products and services is hard. Providing useful tools into already large networks is much easier, no?

Laurel Papworth

Named by Forbes™ Magazine in the Top 50 Social Media Influencers globally, named Head of Industry, Social Media (Marketing Magazine™) and in the Power150 Media bloggers (AdAge™). CERT IV Training and Assessment certified trainer (Diplomas and Certificates etc) Adult Education. Laurel has manager Facebook Pages for Junior Masterchef, Idol, Big Brother etc. and have consulted on private online communities for banks Westpac, not for profits UNHCR & governments in SE Asia. Lecturer, social media, University of Sydney for 10 years and Laurel has 11,000 online students. Laurel Papworth personally connects to 6 million followers online and has taught around 100,000 people in the last 10 years how to be social media managers.

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