CommunityLend for Borrowers
CommunityLend offers Borrowers an opportunity for generally lower rates than commercially available, through loan auctions that generate competition for your Loans.
Get started with borrowing
To get started, here are the steps involved with becoming a Borrower at CommunityLend:
Ensure you meet our Eligibility and Credit Criteria for Borrowing.
In order to create a Loan Request at CommunityLend you will need to have good credit history and reside in Ontario.
Get Verified
- A valid driver's license (or other government issued identification)
- A Canadian Social Insurance Number (optional)
- Your Banking Information, including a recent bank statement
- A blank cheque to provide pre-authorised debit and credit authorisation
Learn more about our Privacy and Security policies.
Complete an online Loan Application and Personalize your Loan Request
Your Loan Request will automatically include (refer to Glossary for definitions):
- A presentation of your Credit Rating: (into the CommunityLend categories of AA, A, B or C)
- A presentation of your Affordability Rating (from 1 to 5 bars)
- A presentation of your Stability Rating (from 1 to 5 bars)
In addition, your Loan Request will include:
- Comments about yourself and why you need the Loan.
- Comments on your Credit History.
- The Offered Interest Rate and APR.
- The Loan Amount.
- The Purpose of the Loan.
- An indication of any Communities you may have joined.
Auction your Loan to get the best available Rate
With CommunityLend's lending auction, Lenders can view your Loan Request and bid for a portion of your Loan.
Here is how the Auction works:
- Lenders offer you a portion of your Loan in the form of a Bid at the Offered Interest Rate on your Loan Request until enough Bids are offered to cover the entire value of the Loan.
- If your Loan Request is filled by Bids from Lenders you can either close your Loan Request or allow new Lenders to outbid existing Lenders and thereby lower your Loan Interest Rate and your monthly payments.
Complete and manage your Loan
Once your Loan auction closes, CommunityLend completes its Final Financial Review and then executes the required Agreements on behalf of you and your Lenders. The last step of the process is to move your Loan proceeds directly into your bank account. We then manage the repayment of your Loan from your bank account and repayment of your lenders.
Best of all, it is free to get started
The best part about CommunityLend for Borrowers is that it's completely free to register, to create a Loan Request and to auction your Loan Request in the CommunityLend Online Lending System. CommunityLend charges fees to Borrowers only once a Loan Request auction is successful. To read more about our fees, take a look at our Fees schedule
Start the Borrower Registration Process