The new money, that's right, you and me lending to each other. Why should the banks make all the moola? They have proved they can't do it very well, so why shouldn't those with a bit of spare cash lend to others and make money on it? Well those innovative South Africans have the answer.
See new money here
Thinking of starting a new business with your loan money now that you have been fired? check this out
JOHANNESBURG (Reuters) - AngelMoola Ltd, a private
South African company, has started an online social lending service as an alternative for people rattled by turmoil in the traditional financial sector, it said on Thursday.
CEO Brian Dalton said the company aimed to attract 4.32 billion rand ($467.9 million) in funds within a year by allowing
South Africans to borrow and lend money to each other on the Internet instead of using conventional bank methods.
"We've set a figure of around 360 million rand a month (as a target), over the next 12 months," Dalton told Reuters in an interview.
"From a lender perspective, the
stock markets are a bit of a wobbly, shaky deal at the moment, so people are looking for something a bit more secure to put their money into, and that's why this is probably a good option for them."
Dalton said AngelMoola, which is the first online social lending exchange in Africa, plans to expand into
Zimbabwe,
Botswana and
Mozambique, and it aims to list on the
Johannesburg Stock Exchange Alt-X segment in the next three years.
Its pilot website
www.angelmoola.co.za had around 5,500 hits in the first week when it was launched in May. Social lending sites have already started in some other countries, including the United States and
Japan.
(Reporting by Serena Chaudhry; Editing by Quentin Bryar)
So do you like this idea? drop us a line in a comment
Wisequeen
Saturday, October 18, 2008 at 1:12PM 
Reader Comments (5)
Thanks for the post! Yes, social lending is becoming quite popular. Here in the U.S., it is called peer to peer (P2P) lending. Organizations like Lending Club and Prosper have been feeding the craze. And there is even a P2P site called GreenNote that offers social lending for student loans.
P2P lending is nice because the interest rates are usually lower than what a bank will offer. The return isn't extremely high for the lender, but in this market any return is nice. And it can provide a steady revenue stream.
I love these types of initiatives. I wrote about Kiva a little while ago here: http://is.gd/4HlO Kiva?(http://kiva.org/) is the world's first person-to-person micro-lending website, empowering individuals to lend directly to unique entrepreneurs in the developing world. Guy Kawasaki? explains that Kiva's model involves a minimum $2.50 voluntary fee that lenders pay when checking out their "shopping cart." Consequently, lenders receive no interest and pay a voluntary fee to Kiva in order to loan money. Great business model! Relying as it does on people's motivation to share and participate in the building of an online community (and to pay to do so).
thanks for the links to kiva Penny, this seems to be the way of the future.
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