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Fosik, a peer-to-peer lending service, is currently beta-testing in the Australian market. When launched, it will take the principles of social networking into a loan marketplace. If you have money you can offer it online under particular interest and repayment conditions, and you can bid on loans you want to fund under certain conditions; likewise, if you need money, you can extend your options through the online community rather than a bank. It’s also seen as a way to formalise lending between people known to each other, family members or the like.

Fosik is currently positioning it’s peer to peer loaning at potentially undercutting traditional localised financial institutions such as the ANZ, NAB, ANZ or St George by an average of approximately 5% on interest conditions.

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Written by alsays

June 9, 2008 at 6:25 am

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