Loanio has launched - really for real this time. It just got this in my email:

Loanio is Now Open for Business!
We are pleased to announce that Loanio.com is now open for business.

We thank all of you for your patience and look forward to seeing many of you participate as lenders, borrowers, co-borrowers, and more!

Click Here to Become a Member today!

I was a little suspicious, but headed over to the site anyway. Low and behold - I was able to create an account and log in.

Unfortunately, it looks like they are not nationally licensed - so, each state has a legal limit on the lending rates. Gosh darn Virginia has a rate limit of 12%. Golly, that will be hard to fund if I decided to get another P2P loan from Loanio.

Loanio is an auction based, peer lending platform where individuals can borrow or lend money to each other. By cutting out ‘traditional lenders,’ and adding an auction based element, borrowers can get lower rates and lenders can get higher returns than other banking options.

Although, we use the term “lenders” on the website, all loans are originated by Loanio and then sold to website lenders who are legally considered the loan purchasers.