Loanio has continued to claim be almost available since I started blogging on P2P lending. Loanio in fact has been promising its imminent release since before I started blogging P2P lending — back in November of 2008.
For about the past year (maybe more), Loanio has been requesting you to sign up for their email announcements to stay informed of their launch. It is likely that Lending Clubs SEC troubles have impacted Loanio and caused a delay, but why do they keep announcing they will be launching soon? Launch and then announce if you don’t know when you are launching.
Loanio has announced their own launch via email and announced the pending launch via proxy using Rate Ladder. The email that Loanio sent out on September 3rd (three and one half weeks ago) said:
As Labor Day weekend comes to an end, we are proud to finally announce Loanioâ€™s launch. In just a couple of weeks (yes, we mean it this time!), we will be done with the final touches and ready to roll out!
CEO and Founder Michael Solomon and everyone involved with Loanio would like to take this opportunity to thank all of our supporters who have been patiently awaiting our arrival.
Just In Case You Forgot:
Loanio.com is a new peer lending website that facilitates the borrowing and lending of money between individuals through an auction-style platform.
“A couple” of weeks I count as two — not four. And I loved the “Just in case you forgot…” section since Loanio has been sidelined for long enough for the financial markets to completely meltdown, Lending Club to be nearly closed by the SEC, and more…
Loanio has announced via (Rate Ladder), that the launch was going to be “today or tomorrow” already three days ago. So they don’t even seem to be able to meet very short-term obligations — assuming Rate Ladder’s information was correct.
Today though tops all past failures — you can’t even see Loanio’s home page. Just arriving to the homepage requires a user ID and password. See the graphic below. Is Loanio over before it ever even open its doors?
Currently every page on the site requires a user ID and password. Without it, you see:
This page requires authentication.
I hope Loanio does open, but it already does not have much credibility in my eyes. I wish them well, but I am not backing them by sending them my money — if they ever actually do open to the public.
In case you skipped or slept through literature in high school, the title of the post is based on a quote from Shakespeare.