Comunitae will allow loans between 3,000 and 15,000 Euro for loan terms of 1 to 3 years. The amount that lenders can lend will be up to 50,000 Euro (minimum 50 Euro). Only residents of Spain will be able to use the platform.
Founded by JosÃ© Miguel Rotaeche and Arturo Cervera, both ex-bankers at BBVA, Comunitae aims to launch in mid 2009. The name is derived from “Comuni” for a group of persons and the spanish abbreviation “TAE” for interest rates.