Loanland, the only p2p lending service in Sweden, will discontinue it’s operation.
The Board of Loanland has decided to liquidate Loanland.
The reason for the decision to liquidate Loanland is that Loanland has not reached the critical mass of members needed to be a success. The company stated that today Loanland approximately has 20,000 members and requires approximately 200,000 members before becoming profitable. The Board believes that it is not realistic that Loanland reaches this volume within reasonable time. Loanland’s site will however be open until the operation is discontinued and customer service will continue as usual.
During the liquidation period, which can take up to three years, Loanland will take care of the existing loan portfolio and ensure that all loans are repaid according to the payment plans. All members’ money is at Handelsbanken in a trust account.