Toogly to apply idea of peer to peer lending to company funding

As writes, German Toogly plans to apply the idea of p2p lending  to funding startups and companies. Anybody can draft a loan request between 1000 and 100000 Euro describing the business objective. Private lenders can bid between 50 and 100000 Euro. Interest rate and term are set by the borrower.

Currently Toogly only has the idea and a domain as placeholder. The application is currently developed and the CEO Carsten Hansen says he hopes to launch in the end of the 3rd quarter.

Hansen even wants to raise the funding Toogly needs via this way rather then using Venture Capital or other means of financing.

The concept differs from site like GoBignetwork, because Toogly will handle all repayments of the loan from the borrower. It is therefor involved in processing just like other p2p lending services.