SmartHippo.com - Find the Best Rates

At SmartHippo.com people post the rates that they have received from different lending companies. As a result of this other users of the site can compare rates that they have been quoted and see if they are being offered a bad rate and if they should change to look at another company's rates instead. President George Favvas states that, "The lending industry is in a state of transformation and consumers are demanding more control and transparency in their dealings with banks and mortgage companies." There is even a place in the site where you can vote yes or no if you think a bank or company is offering a good rate to create a quick reference for users to see if a lending company is giving decent rates.

"SmartHippo is the first ever web site that allows individuals to use the power of a community to save money when shopping for rates on financial products and services.
The company is based in Montreal, Canada and currently serves the U.S. market exclusively."

Especially with the recent mortgage crisis in the US people are more cautious than ever about the rates that they are able to receive and maybe even a bit distrustful of the lending companies. This is the first website of its kind to offer a place to compare and contrast lenders.

The site is totally dependent on user participation. Will enough people participate to make the site successful? How is the site monetized?