Loanio.com unveils peer to peer lending platform MortgagePress.comLoanio.com, p2p, sub-prime, poor credit, Platinum Verification Services
Loanio Inc. has launched its p2p lending Web site https://www.loanio.com,
addressing the needs of an underserved market ... those with poor
or no credit profile histories. Prior to the launch, borrowers with
poor or no credit scores have been turned away from, or have had
little luck, with other p2p lending platforms. Loanio is looking to
change this.
Borrowers with poor or no credit scores will be permitted to
participate on the p2p lending platform by using a co-borrower or
guarantors. According to CEO and Founder Michael Solomon, "... only
around 10 percent of borrowers on p2p sites wind up getting a loan.
Many of them have less than stellar credit profiles. With options
for these borrowers drying up elsewhere, we believe this feature
and others on the website will fill a sorely needed void in the p2p
lending arena."
To provide lenders on the platform with more reliable data, the
company also introduced "Platinum Verification Services." This
service is optional and available to borrowers at the time they
create their loan request. A Platinum loan will indicate to lenders
that Loanio has verified certain, otherwise self-reported,
financial profiles of borrowers such as last year's filed tax
returns, employment and income, and more. "We want to provide as
much data to our lenders as possible and the verification of these
items allow borrowers to tell lenders they are serious about this
process. Lenders, in turn, will have the benefit of not having to
wonder if the borrower may have given their income data a 'little
extra padding.'"
While the co-borrower option is mandatory for those with bad or
no credit, both the Co-Borrower and Platinum Verification features
are available to all users as an option. Solomon says, The idea is
that we want to provide all borrowers with as many possible tools
to shine and present appealing loan requests to the lenders. With
these features available to all users, even a fair credit borrower
may be seen as a better risk if they have a Co-Borrower with an
excellent credit record attached to their loan. The combination
will also help the borrower get even lower rates. "If you saw two
loan requests for the same money and rates, but one had an
excellent rated Co-Borrower attached to it and went through the
Platinum Verification process, which one would you bet on? I think
the choice would be clear," Solomon continues.
For more information, visit www.loanio.com.
