Startup LoanSnap Promises “First Smart Loan Technology”

Phil Hall

Jul 23, 2018

LoanSnap Inc., a San Francisco-based direct lender startup that promotes itself as offering “the world's first smart loan technology that protects people against dumb loans,” has opened for business.

According to the company, LoanSnap can instantly analyze a person's financial situation using artificial intelligence technology. The company then claims it can sort through “through thousands of loan options to identify the best choice.” LoanSnap also insists that it is offering the “first loan technology that accounts for important factors, including the U.S. financial environment, to ensure that people have the best available loan now and into the future.”

LoanSnap has raised $12.3 million in investors, including high-profile entities such as Sir Richard Branson's Virgin Group and Joe Montana's Liquid 2 Ventures. The company is co-founded by serial entrepreneurs Karl Jacob and Allan Carroll, both with histories of launching companies that are acquired by larger corporations. In 2014, Branson's Virgin Money entered the wholesale mortgage business.

Link copied

Published

Jul 23, 2018

Analysis and Data

First American: Housing Market Slowing by Design

Title company’s chief economist says history shows rising mortgage rates may take the steam out of rising house prices, but don’t necessarily trigger a decline.

The housing market is “normalizing” as affordability rapidly declines, forcing both buyers and sellers to adjust their expectations, according to a new report. First American Financial Corp., a provider of title, settlement, and risk solutions for real estate transactions, ...

Industry News

Equifax Telling Lenders Of Potential Errors In Credit Scores

About 12% of customers may have been affected, according to a source.

Updated at 3:30 p.m. on 5/27/22 Equifax, one of the country’s three largest consumer credit reporting agencies, is telling lenders that a coding issue introduced during a technology change to its legacy online model platform may have resulted in the miscalculation of certai...