An online loans marketplace that connects borrowers with local lenders. Lend-Grow identifies borrowers that are otherwise going to Big Banks and FinTechs and redirects loan inquires in lender’s footprint back to them.
- Borrowers apply directly on the lender/partner’s site
- Lenders retain full control of credit, pricing, and targeting footprint
- Lend-Grow marketplace does not require IT integrations with the lender’s site.
- Lend-Grow fees are based on closed loans (not leads or approvals).
- Lend-Grow levels the playing fields for local lenders by capturing loan inquiries in lender’s footprint that would otherwise go to Big Banks or FinTech lenders.
- Lend-Grow also brings down the cost of originations for lenders. Leads are pre-qualified through a credit soft pull to match lender’s eligibility guideline. Lenders resources are thus spent only on applications that can be approved.
- Lastly, through a partnership with Lend-Grow, lenders can offer their customers a cutting edge digital experience that FinTechs often boast.
- Lend-Grow employs a proprietary hyperlocal targeting capability that its founders developed while setting up $1 billion consumer loans business at a local lender in their prior roles.
- The hyperlocal targeting uses means, needs, and readiness modeling to intercept and capture borrowers that are actively shopping for consumer loans.
- It has become increasingly difficult for smaller lenders to compete online unless they can spend millions in brand advertising or setup large digital teams. Lend-Grow puts the local lenders back in the mix to capture online loan demand.
- Unlike a loan purchase or participation, Lend-Grow helps lenders achieve loan growth while retaining full control of credit, pricing, and origination footprint.
- Lend-Grow also help lenders promote their brand while capturing market share as borrowers are redirected to apply directly on the lender’s site.
- Finally, Lenders gain a customer and relationship, not a loan. Typically, lenders should expect 12%-15% cross-sell to auto, home, and deposit products with acquired customers.
- Lend-Grow helps lenders grow their direct portfolio.
- Borrowers are redirected to the lender site for application.
- Lend-Grow does not take applications from borrowers directly.
- Lend-Grow finds borrowers that are actively looking for loans and meets lender-specified credit box criteria and redirects them to the lender’s site.
- Local lenders who value growth through direct lending instead of loan purchases or loan participations.
- Are interested in acquiring account from the millennial segment.
- Want to grow personal installment loans or student loan refinance (not in-school student loans).
- The lender partner shares their desired credit box, pricing grid, and footprint.
- Lend-Grow team setups LG marketplace to connect borrowers in the footprint with the lender partner. No IT integration. All setup work is done by LG team (1 month).
- Borrowers in lender partner’s credit box and footprint are redirected to lender partner site for loan application.
- Lend-Grow receives fee for funded loans
No, getting leads from Lend-Grow does not require any IT integration.
Setup is handled entirely by Lend-Grow technology team. Setup is used to configure Lend-Grow marketplace to match leads to lender specified credit box and target footprint.
Absolutely. In fact, Lend-Grow was launched by its founders to help local lenders target borrowers in their footprint that are otherwise going to Big Banks and FinTech Lenders.
At this time, Lend-Grow provides:
- Personal Installment Loans
- Student Refinancing Loans (not in-school student loans)
Lend-Grow lender partners are local lenders. Most lender partner are looking to get $3-5 M in funded loans per month through leads coming from Lend-Grow marketplace.
Yes absolutely. Lend-Grow regularly advises its clients in maintaining a competitive underwriting and pricing leveraging proprietary data.
Lend-Grow founders have run Consumer loans business at lenders such as Capital One Bank, M&T Bank, and Pentagon Federal Credit Union. Nish, Lend-Grow’s CEO setup PenFed’s Personal Loans and Student Refi business and grew portfolio to $1 billion in outstanding. Fred, Lend-Grow’s CRO has been Chief Credit Risk Officer at over a half dozen banks and credit unions and has been a former OCC bank examiner.
Yes. Lend-Grow offers as an add-on a white label online loan origination that can help lender partners offer a FinTech-like best-in-class digital experience to its customers. The loan application is 100% digital, with various 3rd party integrations for income, ID verification, and e-sign of documents.
In addition, 3rd party servicing integration options are available on request.
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