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This episode’s guest is Alex Benjamin, CEO of Lendful. Lendful is an unsecured lending platform that was launched in 2015 that allows clients to borrow money in a way that is better than a credit card. Alex gives us an overview of the service with special insight about how brokers and their clients can make use of Lendful.

Timestamped Show Notes

(click the timestamp to jump directly to that point in the episode.)

[spp-timestamp time="0:46"] Tell me what’s been going on in your world.

  • We have just been acquired by Peoples Trust in Vancouver.
  • The deal took longer than we expected, and we had to stop lending during that time.

[spp-timestamp time="1:32"] For people who don’t know what Lendful is, what is your speciality?

  • We give unsecured loans from $5,000-$35,000. We found a niche market.
  • Our value proposition has always been to be better than a credit card.
  • The money can be used as the customer wishes.
  • It’s often used for debt consolidation.
  • It can help brokers stop their customers from going to the competition for loans.

[spp-timestamp time="6:01"] What does the process look like if I have a deal that I want to send to you guys? How do I sign up and how do I send you guys deals?

  • You need to be a referral partner. The best way is to send an email to broker@lendful.ca.
  • After that, to send us a customer, all you have to do is send us an email with the details. We will then ask for required documents from the customer.
  • We send the customer an application form via email and cc the broker.

[spp-timestamp time="10:05"] If somebody is organized, and they look like they’re going to be a fit for your product, how do they get their money and how long does that take?

  • Typically, we’ve been able to find deal in 24-72 hours. In special cases, we’ve been able to do it same-day.
  • We do an electronic funds transfer to the client. The broker gets notified as well.
  • We report to the bureau.

[spp-timestamp time="11:51"] What are the rates and terms like?

  • We’ve got a baseline rate of 9.9%. We typically trend up to low 20s. Generally speaking, it will be between 9.9% and 20%.
  • The loans last anywhere from 6 months to 5 years. The client selects the term
  • Clients are able to pay the loan early as well.

[spp-timestamp time="12:51"] You guys work with the broker community and have a referral program. What is that like?

  • We pay 1% commission on all funded deals.
  • Some brokers use it as an additional income stream.
  • For us, it’s always been about trying to understand the purchasing decision of the customer and the broker.
  • We’ve got great marketing collateral that we can share with brokers.
  • I can be reached at alex@lendful.ca.

[spp-timestamp time="17:08"] Where did you come up with the name?

  • It’s based on “mindful borrowing.”

[spp-timestamp time="18:03"] Is there anything else that I should have asked?

  • We’re open for dialogue and conversation and are accepting deals.
  • We would like to be engaged and connect with the broker community.

Resources:

https://lendful.ca