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
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[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 email@example.com.
- 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 firstname.lastname@example.org.
[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.