Alex Benjamin, CEO of Lendful, returns to the podcast as the guest for this episode. 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. There has been a lot of things going on with Lendful lately, such as their acquisition by Peoples Trust. Alex talks about what has happened since his last podcast appearance and what he sees in the future for Lendful.
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
[spp-timestamp time="0:57"] I know that you guys have relaunched recently and had an acquisition, so tell me about that.
• It’s been amazing since we relaunched in June. A lot of volume, a lot of inquiries.
[spp-timestamp time="1:58"] You’re the CEO of Lendful, so give me the two-sentence version of what you guys do.
• We do personal loans that are made simple.
• The value proposition is trying to get people away from credit card debt.
[spp-timestamp time="2:54"] What kinds of things are brokers finding your services useful for?
• We’ve learned that brokers will help their customers do debt consolidations.
• It helps brokers keep their customers close.
[spp-timestamp time="6:10"] Have you seen brokers use Lendful in other creative ways?
• One thing we’ve seen recently is top-tops. We’ve got a program where there is an opportunity to lend a person more money.
• One of the things that’s been coming up is renewals. It allows brokers to keep adding value for their customers over the long-term.
• We give brokers another reason to have a conversation with their clients.
[spp-timestamp time="8:12"] We’ve talked of some brokers using Lendful as a creative way to re-engage with their database. Can you talk to me about that a little bit?
• Having a really good plan is a really great way to be consistent in good and bad markets.
• Some brokers train their assistants to go through their database and look for people who have credit card debt.
• We have a broker calculator on our website.
[spp-timestamp time="10:17"] This is great that you’re helping your clients, but also, because you’re broker-centric, you pay brokers too.
• We pay a commission. The disciplined brokers are finding that they are adding extra income easily.
• When customers refinance, we see their credit scores increase 5%-10% over the next six months.
[spp-timestamp time="12:24"] What’s the typical time from a customer getting approved to getting the money in their bank account?
• As soon as we get the customer’s documentation electronically, it’s 24-72 hours funding time.
[spp-timestamp time="13:04"] What’s next for Lendful?
• We’re continuing to expand across Canada.
• We were bought by Peoples Trust.