Tools ‘N’ Tactics is our newest series, highlighting the best apps, tools, and tactics to help make your mortgage business easier, faster, and more profitable.
What is Lendful?
Lendful is an online, consumer, unsecured lender. They provide unsecured loans up to $35k up to 5 years in duration. These are amortized loans, and not lines of credit.
After seeing the state of the Canadian market, the co-founders of Lendful recognized a need for unsecured lines of credit to assist people in need. They offer real-time funding, completely based online.
Within the last 6 months, Lendful has changed their approval ratings dramatically, further simplifying the process for new applicants. Customers are now 4x more likely to receive a loan from Lendful than before due to their improved propriety credit model.
Lendful removes the paperwork, streamlining the loan process and keeping it simple and straightforward for customers.
Who is it for?
People looking to gain control of their debt or improve their credit score can largely benefit from Lendful. Their minimum credit score requirement has recently shifted from 650 to 550.
Brokers and small business owners also benefit from Lendful, utilizing their simple loan process for growing their business or providing loans for their clientele.
Lendful believes in changing the way people can borrow by simplifying the process and making it convenient for customers.
How it Works
The online application is laid out simply for new customers. Personal loan applications can be completely filled out online through their straightforward process.
Brokers or small business owners filling out an application for clients can send their information to Lendful, who then works with the client to allow them to directly apply for a loan. By keeping brokers in the loop throughout the application process, Lendful retains an open line of communication during the loan application and onward.
What Do Brokers Need to Know?
Debt consolidation and credit card re-financing are two of the most common ways people use Lendful loans. Clients looking to apply for a mortgage but who are restricted by past debts can borrow through Lendful to gain control of their finances.
Instead of a line of credit, where 3% of the outstanding balance is required for qualifying, payments through an amortized loan often come in lower.
Lendful eliminates the need to go to a branch and can provide same-day approvals. Brokers are kept in the loop with their clients as they work with Lendful.
How Can People Signup?
Send an e-mail to firstname.lastname@example.org, stating that you heard about Lendful through Scott Peckford’s podcast and would like to signup for a referral agreement.