LoanNow

lendingonline loans

FOUNDING YEAR: 2013
LOCATION: United States
Last Update: 17/07/2020

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About

LoanNow is a direct lending platform that offers personal loans to the public. The platform offers a maximum principal amount of $10,000 which can be repaid in a term exceeding no longer than 24 months. It provides affordable credit options to non-prime borrowers, typically with credit scores below 650, based on a traditional credit scoring range of 300-850. Its proprietary repayment motivation algorithm monitors and incentivizes an individual’s repayment and financial behavior in real-time to drive down their overall cost of credit.

Focus

PRODUCTS & SERVICES

Online lending platform for non-prime, middle-income borrowers. Most of borrowers know that a payday loan is a bad choice, but have limited options. LoanNow helps them bridge to a better financial future.

REVENUE MODEL

The company generates revenue from the interest fee.

MAIN CLIENTS

Retail credit consumers.

COMMENT

LoanNow uses the latest technology and statistical methods to make better credit decisions and motivate positive repayment behavior in the challenging subprime loans market.

Traction

VALUATION / MARKET CAP:

$40 M in 2016

People

NUMBER OF EMPLOYEES

11-50

INVESTORS:

"Self Funded"

Momentum

FUNDED

NO

TOTAL FUNDING

$6 M

DATE OF LAST FUNDING

Jan 2016

SEED & PRIOR FUNDING

$6 M

SEED CLOSED ON

Jan 2014

DEBT FUNDING

$50 M

LISTED

NO

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