LoanNow
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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
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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