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Bootstrapping a $60K/Month Online Lending Business
- ytNumbers 8y agoAn interest rate of 190% ? Wow. For those with no credit, I guess 190% APR represents the risk that the lender is taking. I'm sure that 190% rate sucks way less than your typical payday loan rate, but this is why many states have outlawed payday loans.
- Tostino 8y agoYeah, I was amazed by this too. Even more amazed to see their competition's rates.
- brador 8y agoWhy would you lend money to someone who accepts a term of 190%? Wouldn’t their acceptance imply a lack of financial aptitude or extreme desperation?
- pouta 8y agoOr confidence in their investment
- ta1234567890 8y ago> Fig takes a leap of faith every time we lend. We give our borrowers an opportunity to show they’re more than their credit score Reminds me of this company https://www.destacame.cl https://www.destacame.cl which helps consumers and small business owners create a record of all their monthly payments to show that even if they don't have a credit record, they are good payers and deserve (good) credit. It's a pretty cool concept.