Finding a personal loan today
LoanBillboard could have a dramatic effect on the personal and small business loan markets by being the first site globally to bring “Reverse Marketing” to the origination of personal and small business loans. Reverse Marketing is a new paradigm for marketing personal loans, where the borrowers firstly post their credit details and loan requirements onto the LoanBillboard which any bank or lender can then access and get a ready list of leads for making new loans to. A key difference with Reverse Marketing is that the banks and lenders from anywhere in the US, Australia, or even anywhere in the world, can search out and then come to the borrower instead of vice-versa.
Typically, today a borrower has to go to one of the loan comparison sites (like lendingtree.com in the US or plenti.com.au in Australia) in order to find a loan. The borrower then looks up which banks or lenders have come up for them there. Alternatively, they can also go directly to each bank’s or lender’s own website and apply there. They then have to an make an application to each of those bank or lender sites. The borrower is only gaining access to sites which can be looked up by that particular loan comparison site’s “network” and may miss other banks or lenders that could have offered as good or better deals (Lendingtree.com has a network of only 400 banks and lenders but there are over 4,100 banks and 900 non-bank lenders in the US alone).
It is a little-known fact that historically 76% of all applications for a personal loan are denied (see https://lendedu.com/blog/state-of-personal-loans-in-2018/).
In today’s scenario, each failed loan application can end with an “Inquiry” being entered into the borrower’s credit history where it is kept for 5 years. Too many inquiries on a credit report can make the report look bad for a future bank or lender. (See https://www.experian.com/blogs/ask-experian/credit-education/report-basics/hard-vs-soft-inquiries-on-your-credit-report/).
With LoanBillboard the borrower is never denied – as a bank or lender will only ever contact them if they are interested in lending to them based on their credit details and loan requirements published there.
Finally with today’s scenario the borrower then has to fill in an application form for each lending site and wait for an acceptance or rejection. A long, tedious and flawed process!
LoanBillboard is nothing short of a revolution in both personal and small business lending. The reason that there is an opening in the market is the fact that, as discussed, 76% of applications for personal loans made through the existing channels are denied and, of the applications which are accepted, only 35% of them actually end up being successfully originated*. There are a lot of disappointed personal loan applicants!
LoanBillboard can work on its own or as a supplement to the existing loan comparison sites. This is using the Internet for the exact purpose it was created for, to bring people together and create new “sticky” connections between personal and business parties.
With LoanBillboard the borrower has access to a truly global market for their loan, far beyond what they may find on the comparison sites. Their borrowing requirements can now be seen by every bank or non-bank lender globally. The banks and lenders also now have access to a ready, continuous source of leads for making new more deals.
LoanBillboard puts the borrower in direct communication with the bank or lender using a negotiation screen. Personal loans in future will become more and more like other bank loans, in respect of the way they can be rapidly negotiated over a web-browser between the borrower and lender (for terms such as interest rate, cash flows and collateral).
Instead of the “one size fits all” for personal loans today, LoanBillboard facilitates this type of negotiation – that the Internet is so good at – between the borrower and the bank or lender, to make the best possible deal for both sides.
Use the menu above to see all the key aspects of LoanBillboard including the business plan, financial projections and demonstrations.
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