After yesterday’s CNNMoney article portrayed Lendio as a matchmaker, Bank Technology News published an article entitled, “Matchmaker Matchmaker, Make Me a … Loan?” that shows Weemba in the same light.
- Potential lenders are screened for predators
- The borrower decides when to open up communication
- The borrower controls which personal pieces of information the lenders see
- Borrowers do not pay fees, lenders do
It also gave some stats on the startup:
- Loan requests are between $1,000 and $5 million
- 2,000 members
- 32 lenders
- Competitors includes Kiva, Prosper, and Lending Club
City National Bank of Miami has been working with Weemba since launch.