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.
This article, however, highlights Weemba’s role as a friend to borrowers by treating them more as a partner than a product. Here are Weemba’s borrower-friendly features:
- 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.
To learn more about Weemba, watch its FinovateFall 2011 demo.