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LoanNow Uses Motivational Lending to Help Borrowers Reduce the Cost of Credit

This post is part of our live coverage of FinovateSpring 2015.

LoanNow-logo-noTM-flatLoanNow is introducing a new way to co-sign loans; it’s called “Group Signing.”

LoanNow is debuting a groundbreaking new form of loan co-signing called “Group Signing” as part of its motivational lending platform. Group Signing amplifies the traditional benefit of a co-signer by leveraging crowdsourcing technology to share the risk among a broader group of people in smaller allotments. This lowered risk profile allows LoanNow to actively pass along its own risk savings in the form of a lower APR during the loan lifecycle. Combined with other active APR reduction incentives LoanNow now offers, Group Signing has the potential to save borrowers significant amounts of money in interest payments.

Presenters: Harry Langenberg, CEO and co-founder, and Miron Lulic, president, COO and co-founder

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Product Launch: May 2015

Metrics: $5M raised, $3M in loans issued to clients, 25 employees
Product distribution strategy: Direct to Consumer (B2C)

HQ: Santa Ana, California
Founded: June 2013
Website: loannow.com
Twitter: @loannow