How they describe themselves: CommunityLend has a new model where consumer loans are originated (through Financeit) and serviced on behalf of institutional lenders. The average loan size is $12,000 with a 5-year term and 8 year amortization. The average interest rate is 10.2% and the average credit score is 727.
How they describe their product/innovation: Financeit allows businesses to offer instant, POS financing to their customers from any device. The approval process takes less than 10 seconds and merchants receive their payment by direct deposit. The standard program is free to use plus we provide marketing programs such as deferred payments or 0% financing. We currently serve the home improvement, vehicle, retail and healthcare markets.
Bus. Dev., Press & Sales: Casper Wong, VP Business Development, firstname.lastname@example.org, (416) 646-2177 x103