IEG Holdings Corp. (IEGH) Capitalizes on Growing C
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Posted On: 04/06/2018 9:30:27 PM
IEG Holdings Corp. (IEGH) Capitalizes on Growing Consumer Lending Market with Unsecured Personal Loan Model
- Company offers fast and affordable unsecured personal loans online in 20 states
- IEG Holdings exploring application of blockchain technology to its consumer lending business model
- Total consumer lending industry in the U.S. is at more than $1.4 trillion, with unsecured personal loan segment taking roughly $107 billion
A leading fintech company and direct lender licensed in 20 states, Las Vegas-based IEG Holdings Corp. (OTCQB: IEGH) is offering a unique and approachable consumer lending model based on the concept of online unsecured loans with fast approval rates and affordable repayments. The company provides unsecured personal loans of $5,000 and $10,000 via its wholly owned, licensed subsidiary, Investment Evolution Corporation. With rapid approval, same-day funding, no hidden fees and low repayments, this lending model positions IEG Holdings for a leading position on the booming consumer lending market.
According to the Federal Reserve Bank (http://nnw.fm/0x1Fu), the value of consumer loans at U.S. commercial banks is more than $1.43 trillion as of February of this year. Unsecured personal loans take a $107 billion stake in the total, according to figures compiled by TransUnion (http://nnw.fm/2j5Sa). This number marks a 10.8 percent increase from 2016. Even if the growth rate is smaller than the year-over-year increase rates reported up to 2016, there is a clear growing trend that continues every year, signaling increased consumer confidence in the stability of the market and overall sources of revenue. It should also be noted that, in addition to the growing rate of consumer lending, delinquency rates have dropped significantly, according to an Experian report (http://nnw.fm/Nh1Df), to a national average, pre-recession rate of 0.74 percent for 90 to 180 days-past-due delinquency rates and 0.49 percent for 60 to 89 days-past-due delinquencies.
IEG Holdings aims to disrupt the market with its unique approach to consumer lending. Offered under the ‘Mr. Amazing Loans’ consumer brand via its website and the online application portal available at www.MrAmazingLoans.com, IEG Holdings’ unsecured consumer loans have a five-year maturity period and interest rates that are considerably lower than what payday lenders typically charge. According to the Center for Responsible Lending, payday lenders generally charge interest rates ranging from 391 percent to 521 percent annual percentage rate (APR) on loans from $100 to $1,000 (http://nnw.fm/iH8Y8). With Mr. Amazing Loans, consumer loans are processed and funded on the same day, without any pre-payment penalties or hidden fees. Repayment interest rates are fixed at an APR of up to 29.9 percent for the duration of the loan. This allows for low fixed repayments, depending on the loan amount and other terms, so as to fit any consumer’s budget.
All of the company’s loans are processed through IEG Holdings’ corporate offices in Las Vegas. The company is currently licensed or has certificates of authority to originate loans in 20 states, including Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia and Wisconsin.
IEG Holdings also plans to further strengthen its position on the consumer lending market by exploring multiple applications for blockchain technology to its business model. Initial plans to release a gold-backed cryptocurrency for loan origination and repayments have been shelved for the time being. However, the company will maintain an interest in cryptocurrency and consider relevant opportunities in the future, including via the launch of a new currency by Singapore-incorporated Investment Evolution Coin Ltd. (“IEC”), a company managed by IEG Holdings CEO Paul Mathieson. IEG Holdings shareholders are currently being provided with the opportunity to receive the same number of IEC shares as the number of IEG Holdings shares that they hold. The offer will be valid until 5 p.m. EDT on April 30, 2018. IEC plans to launch its cryptocurrency in May 2018, with the initial goal of facilitating payment of remittances to the Philippines by nationals who work overseas in Singapore, Australia and the U.S.
For more information, visit the company’s website at www.InvestmentEvolution.com
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
- Company offers fast and affordable unsecured personal loans online in 20 states
- IEG Holdings exploring application of blockchain technology to its consumer lending business model
- Total consumer lending industry in the U.S. is at more than $1.4 trillion, with unsecured personal loan segment taking roughly $107 billion
A leading fintech company and direct lender licensed in 20 states, Las Vegas-based IEG Holdings Corp. (OTCQB: IEGH) is offering a unique and approachable consumer lending model based on the concept of online unsecured loans with fast approval rates and affordable repayments. The company provides unsecured personal loans of $5,000 and $10,000 via its wholly owned, licensed subsidiary, Investment Evolution Corporation. With rapid approval, same-day funding, no hidden fees and low repayments, this lending model positions IEG Holdings for a leading position on the booming consumer lending market.
According to the Federal Reserve Bank (http://nnw.fm/0x1Fu), the value of consumer loans at U.S. commercial banks is more than $1.43 trillion as of February of this year. Unsecured personal loans take a $107 billion stake in the total, according to figures compiled by TransUnion (http://nnw.fm/2j5Sa). This number marks a 10.8 percent increase from 2016. Even if the growth rate is smaller than the year-over-year increase rates reported up to 2016, there is a clear growing trend that continues every year, signaling increased consumer confidence in the stability of the market and overall sources of revenue. It should also be noted that, in addition to the growing rate of consumer lending, delinquency rates have dropped significantly, according to an Experian report (http://nnw.fm/Nh1Df), to a national average, pre-recession rate of 0.74 percent for 90 to 180 days-past-due delinquency rates and 0.49 percent for 60 to 89 days-past-due delinquencies.
IEG Holdings aims to disrupt the market with its unique approach to consumer lending. Offered under the ‘Mr. Amazing Loans’ consumer brand via its website and the online application portal available at www.MrAmazingLoans.com, IEG Holdings’ unsecured consumer loans have a five-year maturity period and interest rates that are considerably lower than what payday lenders typically charge. According to the Center for Responsible Lending, payday lenders generally charge interest rates ranging from 391 percent to 521 percent annual percentage rate (APR) on loans from $100 to $1,000 (http://nnw.fm/iH8Y8). With Mr. Amazing Loans, consumer loans are processed and funded on the same day, without any pre-payment penalties or hidden fees. Repayment interest rates are fixed at an APR of up to 29.9 percent for the duration of the loan. This allows for low fixed repayments, depending on the loan amount and other terms, so as to fit any consumer’s budget.
All of the company’s loans are processed through IEG Holdings’ corporate offices in Las Vegas. The company is currently licensed or has certificates of authority to originate loans in 20 states, including Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia and Wisconsin.
IEG Holdings also plans to further strengthen its position on the consumer lending market by exploring multiple applications for blockchain technology to its business model. Initial plans to release a gold-backed cryptocurrency for loan origination and repayments have been shelved for the time being. However, the company will maintain an interest in cryptocurrency and consider relevant opportunities in the future, including via the launch of a new currency by Singapore-incorporated Investment Evolution Coin Ltd. (“IEC”), a company managed by IEG Holdings CEO Paul Mathieson. IEG Holdings shareholders are currently being provided with the opportunity to receive the same number of IEC shares as the number of IEG Holdings shares that they hold. The offer will be valid until 5 p.m. EDT on April 30, 2018. IEC plans to launch its cryptocurrency in May 2018, with the initial goal of facilitating payment of remittances to the Philippines by nationals who work overseas in Singapore, Australia and the U.S.
For more information, visit the company’s website at www.InvestmentEvolution.com
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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