Lender FAQs

An online loans marketplace that connects borrowers with local lenders. Lend-Grow identifies borrowers that are otherwise going to Big Banks and FinTechs and redirects loan inquires in lender’s footprint back to them.

  • Borrowers apply directly on the lender/partner’s site
  • Lenders retain full control of credit, pricing, and targeting footprint
  • Lend-Grow marketplace does not require IT integrations with the lender’s site.
  • Lend-Grow fees are based on closed loans (not leads or approvals).
  • Lend-Grow levels the playing fields for local lenders by capturing loan inquiries in lender’s footprint that would otherwise go to Big Banks or FinTech lenders.
  • Lend-Grow also brings down the cost of originations for lenders. Leads are pre-qualified through a credit soft pull to match lender’s eligibility guideline. Lenders resources are thus spent only on applications that can be approved.
  • Lastly, through a partnership with Lend-Grow, lenders can offer their customers a cutting edge digital experience that FinTechs often boast.
  • Lend-Grow employs a proprietary hyperlocal targeting capability that its founders developed while setting up $1 billion consumer loans business at a local lender in their prior roles.
  • The hyperlocal targeting uses means, needs, and readiness modeling to intercept and capture borrowers that are actively shopping for consumer loans.
  • It has become increasingly difficult for smaller lenders to compete online unless they can spend millions in brand advertising or setup large digital teams. Lend-Grow puts the local lenders back in the mix to capture online loan demand.
  • Unlike a loan purchase or participation, Lend-Grow helps lenders achieve loan growth while retaining full control of credit, pricing, and origination footprint.
  • Lend-Grow also help lenders promote their brand while capturing market share as borrowers are redirected to apply directly on the lender’s site.
  • Finally, Lenders gain a customer and relationship, not a loan. Typically, lenders should expect 12%-15% cross-sell to auto, home, and deposit products with acquired customers.

 

  • Lend-Grow helps lenders grow their direct portfolio.
  • Borrowers are redirected to the lender site for application.
  • Lend-Grow does not take applications from borrowers directly.
  • Lend-Grow finds borrowers that are actively looking for loans and meets lender-specified credit box criteria and redirects them to the lender’s site.

 

 

  • Local lenders who value growth through direct lending instead of loan purchases or loan participations.
  • Are interested in acquiring account from the millennial segment.
  • Want to grow personal installment loans or student loan refinance (not in-school student loans).

 

 

Getting Started

  1. The lender partner shares their desired credit box, pricing grid, and footprint.
  2. Lend-Grow team setups LG marketplace to connect borrowers in the footprint with the lender partner. No IT integration. All setup work is done by LG team (1 month).
  3. Borrowers in lender partner’s credit box and footprint are redirected to lender partner site for loan application.
  4. Lend-Grow receives fee for funded loans

No, getting leads from Lend-Grow does not require any IT integration.

Setup is handled entirely by Lend-Grow technology team. Setup is used to configure Lend-Grow marketplace to match leads to lender specified credit box and target footprint.

Absolutely. In fact, Lend-Grow was launched by its founders to help local lenders target borrowers in their footprint that are otherwise going to Big Banks and FinTech Lenders.

At this time, Lend-Grow provides:

  • Personal Installment Loans
  • Student Refinancing Loans (not in-school student loans)

Lend-Grow lender partners are local lenders. Most lender partner are looking to get $3-5 M in funded loans per month through leads coming from Lend-Grow marketplace.

Yes absolutely. Lend-Grow regularly advises its clients in maintaining a competitive underwriting and pricing leveraging proprietary data.

Lend-Grow founders have run Consumer loans business at lenders such as Capital One Bank, M&T Bank, and Pentagon Federal Credit Union. Nish, Lend-Grow’s CEO setup PenFed’s Personal Loans and Student Refi business and grew portfolio to $1 billion in outstanding. Fred, Lend-Grow’s CRO has been Chief Credit Risk Officer at over a half dozen banks and credit unions and has been a former OCC bank examiner.

Yes. Lend-Grow offers as an add-on a white label online loan origination that can help lender partners offer a FinTech-like best-in-class digital experience to its customers. The loan application is 100% digital, with various 3rd party integrations for income, ID verification, and e-sign of documents.

In addition, 3rd party servicing integration options are available on request.

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