A Short Video Describing a Social Lending Model and How We Are Different.

The following video is about 4 minutes long and it describes one of our competitors’ lending platform, a company called Weemba. We like showcasing our competitors because it is often the easiest way to describe our differences. You will see that Weemba puts institutional and commercial lenders together with small business (and while they don’t mention it, individual borrowers as well). Then, they charge a flat fee for the introduction, acting essentially as a lead-generator for banks.

And, of course like Lending Club and Prosper, Weemba’s lenders will be as rigid and uncompromising about qualifying their potential borrowers as any bank would be. Lending Club and Prosper proudly advertise that they turn away 85-90% of their borrower applicants.

iSellerFINANCE is a platform where borrowers/buyers and lenders/sellers can meet-up and negotiate loans and purchases over time. We only charge a small membership fee. Our lenders are individuals like those at Lending Club and Prosper, but we welcome the 85-90% of borrower applicants that they turn away. Why? They use conventional credit scoring models while we use a proprietary, advanced credit scoring model which for example, forgives those borrowers who have low credit scores solely because they defaulted on their mortgage.

We are looking to turn the tables on conventional banking, put the “social” back in social-lending and return some financial power to hard-working everyday citizens. And, we are launching soon under both http://www.OccupyFinance.com and http://www.iSellerFINANCE.com, so stay tuned.

Here’s the video:

http://www.youtube.com/watch?v=5vlQffM5v-0&feature=player_embedded

One additional comment I want to make about this video is that the notion of “giving up control to venture capitalists and angel investors” just isn’t true.

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About Steve King

iPeopleFINANCE™ Chief Operating Officer. Former CEO of Endymion Systems, Inc. a $36m Information Systems Services company. Co-founder of the Cambridge Systems Group, the creator of ACF2, the leading IBM Mainframe Data Center Security product; acquired by Computer Associates. IBM, seeCommerce, marchFIRST, Connectandsell alumni. UC Berkeley alumni. View all posts by Steve King

One response to “A Short Video Describing a Social Lending Model and How We Are Different.

  • Annette Gallagher

    Hi! I’m the CEO of Weemba – thanks for posting this video from The Early Show. I just wanted to correct one thing in your copy – We DON’T get a fee based on the deal. We don’t even know if a deal is done – all negotiations take place off our website. We get a flat fee for the introduction, and it is not a percentage of the loan amount. Thanks again and have a wonderful day!

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