LoanHero Expands Lending Footprint to 50 States
New nationwide service area allows consumer lender to partner with national merchants at the point of sale
San Diego, California, March 8, 2016 (Newswire.com) - Online marketplace lender LoanHero, Inc. today announced it has expanded its lending operations to a nationwide footprint in partnership with First Electronic Bank, Member FDIC. This announcement follows LoanHero’s recent $2.5 million round of seed funding, and will allow LoanHero to partner with nationwide retail establishments seeking to offer a more comprehensive financing option to their consumers at the point of sale.
LoanHero is, most simply, a technology platform that merchants use to offer loans to their customers. Retailers are forced to apply for customer financing through a number of incompatible lender programs when selling their products. As a result, the consumer suffers from multiple declines and the merchant can often lose the sale. “At LoanHero, we’re using technology to redesign the financing ecosystem to better serve consumers and merchants,” said Steve Connolly, LoanHero CEO.
"We've begun working with a number of regional and national merchant chains, and we were unable to fully serve them until now. With our new 50-state footprint, we are poised to go national with several of our current partners, and are the best option for merchants seeking to get a 'yes' for their customers at the most reasonable cost."
Steve Connolly, CEO, LoanHero
The LoanHero marketplace serves as one platform with one financing application and multiple lenders. As the merchant completes an application, LoanHero will find the best possible financing option for that consumer and offer the merchant an approval in real-time. And where another lender won’t fund the transaction, LoanHero has raised $20 million to offer balance-sheet financing to fill the gap.
“I realized early on how important the LoanHero marketplace is in easing the financing struggle for merchants and consumers,” said Neil Senturia, early stage angel investor in LoanHero. “There are huge inefficiencies in this industry, so it is ripe for disruption, and I’m proud to see LoanHero addressing this gap head on.”
“We’ve begun working with a number of regional and national merchant chains, and we were unable to fully serve them until now,” commented Connolly. “With our new 50-state footprint, we are poised to go national with several of our current partners, and are the best option for merchants seeking to get a ‘yes’ for their customers at the most reasonable cost.”
LoanHero recently announced a partnership with LaserAway, the leader in the aesthetics industry for hair removal, tattoo removal, body contouring & skin rejuvenation. LaserAway has locations across the nation, and LoanHero will now be able to serve all of them.
“We don’t usually lead investments in financial-service companies,” said Stewart Alsop, co-founder of Alsop Louie Partners. “But LoanHero’s stunning growth and innovative platform for instant consumer financing led us to look more closely at this company. We now believe that the company is at the leading edge of the real time revolution."
In just six months, LoanHero has tripled its staff and made thousands of loans to consumers with hundreds of merchant partner locations, even with a limited footprint of five states. The company now serves consumers nationwide and lends across multiple verticals including furniture, auto repair, home improvement, and alternative-elective health.
About LoanHero
LoanHero has developed an innovative loan origination platform that brings marketplace lending to the point of sale. LoanHero provides better financing options for consumers purchasing goods and services, including furniture, home improvement, auto repair, and elective healthcare. Through the integration of strategic lending partners complementing their own balance sheet, LoanHero is able to offer instant decisions and one of the most competitive loan products available for prime to sub-prime consumers, all on one streamlined platform. LoanHero is a participant in the EvoNexus accelerator, and is located at 4225 Executive Dr, La Jolla, CA 92037. To learn more about LoanHero and stay up to date on future updates, visit www.loanhero.com.
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