- As of July 2017, the Federal Reserve Bank estimates the value of all consumer loans in the U.S. to be more than $1.3 trillion
- Total personal loan balances finished 2017 at $117 billion, up from 2016’s $102 billion
- Nation’s strong economy is helping to build consumer confidence in personal balance sheets, signaling strong performance across multiple credit product lines, including personal consumer loans
- “Mr. Amazing Loans” brand available online in 20 states, with plans to expand to additional states
Specialized fintech company and consumer loan provider IEG Holdings Corp. (OTCQB: IEGH) issues and services direct, unsecured personal loans under the brand name “Mr. Amazing Loans” through its state-licensed operating subsidiary, Investment Evolution Corporation. Residents of 20 states (and counting) are able to apply online for consumer loans of either $5,000 or $10,000 by simply going to the company’s website and application portal at www.MrAmazingLoans.com. With a fixed APR in the range of 12 percent to 29.9 percent with a non-revolving term of five years, Mr. Amazing Loans gives consumers the option of securing a loan without ever having to meet with a lender or pay extravagant payday lender rates.
As a licensed, direct lender with licenses or certificates of authority to lend in each state, Las Vegas-based IEGH originates, processes and services personal loans to a long line of satisfied, underbanked consumers who have limited access to credit from banks and credit card companies.
The latest data from consumer credit reporting agency TransUnion puts the size of the personal loans sector at $107 billion for the second quarter of 2017. That’s a 10.8 percent increase over the same quarter in 2016 and a 132 percent increase from 2012, as detailed in an article published by SuperMoney.com (http://nnw.fm/c8LAS). A 2016 Federal Reserve survey notes that 10 percent of respondents said they applied for a personal loan that year, leaving significant room for the industry’s growth (http://nnw.fm/UiN03).
SeeThruEquity reports that IEGH is also looking at tapping into a $28 billion remittance market in the Philippine economy. Nearly 10 million Filipinos work abroad each year and send much of that money back home to family members, often paying exorbitant transaction fees. A progressive regulatory climate in the Philippines is seen as a favorable opening for cryptocurrencies, the report states (http://nnw.fm/qd3zP).
Company CEO Paul Mathieson said that the company seeks to enter the remittance services market through the launch of a cryptocurrency by Investment Evolution Coin Ltd. (“IEC Ltd.”), a Singapore-incorporated public unlisted company managed by Mathieson (http://nnw.fm/zOEm1). Through IEC, Mathieson is collaborating with HashCash Consultants, a California-based blockchain company, to launch a new cryptocurrency – Investment Evolution Coin – that aims to make it easier and more cost-effective for the millions of Filipinos who work abroad to send money home. Mathieson also announced IEG Holdings’ shareholders will be provided with an opportunity to attain shares in Investment Evolution Coin.
“We believe potentially combining the exciting new blockchain technology with a leading sophisticated online consumer finance system, individual U.S. state lending licenses and exposure to the Philippines $28 billion OFW remittance sector is a very exciting proposition,” Mathieson said in a new release (http://nnw.fm/B1sWG).
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