- IEG Holdings Corp. will now be known as Mr. Amazing Loans Corp. to align identity with consumer brand
- Company revenues expected to quadruple by 2020 based on accessible loan model
- Ties to cryptocurrency firm could herald avenue for blockchain use in foreign loans
Mr. Amazing Loans Corp. (OTCQB: MRAL) announced on May 3 that it is the new corporate identity for what formerly had been IEG Holdings Corp. (OTCQB: IEGH) (http://nnw.fm/00UVz). The change, effective April 30, aligns the fintech company’s brand with the consumer loans portal ‘Mr. Amazing Loans’, by which it is best known, and follows immediately on the heels of an entitlement offer for IEG Holdings’ share owners interested in owning shares in cryptocurrency Investment Evolution Coin Ltd. (“IEC Ltd”), a company expected to launch this month that is managed by the CEO of Mr. Amazing Loans.
Mr. Amazing Loans is focusing its attention on advancing its accessible online loan model to assist the underbanked household market in obtaining short-term financial assistance. Mr. Amazing Loans’ model provides people with financial help at interest rates comparable to credit card companies’ loan costs of between 12 and 29.9 percent of the loan fixed throughout the duration of the five-year repayment cycle, well below the payday loan rates identified by the Center for Responsible Lending as ranging from 391 percent to 521 percent of the loan (http://nnw.fm/iH8Y8).
The loans are $5,000 and $10,000 unsecured offerings to consumers. They are delivered to clients rapidly and don’t have pre-payment penalties or hidden fees. The company is licensed and/or holds certificates of authority in 20 states coast-to-coast, with plans to gain approval in at least five more states in order to potentially capture about 75 percent of the nation’s potential market of 240 million people.
Also in January, analysts at ACF Equity Research predicted that Mr. Amazing Loans’ revenues will quadruple during the next few years (http://nnw.fm/i9LkJ), growing to $5.33 million by 2019 and $8.23 million by 2020. Mr. Amazing Loans has the added security that comes with being debt-free, although a profit-sharing agreement through August 2025 will affect the amount of its retained revenues.
The company also continues to explore how blockchain technology might be adapted into its model. The IEC Ltd. cryptocurrency shares offering serves as an early foray into that arena, as the cryptocurrency is planned to assist foreign-working Philippines expatriates in sending money home to loved ones. A study by Juniper Research predicts that, by 2021, migrant workers will internationally transfer more than $300 billion, up from an estimated $225 billion this year (http://nnw.fm/w6m5W). The research also foresees the market share of digital-only money transfer operators increasing as blockchain technology evolves and employs its security features to undergird transaction settlements.
“We believe potentially combining the exciting new blockchain technology with a leading sophisticated online consumer finance system, individual US state lending licenses and exposure to the Philippines $28 billion OFW (overseas foreign worker) remittance sector is a very exciting proposition,” CEO Paul Mathieson stated via a March news release (http://nnw.fm/1Yq76).
For more information, visit the company’s investor relations website at https://ir.mramazingloans.com
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