The emergence of an online lending marketplace has changed the way the world accesses credit. Investors and borrowers are no longer dependent upon the traditional banking system, which is known for its inefficiencies, waste, overhead, and red tape.
Peer-to-peer and crowdfunding investors can now enjoy impressive returns on their small and large investments while borrowers benefit from a more direct lending relationship.
The ExtraFunds Group funds and services loans in the short-term online lending marketplace. We are a financial solution for customers needing short-term credit, an industry segment that traditional banks have largely vacated. We offer efficient real-time underwriting, customer verification, and collection services for short-term marketplace lenders, providing customers with quick and efficient access to much-needed capital.
More than 12 million Americans use short-term credit every year, spending approximately $7.4 billion annually. ExtraFunds services a robust short-term lending portfolio for its lending partner, with total revenues of more than $20 million since 2009.
Revenue associated with the 2014 lending year reached $2 million.January, 2015
Increased average daily loan volume for December 2014 by 100% (compared to August 2014).January, 2015
Began raising capital for ExtraFunds' newest lending portfolio.July, 2014