Lend Street created a debt restructuring lending platform. The platform is designed for borrowers and investors as well. Although the platform was only launched 3 years ago it has been and remains a big hit.
What Is Lend Street?
Lend Street takes the time to work with various financial organizations in order to negotiate a discount with the creditors for those experiencing financial distress. The platform was designed to be easy to use, understand and operate.
The company is Better Business Bureau accredited and currently holds an A+ rating. There have been no complaints filed with the BBB at any time.
There are currently 8 investors backing Lend Street.
- Accion Venture Lab – Venture
- Financial Solutions Lab – Venture
- Flock Specialty Financing – Venture
- Cross Culture Ventures – Lead Venture
- ITB Venture Capital, LLC – Lead Seed
- Crunch Fund
- Kapor Capital
- Marc Bell Ventures
The company was founded in 2010, but the platform was launched in 2013 by Jerry Nemorin and Tom Coombs. After experiencing financial struggles in his own personal life he decided he wanted to try and make a difference for others in similar situations.
Nemorin worked in the Global Corporate & Investing Bank Division departments for Bank of America Merrill Lynch and knows his way around finances. Co-founder Tom Coombs brings over 15 years of experience in UI ( User Interface ) and UX ( User Experience ).
He has worked in-house at Goldman Sachs where he was responsible for designing trading platforms.
The Product
The platform was set-up to be easy to use and understand. Lend Street wants people to understand the process and how it operates. The platform has been running for 3 years now and is gaining a lot of positive recognition.
Borrowing on Lend Street
When borrowing from Lend Street they will make all negotiations necessary in order to lower your overall debt amount, as well as, the interest rates.
How it works is, the company takes care of your current debt with the creditor, readjusts some numbers to make it affordable and suitable for your current situation. The advantages of working with Lend Street are:
Lower Debt and Interest Rates – Lend Street deals with the creditors in order to lower your overall fees and charges.
Affordable Payments – The company goes through your current financial situation to find the right payment plan that fits your budgets.
No Creditor Hassles or Collection Calls – When Lend Street takes the place of your current credit company the credit companies leave you at peace because Lend Street pays the amount due and now you owe them.
Improved Credit Score – When you pay off any of your debts it will increase your credit score.
Financial Freedom – When you finally have your finances situated you will experience financial freedom. There is no debt to worry about.
Investing on Lend Street
Investors can buy a share of the loans on the website. All of the loans have the information regarding the borrowers risk rankings and the expected rate of return.
When a payment is made from a borrower, the payments are then dispersed evenly between the involved investors.
There are no fees for investors to sign-up or to invest and the repayments are all made in full. Any accredited investor who is a US citizen is eligible to apply. There is also an e-mail address for non-US citizens to contact for more information on getting or giving help.
Once you are registered and accredited verified you can begin investing. There is no limit to how many borrowers you help or how much you choose to loan them. It is simple to use, you choose the loans to invest in and name your price.
The advantages of investing on Lend Street are:
Helping Others In Financial Need – Knowing that your investment is going towards helping someone in need is a satisfying feeling.
There is a higher rate on all returns – Your return rates are set up to be higher than many other places.
Lend Street Handles and Manages Your Risk – There is no need to worry about getting your payments. Lend Street has the system set up in a way that you are always guaranteed your part of the pay.
If a borrower fails to pay, the company pays the fee for them and handles any issues necessary.
Make Money Back on Your Investments – You will get what you put in back and a little extra for your good deeds.
The platform is set up to be simple. Navigation is easy and the content within is very easy to understand and follow. There is a FAQ section and if there are ever any issues it doesn't take long to hear back from the support team with solutions to any problems.
The Opportunity
The opportunity is rather obvious for many. Borrowers can resolve their debt and establish a better credit score. Lend Street provides the proper tools needed to understand and improve your financial situation, as well as, how to keep yourself out of that situation.
- The platform provides accessible budget plans to help borrowers stay on top of all finances. You can design the plan however it is best for you, and refer to it when necessary.
- You are provided with special offers and rebates on various things.
- There is a wealth of financial information available for borrowers and investors alike. You can learn finances in laymen's terms, this will help you better understand the world of finance. Learn how to get yourself out of debt and how to stay out of it.
- The flexible payment availability is a huge help.
- You have a whole support network to guide you through the process and answer any questions you have.
Lend Street provides the opportunity to reduce current debt and interest rates for borrowers and help them discover affordable payment rates to fit their current financial circumstances.
Borrowers can bring their credit scores back up and get a handle on all of their financial situations. For borrowers, the opportunity for financial freedom is the big winner.
The opportunity for the investor is a little different. Investors get to reach out and help others in dire need, that provides an incredible feeling on its own. Investors also get to make a little money in the process.
There is no limit to how much, how often or how many people you help; that is all up to the investor.
The Verdict
Lend Street has had some time to grow in the last 3 years, and by all means, they are currently very successful in their endeavors. The company has received acknowledgment and recognition from some of the leading business publications today.
The press is through the roof with Lend Street. Forbes, Business.com, American Express and Huffington Post to name a few.
Earlier in 2016 Lend Street announced its $28 million credit facility. That number is much higher than the last amount of $3.2 in seed funding. This is excellent news for the company, investors, and borrowers as well.
In only 3 short years the company has grown immensely and has a massive following. People helping people through Lend Street eliminates all of the headaches when it comes to working with the big banks.
Lend Street gets an A+ for many reasons. The platform is designed with a powerful purpose, to help those in financial need. The company has helped hundreds and hundreds of people climb out of financial debt receive more financial freedom and rebuild their credit.
Investors get to help those in need while making a little money for themselves. Lend Street removes the hassle, headache, and stress of requesting financial help. There are no hoops to jump through and everything is explained so it is easy to understand and retain.
User reviews are all positive and so far, to date, there have not been any complaints or issues filed with the Better Business Bureau. BBB gives them an A+ ranking for the amount of time in service and the fact that there are no customer complaints.
