Many new finance companies are creating services that are 1000 times better than traditional financial services and at a fraction of the cost. Some examples are the budgeting services like Mint.com and Check or the technology based investment services like Motif Investing or Betterment.
But in the lending space not all of them have a value proposition that includes both dimensions of quality and cost. In fact some lending platforms are making it very easy and fast to get a loan, and this is 1000 times better than traditional players, but the cost to the borrower is not that significantly lower than traditional providers. It’s like the proposal is “instead of getting skimmed at the banks, let us skim you, but you will suffer less”.
But Sam Hodges is building a lending marketplace that brings all benefits of technology in financial services to investors and borrowers, in this case small business borrowers. The Endurance Lending Network is connecting investors and business borrowers and both are already getting much better rates than using the banks or even some of his new finance colleagues!
In this video Sam talks about Endurance Lending Network and how it works: