Lenmo

P2P and B2C lending platform

Lenmo is a peer-to-peer lending app that connects people looking to borrow money with people looking to make money.
Looking to make some money? You don’t need to be a financial expert - making investment decisions is easy through the app.
Discussion
Would you recommend this product?
13 Reviews3.6/5
So can you sign up as a lender? Or is this only for borrowers? Also, how do you compete and differentiate with r/borrow? Anonymity is of course an issue but on that sub specifically it doesn’t seem to be an issue because of all the authentication processes they have in place.
MakerHiring
@hiramfromthechi you can signup as a lender for sure. We just show the initials of the borrower and the lender. So it is completely anonymous
@mark_maurice Oh so you're planning on keeping the anonymity, interesting. I thought that it would have helped to remove that anonymity and know exactly who you're dealing with (both ways) to increase trust and transparency.

It is the simply the uber for lending, a solution like this has been needed for a long time and it is so simple to get setup, to interact. Even from a lender perspective, it is great as it is secure, borrowers are vetted and they can start small to test it out as the team give you credit to play with so gain even more trust!

Pros:

I love Lenmo as it is an easy simple way to get quick access to cash, there's no middle man and the UX is simply awesome.

Cons:

I don't see any for now.

I signed up for Lenmo with one email address. Their app wasn’t working properly, so I could not enter my home address without being kicked out of the app. Once they fixed that, I couldn’t sign back into the app. So, I signed up with a different email address. I was able to enter my regular address in this time, but now it said my SSN was already being used. So, I opened up a support ticket. It took a week for them to reply and when they did, it wasn’t helpful. So I’d ask another question and another week goes by and another unhelpful answer. This went on and on for WEEKS. They say for the security of MY account, I cannot sign up for a new account because my SSN is linked to the other account. But I can’t access that account because it tells me that first account DOESN’T EXIST. On top of all that, the last time they answered me, they attached another user’s NAME, ADDRESS, and PAY STUB to MY answer which I could easily access and read. After about two months of going back and forth, it was decided that I could never use the app. So I never got to and I never will. I just hope they don’t attach my private information to someone else’s question.

Pros:

There are none that I’ve found so far.

Cons:

Customer service stinks. You have to HUNT for a phone number and the number doesn’t work.

It's not very ROI+ for the risk you take on. If you were able to set your own rates, this would be properly executed.

Pros:

-Good UI -Serves market purpose

Cons:

-Extremely low returns for the risk -Inability to set your own rates (as a lender)

MakerHiring
The small amount loan market is significantly underserved and predatory. Options for borrowers looking for a loan ($50 – $5000) are limited, competition is rare and the terms disproportionately favor the lender. Operational cost including loan underwriting, accessing information such as credit reports and the calculating the likelihood of default affect profitability and the cost is ultimately passed down to the customer via high-interest rates. Lenmo is a P2P and B2C platform that easily facilitates end-to-end lending and borrowing. We connect lenders to a competitive small loan marketplace with pre-qualified users whose lending risk has been assessed by a machine learning generated algorithm that our team created.