Lenmo

P2P and B2C lending platform

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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.
Reviews
  • 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.

    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!

    Emna Ghariani has used this product for one month.
  • Sean Reid
    Sean ReidTelecom Sr. leader in Silicon Valley
    Pros: 

    Not many unfortunately

    Cons: 

    Horrible customer service, poor communication tools, super-high risk.

    Companies are asking you to invest thousands of dollars should have excellent customer service and support. They also should have excellent tools to determine and understand where your lending is. They fail in all of that.

    Sean Reid has used this product for one year.
Discussion
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Hiram
Hiram@hiramfromthechi · Anything but one dimensional.
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.
Mark Maurice
Mark MauriceMakerHiring@mark_maurice
@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
Hiram
Hiram@hiramfromthechi · Anything but one dimensional.
@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.
Mark Maurice
Mark MauriceMakerHiring@mark_maurice
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.