LOGAN, Utah--(BUSINESS WIRE)--ExtraFunds, a loan servicing company within the short-term lending marketplace that has serviced over 42,000 consumer loans in five years, is seeking to raise at least $1 million through the Crowdfunder platform to dramatically expand business operations.
The capital will be used for additional lead acquisition, marketing services, and expansion of its call center to support increased volume. Investors can expect impressive returns in the form of promissory notes that carry 12% annually compounding interest. Minimum investment is 12 months.
“ExtraFunds is perfectly poised for dramatic growth as the online short-term lending marketplace explodes,” said ExtraFunds Founder and CEO Aaron W. Bishop. “Our customers, who borrow an average of just $320, come back to us because of our top-notch, personalized customer service, the objective and transparent financial information we provide, and the respect we show our customers, whether we’re making loans or collecting on them.”
Short-term lending is a multi-billion dollar industry. An estimated 2% of U.S. adults use small-dollar loans to help manage cash flow, according to a recent study by the George Washington University School of Business.
ExtraFunds has emerged as an industry leader by keeping costs low, encouraging customers to pay off loans quickly, and converting borrowers into repeat customers. The company, which has serviced $14 million in loans over five years, boasts a 35% average conversion rate. Three of every five ExtraFunds borrowers are returning customers, this repeat business costing the company almost nothing.
“We specialize in keeping happy customers,” said ExtraFunds Director of Lending Operations Bryce Sorensen. “They’ve proven they are responsible borrowers, and we do everything we can to keep them coming back when they need us.”
“ExtraFunds has been able to maintain a low 13% overall default rate, meaning the company collects on an impressive 87% of its loans,” Sorensen said.
ExtraFunds’ $1 million debt investment opportunity is open to all qualified investors through Crowdfunder.com. Learn more at www.crowdfunder.com/extrafunds.
ExtraFunds is an industry-leading loan servicing company in the online lending marketplace with expertise in marketing, real-time underwriting, and verification and collection services for lenders and borrowers. ExtraFunds is owned by Logan-based Ottawa Capital, which has invested nearly $1 million in the company. For more information, visit www.extrafunds.com or follow the company on Twitter.