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How they describe themselves: LendingKarma is a person-to-person lending site that makes it easy for parties that know each other to create loans and provides borrowers and lenders with tools to help service the loan and see it through to repayment.

What they think makes them better: There are two main types of person-to-person lending solutions out there today. First there is the low cost, sometimes hard to use, and often incomplete services that either generate a promissory note or sell a blank promissory note. The relationship ends after the promissory note purchase and you are left to deal with the realities of tracking your loan to completion. In addition to sending payment reminders LendingKarma can help manage variations such as overpayments to pay down principal, late payments, and underpayments.

On the opposite end there are services that ask you to let them manage the entire process, but are expensive. LendingKarma aims to offer the best of both worlds — an easy to use, reliable, and convenient service for creating and tracking your personal loan from inception to final repayment — at a cost effective price point. We will continue to add features to make the person-to-person lending process easier and more convenient.

For financial/legal advisors and organizations that wish to provide a high quality, custom branded web based loan creation and tracking solution for their clients, the LendingKarma platform can be deployed as a ‘white label’ solution.

At a time when Americans have lost faith in corporate banks, person-to-person lending has emerged to restore integrity and transparency to this process. LendingKarma hopes to be part of this shift

Contacts:

Bus. Dev., Press and Sales: Michael Kovacs, michael@lendingkarma.com