GlobeFunder™
What is GlobeFunder™? GlobeFunder™ is an online marketplace that drives down costs for Borrowers by eliminating the more expensive middlemen. This new, Direct-to-Consumer™ model of lending also offers lenders better rates of return.
What types of loans are available to Borrowers? GlobeFunder™ is currently a marketplace for unsecured loans up to $25,000, depending on State laws. Additional products such as auto loans and home equity loans will also be available soon.
Why is a GlobeFunder™ loan attractive to a Borrower? Borrowers commonly turn to credit cards, finance companies, and other high-cost loans as the source of funding for smaller loan amounts. Regardless of credit quality, Borrowers typically experience high interest rates and/or transaction costs, driven up by the hidden middlemen in the loan equation. GlobeFunder's solution is to remove the "middlemen" (traditional "brick and mortar" financial service providers), passing the savings onto the Borrowers.
How do I become a Borrower? With the attractive, inviting interface found at GlobeFunder's dedicated borrowing site, the loan application process has never been easier. The enviornment walks Borrowers through the step-by-step process.
Does a Borrower need a minimum credit score to get accepted into the marketplace? GlobeFunder™ does require a minimum credit score. That score is set by GlobeFunder™ based upon market conditions and loan performance experience.
Are loans secured by collateral? Currently, all loans in GlobeFunder's marketplace are unsecured. Future products will likely include individual secured loan products (car loans, home equity, etc.).
Is GlobeFunder™ and its affiliated sites regulated? Yes. GlobeFunder™ is a licensed consumer lender regulated by the individual states where loans are made. GlobeFunder™ is also a registered Money Service Business (MSB) with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).
How does GlobeFunder™ make money? GlobeFunder™ makes money in the form of Loan Closing Fees paid by Borrowers and Loan Servicing Fees paid by Lenders.