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Globefunder: A Lending Marketplace
for Personal and Business Loans
by rebuildcreditscores.com
March 2008
for Personal and Business Loans
by rebuildcreditscores.com
March 2008
How it Works
Lenders are matched directly with borrowers and the need for traditional banks is
eliminated. Borrowers seeking loans must create a loan profile with Globefunder. Once a
profile has been created the borrower’s identity is authenticated and if the borrower
decides to apply for a loan, credit reports are pulled and additional credit application
information is taken.
Borrowers
Borrowers post of a loan request on the GlobeFunder marketplace for a desired amount.
You choose the interest rate and repayment schedule right for you After this is done
GlobeFunder performs a real-time credit check to see if you are qualified.
Your loan request is assigned a Globe Rating based on your credit score. A loan request
will be accepted based on GlobeFunder’s willingness to fund your loan at the interest rate
you requested. You can track the status of your loan request online, and once it is
funded, the money is deposited electronically into your bank account.
Types of Loans and Rates
Unsecured personal loans are available up to $25,000, depending on your State’s laws.
The typical interest rate ranges from 9.50% to 19.75%. Borrower provides additional
information typical of any credit application, and chooses the term and interest rate of the
loan sought. If qualified, the borrower's loan request is then made available to lenders.
Lenders on Globefunder
The lender has its own criteria. Typical information the lender considers is the borrowers
credit history, debt-to-income ratio, term of the loan, interest rate and other data deemed
relevant about the borrower. The lender’s loan criteria is matched against borrower
requests. After a successful match, loan commitment and documentation, the loan is
funded.
Minimum credit score
GlobeFunder requires a minimum credit score of 640 to be accepted into the lending
marketplace. GlobeFunder bases their credit score criteria on current market conditions
and approved loan performance and experience.
GlobeFunder Fees
GlobeFunder charges loan closing fees to borrowers and loan servicing fees to lenders.
At the time your loan is funded, you will be charged 1.75% of the amount borrowed or
$50, whichever is greater. The fee will be deducted from your loan proceeds prior to
funding. Borrowers who do not elect to automate loan repayments electronically through
ACH will be assessed a Loan Closing Fee of 3.75% of the amount borrowed or $200,
whichever is greater.
For more information visit: Globefunder.com
Lenders are matched directly with borrowers and the need for traditional banks is
eliminated. Borrowers seeking loans must create a loan profile with Globefunder. Once a
profile has been created the borrower’s identity is authenticated and if the borrower
decides to apply for a loan, credit reports are pulled and additional credit application
information is taken.
Borrowers
Borrowers post of a loan request on the GlobeFunder marketplace for a desired amount.
You choose the interest rate and repayment schedule right for you After this is done
GlobeFunder performs a real-time credit check to see if you are qualified.
Your loan request is assigned a Globe Rating based on your credit score. A loan request
will be accepted based on GlobeFunder’s willingness to fund your loan at the interest rate
you requested. You can track the status of your loan request online, and once it is
funded, the money is deposited electronically into your bank account.
Types of Loans and Rates
Unsecured personal loans are available up to $25,000, depending on your State’s laws.
The typical interest rate ranges from 9.50% to 19.75%. Borrower provides additional
information typical of any credit application, and chooses the term and interest rate of the
loan sought. If qualified, the borrower's loan request is then made available to lenders.
Lenders on Globefunder
The lender has its own criteria. Typical information the lender considers is the borrowers
credit history, debt-to-income ratio, term of the loan, interest rate and other data deemed
relevant about the borrower. The lender’s loan criteria is matched against borrower
requests. After a successful match, loan commitment and documentation, the loan is
funded.
Minimum credit score
GlobeFunder requires a minimum credit score of 640 to be accepted into the lending
marketplace. GlobeFunder bases their credit score criteria on current market conditions
and approved loan performance and experience.
GlobeFunder Fees
GlobeFunder charges loan closing fees to borrowers and loan servicing fees to lenders.
At the time your loan is funded, you will be charged 1.75% of the amount borrowed or
$50, whichever is greater. The fee will be deducted from your loan proceeds prior to
funding. Borrowers who do not elect to automate loan repayments electronically through
ACH will be assessed a Loan Closing Fee of 3.75% of the amount borrowed or $200,
whichever is greater.
For more information visit: Globefunder.com
GlobeFunder is a consumer lending marketplace
which provides borrowers with unsecured personal
and business loans. Traditional banks, the
middlemen, are eliminated and the savings is passed
down to the borrowers through lower costs.
Borrowers are offered access to funding sources at a
reduced rate of interest compared to traditional
sources such as “payday lenders, banks and credit
card companies”. Lenders and borrowers come
together for a mutual financial advantage
which provides borrowers with unsecured personal
and business loans. Traditional banks, the
middlemen, are eliminated and the savings is passed
down to the borrowers through lower costs.
Borrowers are offered access to funding sources at a
reduced rate of interest compared to traditional
sources such as “payday lenders, banks and credit
card companies”. Lenders and borrowers come
together for a mutual financial advantage
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