What is even more interesting from an investor perspective is that this company will offer secured p2p loans. They will be the first company to offer secured loans in the peer to peer lending industry. So if a car loan goes bad the car gets repossessed and the investor gets their money back.
The name of this new company is ClickChoice.com and it is expected to launch in beta later this year in Idaho and Washington state. They have developed patent pending technology for their platform that brings together three parties: borrowers, car dealers and investors.
Company founder and CEO, Jeff Fortin, has about 30 years experience in the car financing business. He has also been following the rise of peer to peer lending and decided this was the best model for his new business. And because he is offering secured loans he can provide protection for investors money. [Read more…]