Online marketplace lender LoanHero announced on Tuesday it has expanded its lending operations to a nationwide footprint in partnership with First Electronic Bank, Member FDIC.
LoanHero was founded to provide consumers with loan products at the point of sale while facilitating the credit process for merchants and lenders. LoanHero finances their loans as a balance-sheet lender but has also partnered with several strategic lenders said to address a broad range of consumer verticals.
Steve Connolly, LoanHero’s CEO, stated:
“At LoanHero, we’re using technology to redesign the financing ecosystem to better serve consumers and merchants.”
Neil Senturia, early stage angel investor in LoanHero, revealed:
“I realized early on how important the LoanHero marketplace is in easing the financing struggle for merchants and consumers. There are huge inefficiencies in this industry, so it is ripe for disruption, and I’m proud to see LoanHero addressing this gap head on.”
Connolly added:
“We’ve begun working with a number of regional and national merchant chains, and we were unable to fully serve them until now. With our new 50-state footprint, we are poised to go national with several of our current partners, and are the best option for merchants seeking to get a ‘yes’ for their customers at the most reasonable cost.”
LoanHero recently announced a partnership with LaserAway, the leader in the aesthetics industry for hair removal, tattoo removal, body contouring & skin rejuvenation. LaserAway has locations across the nation, and LoanHero will now be able to serve all of them.