Pheabs – A starter profile
Pheabs is an online loan connection service that connects people looking for short term loans with the company most likely to approve them and offer the most competitive rates.
The company was founded by Daniel Tannenbaum who worked in finance for almost 10 years in the UK, but Pheabs’ target audience is in the US, where loans are very limited to visiting your branch. bank or store.
“The US market has become more and more open in recent years when it comes to lending and borrowing, but there is little innovation online. “
“In the UK the competition for short term loans or payday loans as a provider or distributor is also fierce and heavily regulated – so I was able to use these learnings and transfer them to the US market.”
Pheabs allows clients to claim up to $ 35,000 and individuals are matched based on 8,000 data points including income, credit status, affordability and location which is critical.
“The matching process is very data driven and we use multiple APIs between when the customer clicks ‘go’ and receives an interim loan offer. “
“Product development took over a year and for us the end result was always key. For over 90% of people who apply for any type of loan or mortgage, they are often turned down and then turn to the next provider. We really wanted to filter the requirements of the client and the lender and ultimately when they fill out the online form they should actually get a viable and appropriate loan decision for them.
Pheabs’ value proposition is open to clients of all credit histories and backgrounds. When given a loan decision, those with poor or bad credit history may be referred to products that require security, additional collateral, or slightly higher rates to overcome the additional risk of default. With over 100 lenders on the panel, this includes well-known US banks, credit card providers, and payday loan alternatives.
Microcredit is legal in the United States, but only at the state level, so it is offered to clients in 37 states, including Texas and California, but prohibited in 13, including Massachuttes and New York.
“Our plans are to really refine this data process and this loan decision engine for our clients. We want to keep getting the data and learning from it to deliver better results and matches every time. Eventually we want to get to the point where it does this automatically through machine learning. ”
“In addition, our goal is to continue to integrate new loan partners and, where possible, obtain exclusive offers so that clients can access more competitive rates if they have applied through Pheabs compared to to anywhere else. “