IEGH Aims to Back Cryptocurrency Technologies with Gold
- IEG Holdings Corp. provides small personal online loans of up to $10,000
- IEGH subsidiary Mr. Amazing Loans
offers rates up to 13-times lower than typical APR
- IEG Holdings Corp. intends to create metal-backed cryptocurrency
Based in Las Vegas, IEG Holdings Corp. (OTCQB: IEGH
) provides small online personal loans in over 20 states within the U.S. This publicly traded company is a global leader in consumer financing, providing these loans through a state-licenced operating subsidiary known as Investment Evolution Corporation under the consumer brand Mr. Amazing Loans
. As a leading fintech brand, Mr. Amazing Loans specializes in dedicated loan amounts of $5,000 and $10,000. This is offered directly to consumers through access to an easy-to-use website.
Customers are assured of no hidden or additional fees and are able to receive same-day processing. There is no prepayment penalty, and loans have fixed repayment and interest rates for their duration. Contrary to the typical annual percentage rate (APR), which can range from 391 percent to 521 percent, as stated by the Centre for Responsible Learning, Mr. Amazing Loans offers rates of 29.9 percent or less that are designed to fit into the budgets of consumers.
A 100 percent-owned subsidiary, Investment Evolution Crypto, LLC has been tasked with the exploration of business opportunities within the blockchain/cryptocurrency industry. This company is set to explore the economic risk and legalities associated with a joint business venture with Mr. Amazing Loans (http://nnw.fm/gZhT1
With over 22 years in the finance industry, Paul Mathieson, IEG Holdings’ CEO and chairman, has experience in funds management, lending, investment banking and stock market research. Mathieson has been a member of the IEGH board of directors since 2012 and a member of its subsidiary’s board since 2009. Mathieson founded IEG Holdings Limited in Sydney, Australia, having launched Mr. Amazing Loans there in 2005 and then in the United States via IEGC in 2010. He was awarded Ernst & Young’s 2007 Australian Young Entrepreneur of the Year (Eastern Region). Mathieson has been joined on the IEGH management team by Carla Cholewinski, who currently serves as chief operating officer with over 37 years of experience in the finance industry, including credit union management, debt securitization, banking, underwriting, regulatory oversight and banking.
For consumers to be eligible for a loan from Mr. Amazing Loan, they must have a minimum gross annual income of $40,000, a minimum credit score of 600 and steady employment history. The loans are originated, processed and serviced out of the company’s Las Vegas corporate offices, which eliminates IEGH’s need to have a physical establishment in each of the states in which it is licenced to conduct business. IEGH’s six-and-a-half-year track record of originating, underwriting and servicing personal loans to underbanked consumers has made it adept within the consumer finance industry, achieving a meaningful return on its loan portfolio (http://nnw.fm/Zu9nV
On January 29, 2018, it was announced that the consumer loan provider IEG Holdings was exploring the possibility of creating a cryptocurrency to be backed by gold metal and registered with the SEC as a security. Investment Evolution Crypto, LLC announced its intention to create its own gold metal-backed cryptocurrency that could be used when offering loans and accepting loan repayments. Although Crypto is currently in the development planning stages and exploring the opportunities presented by cryptocurrency and blockchain technologies, the company has already commenced negotiations to purchase a bona-fide gold project with established gold resources in the ground and prospecting licences on record (http://nnw.fm/Tk4iy
Investment Evolution Crypto is in the process of developing plans to explore the above-mentioned blockchain/cryptocurrency opportunities, with efforts made toward evaluating the legal and associated economic risks. Unlike other digital currencies such as bitcoin, either, Ripple, and Litecoin, IEG Holdings’ cryptocurrency is expected to be backed by gold and registered with the Securities and Exchange Commission (SEC).
In a news release (http://nnw.fm/Ozj1y
), Mathieson stated, “We believe potentially combining the exciting new blockchain technology with the hard asset of gold metal, expected SEC registration, a leading sophisticated online consumer finance system and individual U.S. state lending licences is a very exciting proposition. In addition, we believe the future leaders of the crypto/blockchain sector will be companies that are materially compliant with all of the existing and future related U.S. government legislation. We aim for IEGH to leverage off its existing fintech business credentials, specifically its experience on online consumer loans, to potentially be a key player in the crypto/blockchain sector.”
Although it is one of IEGH’s main goals to create its own gold metal-backed cryptocurrency, it will in addition explore the acceptance of established digital currencies, such as bitcoin, for the repayment of consumer loans. This promises to be a year of substantial growth for the company, with plans for further expansion that could see it grow to include up to 25 states by the end of the year.
For more information, visit the company’s website at www.InvestmentEvolution.com