Changing the Game: LoanWell’s Kickstarter Approach for Personal Loans
By CultureBanx Team
After LoanWell founder Bernard Worthy attended a coding bootcamp financed through a high interest rate consumer loan, he sought out to change what access to affordable capital can look like in the U.S. His platform is similar to Kickstarter or GoFundMe but for loans, and makes it easy to borrow and lend with people in your community. The borrowers create the terms for the loan as an exchange of trust. “It’s less of a perceived risk because our technology keeps all of the community loans on track,” said Worthy. He believes the old taboo of not lending family members money is just wrong, and instead thinks you shouldn’t do informal lending agreements with family. “We believe there’s great wealth building and transformative opportunities when folks are given access to affordable capital.” LoanWell has helped to facilitate more than $500,000 in loans.
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