LAS VEGAS, March 2, 2010 (GLOBE NEWSWIRE) -- A venerable axiom holds that it often takes a disaster to promote meaningful change, that the status quo requires extreme pressure to find a different way. It is hard to argue that the present recession and related banking crisis isn't such a catalytic event and harbinger of change. Now we must look for silver linings.
Fueled by need and what would appear to be a new sentiment among consumers comes a different banking model, a Lending 2.0 innovation. Against the grain of the old way of doing things WikiLoan Inc. (OTCBB:WKLI) enters the fray. And heads are beginning to turn.
The company's microloan, self-empowered lending strategy follows the footsteps of business titans like Richard Branson or eBay founder Pierre Omidyar who have invested heavily in the emerging market. In fact, a Nobel prize was awarded for a seminal microlending initiative in the Far East giving further credibility to the notion that the old way isn't the only way.
WikiLoan's model adds to the microloan movement a novel twist, the ability for individuals to become lenders to other borrowers, even those they know like friends and family. People can use the tools on the website to borrow and lend money among themselves at rates that make sense to all parties. WikiLoan provides management tools that allow Borrowers and Lenders to manage the process by providing loan documentation, promissory notes, repayment schedules, email reminders, online account access, and online repayment.
As borrowers go through a simple process to create a loan listing they set the rate they are willing to pay for the loan and invite friends in their network to view the listing. Lenders receive an invitation to view a listing and are provided with the borrower's WikiScore, debt-to-income ratio, and the loan repayment schedule. Once the loan is fulfilled, WikiLoan compiles the promissory note and provides it to all involved parties and handles the follow-up and repayment.
Indeed, Banking and Lending 2.0.
See everything being said on the web about WKLI at www.BoardMark.com
Statements herein may contain forward-looking statements and are subject to significant risks and uncertainties affecting results. SmallCapSentinel.com is property of Integrity Media Inc. (IMI). IMI provides no assurance as to the subject company's plans or ability to effect proposed actions and cannot project capabilities, intent, resources, or experience. The subject companies haven't always approved the statements made in this report. This report is neither a solicitation to buy nor offer to sell securities and is for information purposes only and shouldn't be used as basis for investment decisions. IMI isn't an investment advisor, analyst or licensed broker dealer and this report isn't investment advice. IMI has been paid $5,000 for this report and other advertising services related to WKLI by QualityStocks.net. Paid reports constitute a conflict of interest as to IMI's ability to remain objective in communication regarding subject companies.