Fintech figure says companies boom after rate cut and 300% increase in loans

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Miniatures technologies, Inc., a blockchain-based lending platform, says the Fed’s recent rate cut has been good for business. In fact, Figure reports a huge 300% increase in loan applications, bringing funded loans to over $ 1 billion. Fixed 30-year mortgage interest rates were just over 3%.

Well-known Fintech entrepreneur and Figure CEO Mike Cagney said the 300% increase in applications suggests consumers are eager to take advantage of “unprecedented” mortgage rates:

“HELOCs and Student Loan Refinancing. Consumers will benefit from lower debt costs and, for refi and HELOCs withdrawals, more money available, ”Cagney said. “I think it’s the fastest de novo Fintech has exceeded $ 1 billion in funded loans. We couldn’t have supported this kind of growth and innovation – like the 5-minute HELOC – without the platform we built on Provenance. Look for even more innovative solutions related to these lower rates in the near future.

Origin is the iteration of the blockchain by businesses that facilitates online lending.

The figure shows that the average loan size requested during the surge in activity is around $ 50,000 per household.

Figure is the first company to combine traditional lending and blockchain A year after opening, Figure said it is already making $ 85 million in loans each month.

Figure quickly achieved unicorn status after a $ 103 million Series C funding round at a valuation of $ 1.2 billion.

Currently, Figure offers HELOCs, Mortgage Refinances and Student Loan Refinances with plans to continually expand its product portfolio.

Figure creates, finances, maintains and sells all of its loans through its Provenance blockchain platform.

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