LAS VEGAS, NV--(Marketwired - April 14, 2014) - IEG Holdings Corp. (IEGH) announced continued strong growth in loan volumes with record daily loan approvals on Friday of $28,000 for the day. "I am extremely happy with our rapid loan volume growth as a result of our vastly improved online lending website www.mramazingloans.com, new joint venture arrangements with leading online personal loan lead sources and a further streamlining of our internal systems," stated Paul Mathieson, Chairman/CEO and Founder of IEG Holdings Corporation. "Our aim is to continue approving and funding loans at these higher levels to meet our short term growth goal of lending over $1 million per month. Our medium term loan volume growth goals are much higher and if you combine our ongoing aggressive state license expansion, multiple new lead sources, increased $10 million senior debt facility and recently announced $5 million equity line it represents a very exciting growth story to investors." Since launching online lending in July 2013, IEGH has increased cumulative loan volume by 343% from $237,000 to $812,000.
IEGH also announces that it has just successfully received approval for lending licenses in the states of Georgia, Virginia and Missouri and plans to begin offering loans online to consumers in these states at the end of April. The new licenses increase the current 4 state coverage (Nevada, Illinois, Arizona and Florida) to 7 states and increases the population coverage by 58% from approximately 42 million people to approximately 67 million people. IEGH has also submitted applications for New Jersey and Texas, with plans to lodge its California license application shortly and apply for an additional 23 state licenses over the next 6 months including other large population states of New York, Pennsylvania and Ohio. IEGH's target is to increase US population coverage by a further 324% from the current 7 states and 67 million people to 33 states and 284 million people encompassing approximately 90% of the US market in the next 6 months. Upon these additional license approvals, IEGH anticipate a corresponding 500% plus increase in monthly loan volumes via its existing online distribution network.
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About IEG Holdings Corp.
IEG Holdings Corporation (IEGH) provides unsecured consumer loans under the brand name "Mr. Amazing Loans" via its website www.mramazingloans.com. After lending approximately $48 million to over 11,500 borrowers in Australia, the Company Founder and CEO Paul Mathieson moved to the U.S. market in 2008 to replicate the successful business model. IEGH now operates online in the USA covering all of Nevada, Arizona, Illinois and Florida. IEGH is rapidly expanding and plans to offer loans in 33 states covering 90% of the USA population by late 2014. The Company launched advertising for its online loan origination platform in mid-2013, partnering with top lead generators in the United States. The Company's loans range in value from $2,000 to $10,000 and have a term of three to five years with a 19.9% to 29.9% APR. Significant growth is expected from the online loan origination business, which has the potential to scale much more rapidly and at a higher net margin than the previous brick-and-mortar business. For more information about the Company, visit www.investmentevolution.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.