LAS VEGAS, NV--(Marketwired - August 01, 2014) - IEG Holdings Corp. (IEGH) announced its short term pipeline of new state license applications has increased to 7 new states. The new state applications are for California, Texas, Pennsylvania, Ohio, Wisconsin, Alabama and Oregon. Upon approval of these licenses IEGH's US population coverage would increase from 8 states to 15 states and up 139% from the current 75 million to 179 million people.
Paul Mathieson, Chairman/CEO and Founder of IEG Holdings Corporation stated, "Mr. Amazing Loans consolidated in July to focus on completing multiple new state license applications, further reduce our customer acquisition cost per loan and trial new additional lead providers. We plan on another steady month of lending in August prior to lending aggressively during the traditionally strongest consumer loan demand period between September and December. Our aim is to maximize the number of potential customers post new license approvals at the lowest acquisition cost and with the optimum risk diversification. Our medium term monthly loan volume target is $3 million per month driven predominantly by continued state expansion and also by new online loan lead sources."
Since launching online lending in July 2013, cumulative loan volume has increased by 898% from $237,000 to $2,366,004 after lending a further $298,002 in July. The rapid loan volume growth is being driven by leading online lending website www.mramazingloans.com, new joint venture arrangements with low acquisition cost lead sources and aggressive state license expansion.
In addition to the current pipeline of 7 new licenses, IEGH plans to apply for a further 10 state licenses in the next 3 months which upon approval would increase US population coverage by 233% from the current 8 states and 75 million people to 25 states and 250 million people encompassing approximately 80% of the US market. Upon these additional license approvals, IEGH anticipate a corresponding increase in monthly loan volumes via its existing 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 Chairman/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 the 8 U.S. states of Nevada, Arizona, Illinois, Florida, Georgia, Missouri, Virginia and New Jersey. IEGH is rapidly expanding and plans to offer loans in 25 states covering approximately 250 million people equating to 80% of the US 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 $3,000 to $10,000 and have a term of four to five years with a 19.9% to 29.9% APR. Significant growth is expected from the online loan origination business, which is scaling much more rapidly and at a higher net margin than the previous brick-and-mortar business. IEGH intends to up-list to NASDAQ in April 2015. 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.