LAS VEGAS, NV--(Marketwired - May 07, 2014) - IEG Holdings Corp. (IEGH) announced that since launching online lending in July 2013, cumulative loan volume has increased by 425% from $237,000 to $1,007,000. The rapid loan volume growth is being driven by online lending website www.mramazingloans.com, new joint venture arrangements with leading online personal loan lead sources and aggressive state license expansion. IEGH has lent $96,000 to customers in only the first 4 business days of May.
"It is fantastic to see the business firing on all cylinders with monthly loan growth rates exceeding what we achieved previously in Australia at a similar stage. We are entering a very exciting growth phase in a market 100 times the size of Australia's consumer finance market where we previously grew cumulative loan volumes from $1 million to $48 million in only 2.5 years," stated Paul Mathieson, Chairman/CEO and Founder of IEG Holdings Corporation. "While we are pleased with our recent growth performance, it is only the tip of the iceberg considering our planned expansion to 33 states over the next 6 months and our short term growth goal of lending over $1 million per month."
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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.