Lending News

PockBox Relaunches to Help 1 Million Americans Get the Credit They Need

PockBox Relaunches to Help 1 Million Americans Get the Credit They Need

PockBox, the next-generation online loan comparison site, has relaunched with a mission to empower one million U.S. borrowers to access credit. PockBox solves the problem of confusing and overwhelming loan searches by providing a platform that allows users to compare loan offers from multiple lenders within minutes.

The company connects consumers with popular no-interest cash advance apps, short-term installment lenders, and leading personal loan providers that may offer fast, unsecured funding of amounts from $20 to $20,000.

PockBox’s relaunch is designed to foster financial inclusion and promote greater economic stability for all. By working with a broad array of lenders, PockBox can instantly route consumers with any credit score to credit providers who may fit their needs.

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Consumer lending expert Mitchel Harad, who has over 20 years of experience in financial services at JP Morgan Chase and fintech giants like Lending Club and SocietyOne, leads the team that acquired PockBox from Israel’s Fetch Ventures Ltd. in 2021. Harad is confident that PockBox is poised to modernize the lending industry in 2023 and beyond.

“We’re thrilled with the progress we’ve made so far, and we’re committed to scaling our impact,” said Harad. “I have seen first-hand how the burden of finding credit options falls on consumers. Our relaunch is all about making it faster and easier for people to get the funds they need.”

The Fast, Free Way To Compare Multiple Lenders

Since its establishment in 2018, PockBox has helped over 150,000 Americans match with lenders. The company’s latest incarnation aims to extend this vital service to even more people, especially those who may find it challenging to secure credit. With the lending industry in a state of flux, the personal loans market is projected to reach $719.3 billion by 2030, growing at a CAGR of 31.7% from 2021 to 2030, according to a report by Allied Market Research. PockBox’s relaunch comes at a crucial time.

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Despite this growth, millions of Americans still struggle to obtain credit, with 25% of U.S. households unbanked or underbanked, according to the FDIC. Meanwhile, dozens of personal loan providers, neobanks, and cash advance apps have emerged with innovative lending products and underwriting processes, yet borrowers and lenders often fail to connect in an increasingly crowded marketplace. Harad recognizes the urgent need for a better, more consumer-friendly way to find credit: “Borrowers shouldn’t have to work hard to find the best credit offers. PockBox streamlines the process and eliminates the confusion, so people can quickly and easily identify what they may qualify for, without any obligation.”

With PockBox, small personal loans ranging from as little as a couple of hundred dollars up to $20,000 are accessible with a straightforward process: simply submit personal identification information and get matched with the best loan offers from a trusted network of partners. PockBox removes the burden of navigating the complex world of lending and offers access to dozens of options – enabling anyone to explore their credit options without incurring any costs or obligations. Customers with excellent credit may qualify for multiple loan offers at an exceptional rate, while those with poor credit may get fast access to short-term loans or cash advances.

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[To share your insights with us, please write to sghosh@martechseries.com]

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