Lend.com.au Review and Analysis
Lend.com.au came out with a bang when AusRegistry announced has proudly announced the founder, Shaun McGowan, has secured the domain name for an amount of $35,000. Mr McGowan has been interviewed and explained the importance of getting a good domain name, and based on this interview he is a top-notch internet specialist.
Prior to Lend.com.au, Mr McGowan has established one of the most impressive aggregators in the personal finance space in Australia – CarLoans.com.au. He sold the firm to a VC which took it public, and is now a part of Exlipx, a publicly traded company with revenues of $500m a year.
Thus, it is safe to assume that Lend.com.au is a professional website which had a lot of resource and professional attention put into.
Lend.com.au Review 2.0: How does it work?
Lend.com.au is essentially a marketplace of lenders that matches potential borrowing small business owners with the lender that matches its criteria. The site boasts itself as a business financing comparison website, but in our humble opinion it is more of a “smart wizard”.
The way it operates is rather straightforward. You go on the site, fill in the requirements you have and the purpose of your business financing, and then.. you would expect to any indication whether a lender can be matched to your business loan, right? But all you receive is an indication that they got your details and they are working on setting up a loan for you. Which kind of says “we are manually calling our partners to see if anyone can come back with a loan”.
In all honesty, it doesn’t feel so professional to me. You don’t really know who their partners are, when will you get a call back (or an email), and whether you qualify to get the minimum loan. When we tested the tool we purposely entered some ludicrous details (a business looking for 100k in funding with a turnover of 1,000 Australian Dollars, no credit card, no unpaid invoices, in trading for a few months – there is not a single lender in the Australian market that would take on such a client, ever) – but we got the same response as we did when we filled in some more sensible details. The b
There are other companies like Lend.com.au in the Australian market. We happen to work with one of them that we fancy very much. Read our Lending Express review here. In a nutshell, the main difference is that you have an online system that gives you feedback based on your requirement whether you have been matched with a lender or not. You will receive a call within 24h, even.