About Loanbits
At Loanbits we are trying to help people get an advantage on large financial services companies. Our target audience includes people who have limited credit, no credit or poor credit. These people are typically referred to as “subprime”, “not credit worthy”, or “unbanked”. At Loanbits, we prefer to call this group of people the “underbanked”. There are a lot of underbanked people in the U.S. (with some estimates exceeding 70 Million adults!).
Until now, the underbanked folks have been at a serious disadvantage. Banks, credit card companies, payday lenders, and check cashers wield the power, and are able to charge higher rates because there is little information available for the underbanked population to make informed product decisions. Loanbits wants to change that, by providing relevant and helpful information to these underbanked people. "Underbanked" shouldn't mean "underserved" (or worse, "taken advantage of"!).
We believe that products targeted at underbanked customers serve a valuable purpose, and that there are good banks, lenders and other companies serving these customers. However, that does not mean that underbanked customers can’t shop around for the best deal, or avoid doing business with banks or other companies that provide poor service. Loanbits provides information and resources to help underbanked customer pick the best products and get the best deal.
Our information comes from a variety of sources, including from other underbanked individuals. Join our community. Share your information and experiences with others. Rate, review, and discuss lenders and service providers. Knowledge is power!
