Profile: Mr Amazing Loans Corp (MRAL.PK)
18 Jul 2019
Mr. Amazing Loans Corporation, formerly IEG Holdings Corporation, incorporated on January 21, 1999, is a consumer finance company. The Company is engaged in the business of providing unsecured consumer loans ranging from $2,000 to $10,000. The Company operates in Consumer Loans segment. The Company offers loans online under the consumer brand Mr. Amazing Loans through its Website and online application portal at www.mramazingloans.com. The Company provides its loans products to customers in over 20 states through its online application and distribution network. The Company has obtained additional state lending licenses, and are licensed and originating direct consumer loans in the states of Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Missouri, Nevada, New Jersey, New Mexico, Oregon, Pennsylvania, Texas, Utah and Virginia.
The Company provides approximately $5,000 online consumer loans unsecured over a five-year term with rates ranging from 23.9% to 29.9% annual percentage rate. The Company's personal loan products are fully amortizing, fixed rate and unsecured installment loans. As of December 31, 2015, the Company had approximately 80 loans in default representing over 4.81% of the number of loans in its active portfolio. The Company's subsidiaries include Investment Evolution Corporation (IEC), which holds all state licenses, leases, employee contracts, and other operating and administrative expenses, and IEC SPV, LLC, which is a bankruptcy remote special purpose vehicle that holds the Company's the United States loan receivables.
The Company competes with OneMain Financial, Lending Club, Prosper and Avant.
Mr Amazing Loans Corp
3960 Howard Hughes Pkwy Ste 490
LAS VEGAS NV 89169-5972