Helping young people launch their financial freedom responsibly
Established by millennials for millennials, Backed is the best way of growing your credit and attaining a loan quickly, cheaply, easily, and perhaps most importantly, at an interest rate that you could not achieve through traditional methods.
Specializing in unsecured, fixed-rate loans with a term of up to 3 years and a sum up to $25,000; Backed uses the expertise and tech-savviness of our generation to find you the lowest cost loan possible.
When taking out a loan, the interest rate charged reflects the risk of the loan; and the biggest indication of that risk is the borrower and whether they will repay the loan on time. When lenders have confidence this will occur, the APR is lower than when there is greater uncertainty surrounding this probability. However, when you are relatively young or do not have an established credit history or a high credit score, the deck is stacked against you.
Why should you be penalized with a high APR just because you are young or do not have an established credit history? With Backed though, there is a way of getting the loan you need at the interest rate you want.
Realizing that the people who know you best are your family and friends, and harnessing the power of social media, Backed developed a patented interactive loan application where your closest friends and family or colleagues can vouch for your character and back your loan application, giving added confidence to lenders and reducing your origination fee.
When you are backed by family and friends, you get a better rate, making it easier to pay back your loan, which helps build your credit score. The bottom line result is saving substantial sums over the term of your loan. You also build a credit history and higher credit score meaning that any future loans will be made at a lower APR.
Backed is here to help you on your way to financial freedom. Unlike credit card companies that work to entrap you, Backed is here to help you achieve your goals. With Backed, borrowers can close their loan early without any repayment penalty. Similarly, borrowers with a good track record can take out more than one loan at better and better rates The data you provide to Backed in the loan application process is treated with the strictest of confidence. It is encrypted with state-of-the-art technology and dispersed so that there is no connection between the data provided and your personal information - your information is safe with us. Importantly, the more information you provide, the higher your chances of receiving a loan with the lowest APR, as lenders can make a more informed lending decision.
Being a generation that lives on the cloud, we realize the integral part Millennials play in the game of the Internet and Big Data. We understand better than anyone that “we are the product,” and that financial companies are willing to pay a lot of money for our information. With Backed, you rather than someone else benefits from and is rewarded for the provision of that data Backed believes that by working together and building trust the world becomes a better place. This trust is not only socially desirable but also helps individuals in every aspect of their lives. Perhaps Scottish novelist, George MacDonald stated it best when he wrote, “To be trusted is a greater compliment than being loved.” Trust in Backed and you will come to love Backed!