Pigeon Loans is going to be free for all of our users.
Since day one, we’ve operated from an ethos of helping our users achieve their financial dreams while protecting their relationships. Many of the people we serve have been left out of the traditional credit system and are forced to go to predatory lenders who leave them worse off than when they started. We believe that making ‘friends and family loans’ a more common and positive experience will be great for people across the country.
The recent rise in inflation and record-breaking consumer debt has pushed millions to the financial brink. In a scenario where options are limited, going to friends and family for loans is the best course for many. A recent Bloomberg article highlighted the explosion of loans between people who know each other. The rise of this type of lending has come disproportionately from traditionally disadvantaged minority groups.
We are serving the nearly 27 million Americans who are already borrowing from friends and family. The pain of broken friendships and awkward interactions should be reduced. Pigeon Loans does just this. We make it easier for a lender to offer a helping hand while giving borrowers a better chance to reach their financial goals.
In an effort to help these millions of borrowers we are making our core lending product 100% free to use. Yes, completely free!
How will we make money? As the Pigeon Loans community continues to grow, we will be able to offer our users referrals to other fintech products, banks, and partners that can support our customer’s journey.
To cover costs, we will also continue to collect a small transaction fee (i.e. 3%) from borrowers or lenders who choose to move money using a debit or credit card on our platform, instead of using our ACH Bank Transfer or Freebird Payment options for which Pigeon charges no fees at all. We strongly believe that this new model serves us well as a company while also putting the financial situation of our users first.
Join The Flock! Sign up today.