IEG Holdings Corp. provides online unsecured consumer loans under the brand name ‘Mr. Amazing Loans’ in 16 states across the country. IEGH is currently implementing an aggressive growth strategy designed to increase its coverage of the U.S. population, and it expects to obtain nine additional online state licenses by early 2016. If successful, this expansion would increase IEGH’s coverage to include roughly 80 percent of U.S. markets.
Earlier this month, IEGH gave prospective investors a preview of its growth potential when it announced that the cumulative loan volume of ‘Mr. Amazing Loans’ had surpassed $10 million. According to a news release, the company is utilizing low acquisition cost lead sources and national expansion in order to build on its recent market progress and maximize financial growth. Since July 2015, IEGH has successfully added consumer loans in California, Alabama and Louisiana to its existing national footprint.
Along with its ongoing national expansion, IEGH is achieving strong financial growth. In the third quarter of 2015, IEGH realized a 272 percent year-over-year increase in total revenues, recording $539,867 for the period. As the company continues to drive loan volume growth, it’s in a strong position to build on this financial performance. When combined with its increase in net assets, which now stand at approximately $8.3 million, IEGH is rapidly emerging as a company to watch throughout the investment community, and current market conditions seem to set the stage for sustainable growth in the months to come.
According to a report by First Research, the consumer lending industry – led by major players such as Cash America (NYSE: CSH), EZCORP (NASDAQ: EZPW) and Springleaf Holdings (NYSE: LEAF) – currently accounts for combined annual revenue of about $35 billion. The report also indicates that smaller companies, such as IEGH, can compete effectively by targeting favorable locations and niche markets.
Moving forward, IEGH will lean on the considerable industry experience of its management team in order to continue expanding its foothold in the consumer lending industry. The company’s founder and chief executive officer, Paul Mathieson, previously built a business in Australia that lent approximately $48 million to over 11,500 customers before he relocated to the U.S. in 2008. Look for IEGH to benefit from this industry knowledge as it continues to implement an aggressive growth strategy under the ‘Mr. Amazing Loans’ brand.
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