Larry Nelson of w3w3 radio interviewed my peeps Kevin, Scott and Erika Archer of IOUNote.
In the current financial and credit crises, people are finding it harder and harder to get funding from traditional lending sources. After seeing the IOUnote.com team being chosen as a DEMOgala Showcase winner, Larry took the chance to interview the three cofounders: Kevin Archer, CEO; Scott Archer, CTO; and Erika Archer, Director of Operations. Larry
Asked, "What do you mean by 'True Social Lending?' and Why are you only interested in 1st and 2nd degree relationships (friends and friends of friends)?" A great deal was discussed and they pointed out, "In the
current financial and credit crises, people are finding it harder and harder to get funding from traditional lending sources. As a result, many people are naturally turning inward - into their existing social and familial circles. This not only allows borrowers to circumvent the
traditional credit scoring system and still acquire funding, but it also allows lenders to reap the benefits with the potential to make a higher return on money otherwise sitting in a low return account. "At IOU Note,
we know how easy it is to let loans between friends and family slip through the cracks. We think that when everyone knows what the expectations are, there are fewer chances for a misunderstanding. We like to think that we help friends stay friends."