Al Goldstein, a Chicago entrepreneur to whom many attribute the invention of payday loan Internet lending, has launched a new company making larger online loans to consumers whose credit is challenged. Mr. Goldstein raised $10 million in Silicon Valley to start AvantCredit Corp., based in Chicago’s River North neighborhood. According to Crain’s Chicago Business, “AvantCredit, which hopes to generate $50 million of loans this year, so far has lent $3 million. It employs 23 and could have as many as 100 employees in Chicago by year-end, he says.”
An INTERESTING development! In spite of the CFPB, the daily onslaught of misreporting by the media, the various state legislative initiatives, and bad mouthing by our competition (Banks, credit unions, credit card companies, pawn, cash-for-gold) smart entrepreneurs recognize an opportunity!
Read the piece in its entirety here: Al Goldstein in Crain’s Chicago Business: