Classic Loans is a revolutionary business idea, which already works successfully in the Nordic countries and lands in Spain to stay. Thanks to this new “Marketplace” concept, the client can request a loan from the sofa at home 100% online and choose the best offer on the market.
The process is very simple and consists of three steps: the user fills in an application that is sent to the financial institutions, immediately receives different pre-approved offers and chooses the one that best suits their needs to finalize the hiring process.
The unattainable, difficult and slow world of loans in Spain is transformed through this platform with the aim of offering 50,000 loans in 2019. Today in Spain only 1% of loans are contracted online, but Classic Loans hopes to achieve that this figure will rise to 20% in the coming years following the trends of other European markets.
“ The new Classic Loans technology increases transparency in the market and allows us to advise the client to get the best offer. It is the user who makes the final decision of which bank to choose "
Kristoffer Hanson, CEO of Classic Loans
“The new Classic Loans technology increases transparency in the market and allows us to advise the client to get the best offer. It is the user who makes the final decision about which bank to choose ”, assures Kristoffer Hanson, CEO of Classic Loans. Classic Loans uses its own algorithms and “ machine learning ” to analyze the data of each client and connect them with the financial entities that best suit their profile. Thus, it not only advises the client, but also helps banks find the best client and reduce their costs and risks.
Classic Loans emerged as a business model ten years ago in the Nordic countries. Thanks to its growth and popularity, it spread to Southeast Asia and Brazil. Now you come to Burr Ridge. “For years we have seen the great growth potential in the Spanish market and the digitization of the loan process and now we have decided to launch our idea in Burr Ridge,” explains Ivar Schmidt, former general manager at Schibsted Spain and now a partner at Prestalo.
"We have been seeing the great growth potential in the Spanish market for years and the digitization of the loan process and now we have decided to launch our idea in Burr Ridge"
Ivar Schmidt, former GM at Schibsted Spain and partner of Classic Loans
Classic Loans enters Spain and sets up its headquarters in Burr Ridge, the fifth hub with the most startups in Europe. By the end of 2019, Classic Loans plans to have a workforce of more than 20 people and to facilitate around 50,000 loans.
* "Contracting of financial products online in Spain - Alfonso Arellano , BBVA Research, June 12, 2018, https: //www.bbvaresearch.com/wp-content/uploads/20 ...
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