Tokyo, Japan, April 9, 2009 – (JCN Newswire) – maneo Inc., the pioneer in social lending in Japan announced today the launch of “G-Loan,” an innovative guaranteed loan program in partnership with Orix Credit Corporation, a member of the ORIX group of integrated financial services companies (NYSE: IX; TSE: 8591).
With G-Loan, lenders earn an attractive 1.5% interest with investments starting from as low as 10,000 yen. Lenders selecting G-Loans are able to minimize the risk of default by a single borrower since each G-Loan is backed by a guaranty from Orix Credit. According to Tadatoshi Senoo, CEO of maneo, “Lenders now have the choice to secure an attractive interest rate with minimal risk using G-Loans or maximize their returns using a standard maneo loan. We are confident that many Japanese investors will find the lower risk option of G-Loans highly attractive and a welcomed alternative.”
Borrowers now have the option of selecting a standard loan or a G-Loan. Selecting maneo’s standard loan gives borrowers the opportunity to lower their interest expense if sufficient lenders bid on their loans. In contrast, interest rates on G-Loans are fixed at 7.0%, 8.0%, 9.5%, 11.0% and 12.0% depending on the borrower’s credit rating. According to Senoo, “We believe borrowers who select G-Loans will have an easier time attracting funds from lenders thanks to the guaranty by Orix Credit, and that the liquidity of maneo’s online social lending marketplace will increase significantly as a result, making borrowing at maneo even more attractive.”
maneo Inc. was incorporated in April 2007 and operates Japan’s first online marketplace for people to borrow and lend money through an auction system. maneo is about helping people lend money to and borrow money from each other, sidestepping the expense and inconvenience of traditional banks and consumer finance companies. People who want to borrow money register with maneo and create loan listings. Potential lenders register with maneo and bid on the loan listings they are interested in. maneo aggregates the bids with the lowest rates to fund the relevant loans and handles all of the administrative matters relating to the loans. For more information about maneo, visit http://www.maneo.jp.
Orix Credit Corporation
Orix Credit Corporation is a leading consumer finance company focusing on card loans and credit guaranties. It is a wholly-owned member of the ORIX group of integrated financial services companies (NYSE: IX; TSE: 8591) and was established in 1979 to lead the group’s initiative in consumer finance. For more information about Orix Credit, visit http://credit.orix.co.jp/.