Merger Finalizes Entry Into Payday Industry
By Desmond CarlislePayday Loan Writer
On Thursday, LitFunding Corp. announced the completion of its planned marketing agreement between Interactive Brand Development (IBD) and LitFunding’s newly acquired subsidiary, Easy Money Express, Inc.
The agreement states that IBD will provide Internet marketing to its vast customer base directing potential personal loan customers to Easy Money Express. In addition, IBD will provide services and methods for providing customers with a debit card system for funding loans and further provide expanded services and products to its customers.
Under the terms of the new agreement, which had been planned since LitFunding acquired Easy Money Express in April, Easy Money will provide the facilities and means to process payday loan applications and credit checks, as well as supplying capital, and providing customer service facilities.
IBD shall be responsible to provide Internet advertising as well as e-mail and direct mail communication with its population of ongoing customers.
“We are extremely excited about finalizing the agreement with IBD and its potential to launch our payday advance business. The payday advance industry is a multibillion-dollar industry, representing hundreds of millions of transactions, with an estimated 12 million households being served each year,” said Morton Reed, CEO of LitFunding.
“This joining of forces could launch us into a highly competitive position and add an advantage by giving us access to a large population of potential customers. This arrangement will significantly lower our cost of customer acquisition and will build a solid foundation that will enable rapid growth in order to increase our shareholder value,” said Anthony Longo, CEO of Easy Money Express.
