Dollars and Sense
• A borrower applies online for a loan.
• Registered lenders, who have access to the borrower’s credit information, can view the purpose of the loan and others bidding on the loan.
• Interested lenders bid on the loan.
• If the loan gets enough bids, funds are placed in the borrower’s bank account.
• Payments are automatically deducted from the borrower’s account.
Kevin Rutherford is an accountant, small-fleet owner and the host of “ATBS Trucking Business & Beyond,” which airs on Sirius XM Radio’s Road Dog Trucking Radio. Contact Rutherford through his website, www.cdlofit.com.