Question 1

Are you developing this into an app for mobile phone?

Accepted Answer

Yes, we have plans to create a mobile app for Pigeon Loans in the future. The goal for the next year or so will be to focus on the web experience first, and continue to optimize our platform for mobile viewing. However, once we have solidified significant market presence in our industry, we will begin development of an iOS and Android application. We estimate that development will start for a Pigeon Loans app in Q2 / Q3 2022.

Question 2

Where is the link to your Form C?

Accepted Answer

As per the new SEC regulations that went into effect on March 15, 2021, equity crowdfunding platforms, such as WeFunder, now allow us along with other companies on their platform(s) to raise up to $50,000 without filing a Form C. Upon reaching the $50,000 mark, we will file our Form C.

Question 3

Brian, this is a HUGE idea, and I love it!! Great work thus far. I have two questions: 1) Does the lender get to collect interest on the loan, and if so, who sets the rate? 2) Will Pigeon Loans report to the three major credit bureaus--especially in the case of defaults?

Accepted Answer

It's great to hear your passion and energy for Pigeon Loans! Your questions are great insights into our business, so let me answer them for you. 1) Lenders do get to collect interest on their loan. Prior to starting and signing a loan, Lenders and Borrowers are given the opportunity to negotiate the terms of their agreement. In this negotiation period, Lenders can ask for an interest rate anywhere from 0% to 99%. Once the respective Borrower of that loan has agreed to a mutually beneficial in...

Question 4

Is this a test the water campaign? I don’t see form C or disclosures?

Accepted Answer

Hi Tawana, We are currently in the "testing the water" phase of our campaign. All documentation and filing procedures are ready to go for our Form C, and that will be filed and disclosed once we hit the $50,000 mark.

Question 5

Very exciting business model! Just curious, are lenders able to determine the frequency of compounding on the interest rate on the loan?

Accepted Answer

At this point in time, we only allow loans to exist using the Simple Interest formula (no compounding involved). We have chosen this route because it is the easiest to understand for all parties and simple interest can be pre-calculated into the loan regardless of when the Borrower decides to make repayments. Our market research has shown that more than 90% of loans tend not to include any interest rate at all, regardless of the formula we chose, so transparency and comfort are the biggest dr...

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