- Posted August 5, 2014 by
This iReport is part of an assignment:
Student voices in journalism
Paul Mathieson, AKA Mr. Amazing, Moving Quickly in the US
If you haven't heard of Mr. Amazing Loans, a state-licensed online personal loan company, you probably will very soon. Paul Mathieson moved this service business to the United States in 2008 and has aggressively expanded the company's state licensing over the last few years. These unsecured loans are currently available to residents of Nevada, Arizona, Illinois, Florida, Georgia, Missouri, New Jersey and Virginia, and will also be available in Texas, California, New Jersey and New York by the end of this year.
Mathieson was a fully licensed stockbroker by age 19. He went on to receive an undergraduate degree in Commerce and then a Master’s degree in Applied Finance, filling his basket with a laundry list of academic accolades and honors along the way. After school, he served as an analyst to a brokerage firm, and then handled corporate advisory work as well as mergers and acquisitions (M & A) projects for an investment firm. Then in the fateful year of 2005, he founded the Investment Evolution Group of Companies in Australia (IEG). Mathieson built everything from the floor, and in the beginning he was underwriting every deal and handling all transactions personally. In a matter of only two years, the company had successfully lent almost $50 million in Australia, capturing 10 percent of the country’s market share. As stated above, he quickly recognized the opportunity available across seas and transitioned the firm to the United States in 2008. IEG Holdings Corporation as the Chief Executive Officer. The Corporation offers personal loans under the title “Mr. Amazing Loans.” I think it’s fair to say that the name is fitting.
When Mathieson brought the business to the US, he decided to push into the market in the only way he knew; fast. Mr. Amazing Loans decided to forego more traditional advertising in TV, radio, and storefront advertising and elect a more cost effective alternative: web based advertising and SEO. The news has spread in pandemic fashion, and thousands of Americans have taken advantage of Mr. Amazing’s loan services. Unsurprisingly, the internet savvy Mathieson has arranged his business to operate entirely over the web, with the company’s only brick and mortar office in Las Vegas, Nevada.
The loans themselves are highly attractive. It seems that Mathieson pulled open the book on already existing options for quickly acquiring liquidity, picked out his favorite parts in different debt instruments, and then left the unattractive parts behind. The company offers 5 year amortized loans of $3,000-10,000, with interest rates hovering near 20%. The possibility of this sort of arrangement could signal the end of payday loans, which are indeed already glaringly unpopular among many different governing entities due to their predatory practices.
Mr. Amazing only accepts qualified applicants, and maintains management focus on creditworthy consumers. Mathieson has also actively laid a foundation of ethical upstanding, something that isn’t always at the forefront of many companies modeled on collecting interest from customers. It will be fascinating to watch as Mr. Amazing continues his trek into the nations web space (and wallets).