YCombinator, The world’s most prestigious startup school, launched 48 companies today at part 2 of its Summer 2016 Demo Day. Lendsnap was one of the 48 that presented on August 23rd.
It can take up to 500 pages of documents to apply for a loan, leading 80 percent of people to go with the first lender they find so they don’t get the best price. Lendsnap helps compile the 30 different documents from a loan buyer’s online accounts, from bank statements to W2s. By charging $100 per loan, Lendsnap can chase a $1.8 billion opportunity. Eventually, it wants to pre-compile people’s documents to create a loan marketplace. Loans are already scary enough, Lendsnap could at least make them easy.