MoneyBush was probably too lame of a name, but new lending start-up MoneyAisle is pretty much just a fresh twist on the LendingTree concept.
Then again, MoneyAisle, which connects investors with banks through an online auction interface, doesnâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢t need to worry about holding wakes and planning funerals for its lending partners quite as frequently as the Web-based mortgage matchmaker.
MoneyAisle currently hooks up investors specifically looking for Certificates of Deposit and high-yield savings accounts, and a quick check of the live site revealed 66 banks currently battling for your savings business and 86 hawking CDs. Burlington, Mass.-based parent company neoSaej is reportedly adding loans to its service portfolio soon.
The process is pretty simple. All you need to do is choose the product youâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢re looking for, the amount you wish to invest (and maturation duration for CDs) and watch the bidding begin. Banks have the opportunity to out-bid each other for the best rate, and the winning institution will contact you if you decide to pull the trigger.
ThatâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢s the best part of MoneyAisle: ThereâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢s no commitment. If you donâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢t like the winning rate, youâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢re under no obligation to sign the virtual dotted line. In addition, the service is free to use and the website is free of ads and promises not to spam your inbox. Banks win too, getting access to a wider footprint of potential borrowers and only paying a fee when theyâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢ve landed customers’ business.
In an industry where people are losing their shirts, shorts and Crocs, itâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢s refreshing to see no-strings attached auction software that doesn’t have you waiting two hours in your local branch office hoping you’ll at least get a lollipop if your business isn’t wanted. All that MoneyAisle is missing is that voice-over motor mouth from those old school Micro Machines commercials.