CreditCircle is a new online consumer loan platform that lets people harness the power of their social network to achieve their financial goals.

The recession may have come and gone, but millions of Americans across the country are still feeling its effects.  Banks and other lenders are still setting steep credit requirements, making it hard for many of us to borrow money -- particularly those of us who are going through tough financial struggles, or are just building their credit for the first time. Traditional lenders such as banks base their decisions on credit reports and third party data -- anonymous data points that have very little to do with the actual person behind them.

With our patent-pending Sponsored Loan product, CreditCircle has created a totally new take on loans -- one that makes sense for the 21st century, the financial realities we face, and the technology we now have at our fingertips.

Sponsored Loans expand on the concept of the sharing economy and replace anonymous traditional lending methods with a highly personal, social approach to lending that puts the person at the center by letting them harness their social network to achieve their goals.

Through the Sponsored Loan program, individuals can borrow money at reasonable rates by finding a sponsor or sponsors within their social network -- typically family members, friends, or relatives -- with good credit and payment history who will guarantee the debt. When sponsors "share" their credit ratings with borrowers, the chance of default drops dramatically.  CreditCircle can then give the borrower much lower interest rates than they could get through other channels. Sponsored Loans also give sponsors the opportunity to earn fees for providing credit support, adding an extra layer of incentive for them to lend their support to a loan.

Whether you need a loan to pay off your credit cards, buy your first home, fund your education, build your business, or whatever else life throws your way -- you can be sure that you can get the money you need through CreditCircle.

CreditCircle customers can complete all application and underwriting steps through their computer or mobile device in as little as 5 minutes. Here’s a quick overview of how the CreditCircle process works: 

Start. Go to the CreditCircle site.

Engage. Provide your information through our secure platform.

Apply. You fill out an application and get a firm quote.  The application is straightforward and quick.

Choose. From the quote, you can either sign up for the Sponsored Loan program or decline the offer.

Verify. Verify, submit, and execute documentation from your own device.  We've worked hard to make sure that all of our documentation is written in plain english and easily understood.

Voila! Get the funding that you need. Easy.  Fast.

At CreditCircle, our philosophy is simple: you’re borrowing money, not flying to Mars. The process should be simple and shouldn’t take all day.  We’ve tried to make it as easy as possible -- while still complying with all the stuff that keeps our lawyers happy. 

CreditCircle is the product of a “there has to be a better way” moment.

We started our company after seeing how hard it was for our grown children and some adults to obtain reasonably priced credit because they have insufficient or slightly damaged credit. 

In response, we developed the Sponsored Loan and a proprietary platform to price and execute the loans. Our procedures, systems, documentation, and legal review are complete and our national platform is in place with partner banks through 44 states across the country. We have applied for patents to protect our technology, discourage competition, and secure our place in the credit markets.

Our website is on its fourth iteration and the fifth version is in development.  With the aid of cutomer feedback, we never cease to come up with new ways to make the CreditCircle experience more intuitive, convenient, secure, and reliable for our customers.

We finished our limited three month Pilot Loan Program and originated over $339,000 in Sponsored Loans and $121,000 in direct loans.  No Sponsored Loan has yet defaulted.  We sold our portfolio to local community banks and private investors who are eager for more loan volume, putting us in the right place and on the right track.

David Shimko
CEO & Co-Founder
David is a 30-year veteran in finance, market and credit risk management, and complex project management, having worked in prestigious companies in the finance industry.

He started his career as an Assistant Professor of Finance at the University of Southern California. Afterwards, he moved on to work for JP Morgan Securities as Vice President and Head of Commodity Derivatives Research and then as Head of Risk Management Research. He also served as Principal and Head of Risk Management Advisory at Bankers Trust.

Subsequently, David founded and managed Risk Capital Management Partners, a market and credit risk managment consulting firm.  After selling it in 2006, he co-founded Winhall LLC, a risk management consulting firm.  Dr. Shimko was also an Adjunct Professor of Finance at Harvard Business School.

Brett Friedman
COO & Co-Founder
Brett has over 30 years of experience in the fields of finance, market and credit risk management, and new product development, deployment, and application. He has worked with David for the last 20 years as both a Partner at Risk Capital Management and as a co-founder of Winhall LLC.

Prior to these companies, he served as Chief Risk Officer at Osprale Management. He was also Risk Manager at Illinova Corp., Avista Energy, and International Power, London.

He was also a financial and energy futures broker for ten years for Prudential Securities and Kidder, Peabody, Inc.

He started his career at the Federal Reserve Bank of New York and later worked for UBS NY.