What is the difference between Magilla and other sites such as Kabbage, Lending Club, and OnDeck?

These sites are essentially hard money lenders: short term loans, approved quickly, with higher than normal interest rates, generally for people who need the money fast and are willing to pay the higher interest rates for the money or for people who would not otherwise qualify for a loan with a traditional lender. 

Magilla is NOT a lender.  Magilla is a free marketplace and search tool, similar to Kayak, that allows business borrowers to quickly and easily search for a lender.  A borrower fills out our ten questions and awaits the lenders’ responses.  The lenders are traditional FDIC insured banks that are ready to connect with you and fulfill your business' needs.

The disconnect in the current marketplace is the traditional lenders’ inability to find qualified borrowers to whom to lend money in a cost effective manner.  i.e. lenders have to spend too much money in search (marketing) costs to find these borrowers; and borrowers, in turn, have to go to too many banks and expose themselves before they can obtain offers from which they can choose. 

Magilla marries this disconnect by getting qualified buyers to the lenders' doorstep with speed and cost savings.  In turn, a borrower has to go no further than his/her computer and answer ten questions before he gets offers in their email.  Magilla is the Kayak of business loans, creating a marketplace where borrowers and lenders meet in seconds. 

The old system of obtaining a traditional loan from a bank will soon be changed to this far more expedient and cost effective way of doing business.