On a set schedule they agree upon if they get going and people payments are now being serviced by personal Lender. Therefore personal Lender behind the scenes …. You understand, we have been producing the (inaudible) file that gets uploaded towards the (inaudible) book. We don’t go the amount of money, but the data are moved by us so the cash is being taken through the customer’s account either through ACH or by way of a debit card.
What the results are can be as the client repays the mortgage, they’re reducing the loan, yet somehow the CD is somewhat growing with time and thus by the end the consumer has paid down the loan that is entire then simultaneously, the CD a unlocks then the client gets the cash either via ACH or through check.
Peter: Okay, at the conclusion of this loan term will there be a rollover or can they elect to back take the money? What are the results following the duration’s over?
James: when we first got started, you understand, we developed the experience to essentially have begin date preventing date and it also in fact is it off, you get the money, end of story like you pay. That’s how it really is today plus it’s perhaps not a great experience that method and making sure that’s likely to be changing as time goes on, but to date, you will get the amount of money, congratulations, your credit rating might be up and then we supply the clients their credit history from month to month to allow them to really monitor that more than time. So that they are receiving some training material, but they’re not receiving one other financial loans aside from our flagship item.
Peter: Okay, so I’m curious…you said you’ve got a few bank lovers. We imagine this might be notably of the imaginative idea that….it’s in contrast to most people are achieving this, you’re the very first one that I’ve seen that has this approach just how did those conversations get?