Project Stresses Ease of Use, Responsible Borrowing Habits
DENVER--(BUSINESS WIRE via COLLEGIATE PRESSWIRE)--Feb 21, 2001--Englewood, Colo.-based GetApproved.com LLC has launched its new Web site, GetApproved.com.
The site is the only Internet-based information service and resource center specifically designed for the credit and loan needs of 18-34 year olds.
GetApproved.com was developed in collaboration with a team of interactive specialists at Qwest Communications. Qwest is also an investor in GetApproved.com and a strategic marketing partner. The site`s objective is twofold: to provide information, selection, simplicity and security to credit and loan applicants 18-34 years of age; and to create a suite of offerings from leading financial services companies to the site`s users. For example, the site currently features 16 offerings from American Express and Visa in the ''Get a Card'' portion of the site.
The originator of the GetApproved.com concept is GetApproved.com President Steven B. Chotin, who brings to the project 25 years of experience in financial services and a first-hand understanding of the unique issues faced by young borrowers.
''Far too many young people make serious mistakes with their finances, often leading them into heavy consumer debt and poor credit ratings. The focus of GetApproved.com is to help young borrowers navigate the confusing and complex process of obtaining credit and financing for their important purchases and life events,'' said Chotin.
The launch of www.GetApproved.com coincides with national economic trends that impact the landscape of borrowing. On Jan. 22, 2001, The Economist reported that total household debt has jumped from 85% of personal income in 1992 to 103% last year. And on Jan. 8, 2001, Fortune magazine reported that ''...the sharp deceleration (from 8.3% quarterly growth in the fourth quarter of 1999 to 2.4% growth in third-quarter 2000), coupled with a harrowing tech-stock collapse (the Nasdaq composite was down 50% from its March highs before climbing again in early December), has made recession a subject for polite conversation again.''
''The timing couldn`t be better for an information service that acts like a private banker for the young person,'' said Chotin. ''We now know that the money doesn`t go on forever, and so we have to get back to the basics of good financing habits. That`s just what GetApproved.com is designed to help people do -- to be prepared for every `first` in their financing history: first credit card, first car or first family,'' said Chotin.
How the Site Works
GetApproved.com is designed to be the reference site for any and all the borrowing activities of the 18-34 year old.
Users are encouraged to take advantage of free registration and membership so they can receive information on site updates, new products and providers, and special promotions.
The site provides clear, concise and easy-to-use information on a variety of life circumstances that may involve obtaining credit or a loan: from attending and financing college, to preparing for and securing a first job, to buying a first car or home, or getting married. The site covers the ''endings'' in life as well: when college is over, moving from one home to another, even understanding the financial and legal issues surrounding a divorce.
The site`s navigation and information content are developed with the objective of ease of use and efficiency. For example, individuals who click on the site`s ''Credit Cards'' button are presented with logically-organized sets of links in layman`s language, such as: ''Why do I need a credit card,'' and ''Help, I`m drowning in debt!''
Related links are also presented so the user can obtain additional information to resources, articles and calculators.
''Our intent is to build GetApproved.com into one of the most useful sites on the Internet for 18-34 year olds,'' said Chotin. ''Toward that end, we have a highly focused marketing and business development strategy that will deliver value to the user and loyal, profitable customers to our financial service partners.''
About GetApproved.com
GetApproved.com is a privately-held e-business services company designed to meet the needs of the under-served population of credit and loan applicants in the 18-34 year-old age group. The company`s dynamic information services, combined with credit and loan products made available through a network of established providers, offer members a sophisticated resource for examining options and making educated personal and financial decisions. GetApproved is a service mark of GetApproved.com LLC. The company has headquarters in Englewood.
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