TechWeb

WikiLoan Renegotiates ACH Fees

Mar 03, 2010 (04:03 PM EST)
URL: http://www.techweb.com/show-press-release/X794371/wikiloan-renegotiates-ach-fees.html

DELRAY BEACH, Fla., March 3 /PRNewswire-FirstCall/ --  WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network today announced that it has successfully renegotiated with its contracted processor for dramatically lower ACH fees for WikiLoan user payments.  High payment and money transfer fees directly increase cost burdens on consumers transacting on the Internet.  

"This renegotiation represents a tremendous savings for the users of our website. It will save them in excess of 80% on every transaction, with little impact on WikiLoan's margins," said Edward C. DeFeudis, WikiLoan's Founder and President.  

"It was a high priority for us to adjust the processing charges for our users, particularly for the small transactions.  Providing payments for $0.99 per transaction will help to establish and maintain a great user experience on WikiLoan.com," said Marco Garibaldi, WikiLoan's Founder and CEO.

WikiLoan's rate of $0.99 per transaction is down from $5.00 to $15.00 depending on the type within the WikiLoan system.  This change shall save borrowers up to $249 in fees over the course of the maximum 60-month duration of a loan; exhibiting a significant cost savings.

About WikiLoan

WikiLoan is a Social Network with a focus on finance.  At WikiLoan.com, family and friends can borrow and lend money among themselves at rates suitable to their respective needs. The company's website provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.

Investors may contact: WikiLoan, Inc., 561-865-5310.

This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.

SOURCE WikiLoan, Inc.