Online peer to peer banking service Lendico has attracted US$285 m (R 3 billion) globally) I demads for loans all over the world.
The site which is also available in Europe (Poland Austria, Germany and spain), launched in South Africa less than three months ago.
Lendico, counts more than 50,000 registered users and has received credit enquiries worth over 3 billion rand. With this strong demand, the Lendico team is growing and now comprises around 150 experts from the fields of finance, risk assessment and underwriting across two continents.
Lendico works by connecting borrowers and lenders to allow both sides to benefit from attractive conditions. Once prospective borrowers have created a loan project onlendico.co.za, Lendico analyses their credit worthiness and offers them extremely competitive rates. Investors can then compare all loan projects online and enter bids as low as R250. If a loan project gets fully funded, the borrower receives his or her loan and investors receive their respective principal and interest payments from the first month.
The site also allows investors to diversify their portfolio across several loan projects, thereby earning higher returns compared with similarly secure investments.
Laurens Pohl, MD for Lendico South Africa, commented: “An increasing number of borrowers are breaking free of the high rates charges by bank and instead choosing a more favourable Lendico loan. We provide a secure and transparent loan marketplace, and offer great deals for both borrowers and lenders with no hidden fees or complicated paperwork. In future, we are confident that we can build on the achievements of the past few months and continue to help customers in South Africa save money in the loan market.”
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