Online social lending
With the credit crunch rocking global markets and financial institutions tightening their belts on lending, a new site, Angelmoola.co.za, provides an online social money lending system.
Angelmoola.co.za is a locally developed loan system that allows borrowers and lenders to financially interact with each other, without ever meeting. Using the system, lenders are able to pitch for business in an auction-style environment and bid against each other for maximum return on investment.
"Consumers are feeling the pinch at a time where there is no end in sight for the turbulence in the international economy, but debt consolidation and debt relief are a far way off as banks are reticent to lend money," says Angelmoola.co.za CEO Brian Dalton.
Angelmoola.co.za has three products available, catering for both small and large lenders. Even lenders who have R1 000 disposable cash and want to make a better return on their money can apply to become an Angelmoola.co.za lender.
Ensuring transparency, Angelmoola.co.za complies with all the required South African financial and credit legislation and also conducts validation and background credit checks on all borrowers. Angelmoola is also a registered credit provider with the National Credit Regulator.
"What Angelmoola.co.za offers is safe and effective mechanism for the consumer to apply for a loan from a registered lender without having to jump through financial red tape to do so. We have been beta-testing the site since May ensuring that we adhere to all the right security specifications needed with an online facility of this nature, as well as ensuring we are registered with all the right credit and financial authorities in the industry," says Dalton.
Products
Angelmoola has three specific categories of loans available. PayDayMoola caters for consumers needing a cash injection to get them to the end of the month only. The system allows for loans between R1 000 and R5 000 and promises that an answer and cash payout will be given within 24 hours from application, to be paid back at the end of the month or within 30 days.
QuickMoola allows borrowers to apply online for smaller loans of between R500 – R8 000 , repayable over 1-6 months. Lenders are able to bid to lend all or a portion of the loan requirement via a 24 Hour auction process.
StandardMoola is the high end loan product hat allows borrowers to get a loan of between R2 000 and R200 000, over a period of 12, 24 or 36 months. Borrowers can also set the maximum interest rate they are willing to pay as well as the repayment rate. The loan is then auctioned to lenders who bid for a portion of the loan and after seven days the bids with the best rates are combined into one single loan, administered and managed by Angelmoola.
"At a time when debt consolidation is becoming of growing interest to South Africans who want to pay off their highest interest debts first, Angelmoola.co.za provides a simple and quick way to process your financial transactions," adds Dalton.
Social money lending discussion
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