A new online social lending exchange, Angelmoola, aims to provide borrowers and lenders with an effective online loan facilitation system.
Angelmoola.co.za is a locally developed online loan facilitation company that provides a secure financial exchange enabling borrowers and lenders to financially interact with each other, without ever meeting. Lenders are able to pitch for business in an auction-styled environment and bid against each other for maximum return on investment, based on credit risk information made available by Angelmoola.
"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.
With a current product basket of three tailored products, Angelmoola.co.za opens up the market for anyone to become a lender – even individuals with as little as R1 000.00 in disposable cash.
In a statement launching the product, the company says that 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. It is a registered credit provider with the National Credit Regulator (NCR). All transactions are done through a secure website designed locally by technology partner and online development and security specialists Kaizania.
In addition, the company has also partnered with credit risk experts in order to mitigate the usual risks associated with lending, including diversification, credit risk life insurance and credit risk guarantee, managed by Hemisphere Risk Solutions and underwritten by Regent Insurance.
"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," says Dalton. "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."