KUALA LUMPUR, Sept 10 (Bernama) -- According to the World Bank Report on Financial Inclusion in Malaysia (dated May 2017), only 25% of the adult population and 15% in the B40 group, has formal bank borrowing. Hardworking adults who are declined by formal banking channels have limited viable financing options, not to mention the well-publicised news of numerous loan scammers or unscrupulous money lenders that are readily to take advantage of their vulnerabilities.
With the mission to address this social problem, Hui Yik Seong, an ex-banker, founded Direct Lending Sdn Bhd (Direct Lending) in 2016. Direct Lending operates an online personal lending marketplace in Malaysia that enables bank underserved borrowers to search, compare, apply and receive financing that best suit them in a fast, simple, safe and affordable manner. Financing products on Direct Lending’s platform are underwritten by reputable financial institutions, co-operatives and credit companies, tailored for both civil servants and private sector workers. Direct Lending’s first financing partner is RCE Marketing Sdn Bhd, a fully owned subsidiary of Bursa Malaysia listed RCE Capital Berhad.
Direct Lending offers an end-to-end borrowing experience to borrowers, from receiving eligibility instantly, applying formally for a loan to receiving the cash in their bank account. Direct Lending’s services to borrowers are 100% free. In fact, to ease the borrower’s financial burden, Direct Lending offers a cash rebate to borrowers, with over RM300,000 cash rebate has been given out to date. To reduce the borrower’s stress, Direct Lending has thus far achieved a 90% loan approval rate once the application is sent over to financiers for processing and underwriting.
Direct Lending recently received a RM300,000 grant from Cradle Fund Sdn Bhd, a government agency with a mandate to fund potential and high-calibre tech start-ups through its Cradle Investment Programme (CIP300).
Direct Lending plans to use the CIP300 funding to further strengthen its operation capability and to accelerate the Company’s marketing efforts which is to be the “Go-To” platform for the hardworking individuals when seeking personal loan, helping them to meet their emergency needs and achieve their dreams in a safe and affordable manner.
Apart from the RM300,000 grant, Cradle also provides a wide range of value-added support such as coaching and mentoring programme, internal training programme and hosting business and networking events for the start-up companies.
http://mrem.bernama.com/viewsm.php?idm=35433
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