UAE-based fintech payment firm Monami Tech has launched the Lendme app to provide instant loans across a number of channels, including e-commerce and mobile.
The concept comes as around 12.8 percent of the UAE is reportedly seeking loans, with demand for corporate loans marginally rising.
Lendme is aimed at easing the process of obtaining the money by instantly submitting and reviewing loan applications, granting an immediate approval if eligible.
It has a customisable white label solution and built-in process for electronic submission, digital validation, merchant integration and ID automation.
It is set to solve the single largest issue when it comes to loans: delay. The turnaround time for personal loans and credit cards ranges between an hour to two and a half days. The process takes four or more days in emerging markets, while business loans have an average time of 10 to 15 days.
“Financial solutions have to be more responsive than ever to accommodate clients’ busy schedules. With the current market research, we find that the major gap is in disbursing loans with a great deal of convenience and security. Lending has to be made easier,” according to Monami Tech CEO Brian Quarrie.