When loan sharks bite, they bite hard and often leave a nasty scar. But when you need cash and the bank is shutting you out, there’s often no other option.
Aidil Zulkifli, a lawyer in Singapore, and Izati Ngaliman, who heads up the marketing side, founded Singapore-based LoanGarage in 2012 to solve this problem. The two founders are building the business with the goal of making loan sharks more transparent.
“More consumers are turning to private lenders for personal loans simply because they are underserved by traditional banks and financial institutions for a variety of reasons,” said Ngaliman in an email to VentureBeat. “But the private lending industry is currently a nontransparent market where legal lenders and illegal loan sharks are almost indistinguishable.”
The company lists lenders — banks and private loans alike — on its website where borrowers can peruse their options. The lenders have LoanGarage’s stamp of approval, which means they’ve been vetted and are trustworthy. The borrowers then fill out an application and can quickly apply to a number of loans and “shop around” for the best deal. Full story...
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Aidil Zulkifli, a lawyer in Singapore, and Izati Ngaliman, who heads up the marketing side, founded Singapore-based LoanGarage in 2012 to solve this problem. The two founders are building the business with the goal of making loan sharks more transparent.
“More consumers are turning to private lenders for personal loans simply because they are underserved by traditional banks and financial institutions for a variety of reasons,” said Ngaliman in an email to VentureBeat. “But the private lending industry is currently a nontransparent market where legal lenders and illegal loan sharks are almost indistinguishable.”
The company lists lenders — banks and private loans alike — on its website where borrowers can peruse their options. The lenders have LoanGarage’s stamp of approval, which means they’ve been vetted and are trustworthy. The borrowers then fill out an application and can quickly apply to a number of loans and “shop around” for the best deal. Full story...
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