Jamaica’s first fully online lending platform is here with the recent launch of the ‘VM eLoan powered by Carilend’. The loan facility comes months after Victoria Mutual Investments Limited, the wealth-building arm of the Victoria Mutual Group, acquired a 30 per cent stake in Carilend, a Barbados- based FinTech company. The loan facility is an integrated end-to-end solution providing loans to qualified, creditworthy borrowers.
“Quick and convenient is our business model,” shared Carilend Jamaica Country Head Craig Stephen during the recent live-streamed launch event.
Loan rates range from 13-18 per cent per annum and are calculated on the reducing balance, explained Stephen, positioning the product in line with credit unions as opposed to many microfinance institutions. At these rates, the VM eLoan powered by Carilend is well-suited for debt consolidation and quick funding for emergencies, among other things.
“Debt is a solution,” explained Carilend CEO Mark Young. “If used wisely, debt will allow you to achieve things sooner that would not have been possible otherwise.”
The most unique aspect of this loan experience is that everything is completed online at carilend.com. Borrowers register, submit loan requests and upload documents directly to the website. Young said the application process only takes about 15 minutes. Once Carilend receives all the necessary documents, borrowers will know if they’re approved within one business day. If approved, the funds are then disbursed within 1-3 business days. Users can borrow between $150,000 and $1,000,000 unsecured, with terms ranging from 12-60 months.
Stephen noted: “Based on the amazing customer satisfaction in Barbados and the early feedback from clients who have already got a VM eLoan powered by Carilend in Jamaica, we are sure Jamaican consumers are going to love the amazing customer service of our online lending product.”
The relationship between VMIL and Carilend Holdings Limited has been more partnership than investment, according to Devon Barrett, chief investment officer of the VM Group.
“Carilend was an emerging company in the region in need of capital,” he said. “They came with some disruptive technology, which we thought would bring to the table an online loan experience our clients and members would love. We also saw the potential for regional growth and diversification.”
Carilend is changing the face of borrowing and lending in the Caribbean with the provision of lending services that are completely online. Their initial success came from the introduction of a peer-to-peer lending service in Barbados. A phenomenon that has swept the globe and is now a billion-dollar industry in the UK, US and Canada; peer-to-peer lending connects people with money to lend and people who want to borrow in a secure online marketplace.