UAE: Lendme app launch provides instant loans

UAE-based payments company Monami Tech has rolled out a new app that provides instant loan approvals to applicants.

The app, called Lendme, aims to reduce the processing time of loan applications by offering immediate approval if the applicant meets the loan eligibility requirements. Lendme is available on many different channels including e-commerce and mobile app stores.

Lendme differentiates itself from the rest of the market by offering instant loan approvals, which Monami Tech has identified as a key pain point within the market.

According to RFi Group data, the speed of approval and cash disbursement is among the key considerations when choosing a personal loan provider. However, fees and charges and the interest rate are by far the most important features driving choice.

Following the launch, Brian Quarrie, CEO at Monami Tech, said “The success of Lendme is predicated to the fact that the app takes into account an unprecedented amount of data and can better evaluate an applicant’s creditworthiness than any manual operation. And therein lies the value of what Monami Tech has built, a powerful digital platform with an underlying scoring engine that captures invaluable data on client behaviours.”

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