Loan applications and credit verification will be done online.
Malaysian-funded Singapore fintech startup Credit Culture, a subsidiary of Dey Private Limited, launched its online lending platform, becoming the first licensee amongst the six entities that are part of a pilot by the Ministry of Law on new business models for personal loans.
Credit Culture enables customers to auto-populate an application form using government sites like MyInfo and uses this data to assess the creditworthiness of a customer instantly. Personalised rates are offered and upon face-to-face verification at Credit Culture’s office, funds are transferred instantly.
The lending platform will offer rates capped at 1% per month and remove high late interest and extra charges for early settlement.
Credit Culture just clinched a US$40m funding from Malaysian-listed investment holding company, RCE Capital Berhad back in January.
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