lender friend

Lender Friend is an ethical money lending company focused on serving the financial needs of migrant domestic workers
Where we're at?
Idea
Validation
Adoption
Growing

Concept and business plan team may be incomplete.

Idea is formed project ready to launch.

Have paying customers adapting to market.

Growing company and users!


The idea for Lender Friend was conceived during the PhD research done by Dr Joy Arenas.

She learned that there are 360,000 domestic helpers in Hong Kong and 90% of them have taken a loan before.

However, the experience of getting a loan is awful and full of pain points.

Domestic helpers describe the loan-taking process as ‘scary’. Moreover, the interest rates can be extremely high: up to 48% per annum!

For example, if a helper borrows HK$10,000 they have to repay HK$14,800.

A whole month’s salary would go just to paying off the interest!

Lender Friend has built a mobile-first lending experience specifically for domestic workers. This means they can apply for a loan anytime, anywhere through the convenience of their phone.

Not only is this more convenient for the customer, but it allows Lender Friend to create an innovative credit score.

It's a more efficient and smarter way to do things.

The traditional loan process for domestic workers is to:

1) visit a shop
2) wait in a boring line
3) fill in paperwork
4) receive cash

This traditional offline process is inefficient and time-consuming.

Our product makes getting a loan easy, quick, and cheap.

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