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.