KUALA LUMPUR, 6 SEPTEMBER 2019 – Direct Lending Sdn. Bhd. (Direct Lending), an online personal lending platform has recently received a RM300,000 grant from Cradle Fund Sdn. Bhd., a government agency with a mandate to fund potential and high-calibre tech start-ups through its Cradle Investment Programme (CIP300).
Direct Lending operates an online personal lending marketplace in Malaysia that enables bank underserved borrowers to search, compare, apply and receive financing that best suit them in a fast, simple, safe and affordable manner. The Company’s mission is to make transparent and affordable credit accessible to everyone at anytime and anywhere.
Financing products on Direct Lending’s platform are underwritten by reputable financial institutions, co-operatives and credit companies, tailored for both civil servants and private sector workers. Direct Lending’s first financing partner is RCE Marketing Sdn. Bhd., a fully owned subsidiary of Bursa Malaysia listed RCE Capital Berhad. Direct Lending commences operation in late 2016 and graduated from the Malaysian Global Innovation & Creativity Centre’s 2017 Global Accelerator Programme.
Direct Lending offers an end-to-end borrowing experience to borrowers, from receiving eligibility instantly, applying formally for a loan to receiving the cash in their bank account. Direct Lending’s services to borrowers are 100% free. In fact, to ease the borrower’s financial burden, Direct Lending offers a cash rebate to borrowers, with over RM300,000 cash rebate has been given out to date. To reduce the borrower’s stress, Direct Lending has thus far achieved a 90% loan approval rate once the application is sent over to financiers for processing and underwriting.
Direct Lending plans to use the CIP300 funding to further strengthen its operation capability and to accelerate the Company’s marketing efforts which is to be the “Go-To” platform for the hardworking individuals when seeking personal loan, helping them to meet their emergency needs and achieve their dreams in a safe and affordable manner.
Apart from the RM300,000 grant, Cradle also provides a wide range of value-added support such as coaching and mentoring programme, internal training programme and hosting business and networking events for start-up companies.