Lendela redefines borrowing experience to fight isolation and stigma

The startup provides a platform for easy loan eligibility assessment using minimal personal data.

- Consuelo Marquez

FINANCIAL SERVICES

When Lendela CEO and founder Nima Karimi went to Singapore to start his firm, he was surprised that a good number of Singaporeans took a traditional stance around the concept of borrowing money.

“There's a certain stigma around lending which leads to shame and isolation when someone requires a loan. So it’s not often talked about openly and becomes this very lonely experience,” Karimi told the Singapore Business Review in a recent interview.

“We see examples of individuals applying [for loans] and not telling their spouses or parents which for me, is the obvious first step, you talk to your immediate family about a big financial decision,” Karimi added.

Recognising this gap, Karimi sought to provide a secure platform in Singapore for borrowers to transparently access eligible loans while helping credit providers match with more ideal customers.

Lendela’s matchmaking tool

Applying for a loan can be tedious as there are over a hundred registered money lenders in Singapore and it will be difficult to check them all and do the research.