At our Startup Arena Jakarta competition on Friday, Singapore-based Loan Garage pitched its mobile platform for helping consumers find credit from safe and trusted providers.
The pitch outlined how back in Singapore there’s often some illegal money lenders and they hope to even the playing field with a trusted platform for licensed lenders. It allows consumers to compare market rates on a compare lenders screen, and from there they can make an informed decision. Users can also view promotions that might be currently available.
Loan Garage features a number of filters available so you can find exactly what you need. There’s a ‘check status’ option where users can view the status of their loan application as well.
Currently it is available as an iPhone app, with iPad and Android versions coming soon. The service will be focused on Singapore to start, but they say they are easily scaleable and can move to larger markets soon.
The revenue model is an interesting one, as the startup proposes to charge a transaction fee on the lenders side, and they take nothing on the borrower side.
Judge Benjamin Joffe was initially skeptical, but was impressed that the startup already has established some partnership and the fact that the founder has a legal background.
This is a part of our coverage of Startup Asia Jakarta 2012, our startup event running on June 8 and 9. For the rest of our Startup Arena pitches, see here. You can follow along on Twitter at @startupasia, on our Facebook page, on Google Plus, or via RSS.
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