Company Name: Credi
Announcement Date: 20/09/2017
Announcement Category: Awards/recognition
Announcement Content:
Kaplan Professional is a leading Australian education and training provider in Financial and Real Estate Services. Kaplan’s recent article on formalising the bank of mum and dad highlights statistics on informal lending between friends and family. This article further highlights the solution to informal lending, being loan documentation and management through platforms such as Credi.
Their recent article on ‘the bank of mum and dad’ and relationship lending highlights various statistics on informal lending between friends and family. It further highlights a solution to informal lending, being loan documentation and management through platforms such as Credi.
‘The bank of mum and dad’, is one of Australia’s largest informal loan providers each month accumulating billions of dollars of transactions. However, for the financial services industry, it remains a largely under utilised resource.
A Commonwealth Bank study completed in 2012, highlighted that “Australians borrow more than $1.6 billion per month from their family and friends”.
A survey by ANZ bank in 2012 also revealed that 23.5% of Australian’s owed family and friends and a mere 5.1% had a personal loan from a bank.
While there are advantages to borrowing from our ‘nearest and dearest’, such as lower interest, the emotional effects can be significant. The informality of borrowing from friends and family can potentially negatively affect or ruin a relationship.
That’s where ‘software as a service’ or SaaS comes in. Platform’s such as Credi, have emerged worldwide in the hopes of helping people semi-formalise the lending and borrowing process. Not only do these platforms help protect relationships when lending money, they also aid in formalising and documenting the process, along with financial educate children on managing a loan.
Read the article in full here
Source: ontrack.mykaplan.edu.au
Announcement URL: https://credi.com/2017/09/12/formalising-bank-mum-dad-credi-kaplan-feature/
About Credi:
We want to save relationships from the strain of financial dealings by turning informal agreements into credible, manageable and formal ones. We believe that by taking the duty of reminders, calendaring and contracting on behalf of the lender and borrower we are removing the most fraught aspects of relationship loans.
Credi gives you the platform and the tools for loans between family and friends. Simply use the app to generate a legally binding document and add your e-signature. Once agreed, you can manage repayments to stay on top of your loan. A simple and easy way to loan money from your loved ones!
Go to Company Profile for: Credi
Announcement Contact: [email protected]
