Georgian credit lender Lendo will offer short-term, unsecured loans on the Mintos marketplace

25.07.2016

mintosblog

We are truly pleased to announce our new cooperation with Lendo, a non-bank credit lender from Georgia. Lendo will offer short-term unsecured loans on the Mintos platform.

The average loan will range around EUR 100 with a 30-day due date.  Lendo will offer a buyback guarantee for loans that are delinquent for more than 60 days.

To start with, the average annual net return for these loans is expected to be 14%. Initially, Lendo will also keep at least 15% of each loan that they place on the platform on its balance sheet – the so-called “skin in the game”.

Though Lendo is founded in 2016, the business management team has committed focused work and significant investments to quickly gain a market position in Georgia.

Lendo already has 16 branches in Georgia’s largest cities — Tbilisi, Batumi, Gori and Rustavi. The branches are situated in areas with heavy foot traffic, for example, near shopping centers, or close to metro stops and markets. It is expected that the next year Lendo will open more branches in the biggest cities of Georgia.

Their typical client is a resident of Georgia between the ages of 26 and 45 with an average income. All of the loans are issued at the branches of the company. This allows the company to get to know their clients and minimizes the risk of fraud. Lendo analyzes information available from public databases to evaluate credit loan applications, looking at clients’ current liabilities and overdue loans (if any).

Lendo’s management team has more than 10 years of leadership experience in the banking sector. To date, Lendo has financed all its loans from its own means.

In addition to the unsecured loans, Lendo also offers pawn  loans secured by gold and other valuables. In the future Lendo plans to significantly increase the number of pawn loans. Also, company plans to add more services, such as international bank transfers and currency exchange.

Learn more and invest in Lendo loans here.