Tuesday 24 October, 2017

Carilend seeing 'phenomenal' growth

Directors and Founders of Carilend (l-r) Non-Executive Director and Co-Founder, Mark Linehan; Non-Executive Director and Co-Founder, Byren Innes; Co-Founder and Strategic Advisor, Ingrid Innes; and CEO, Co-Founder and Director, Mark Young.

Directors and Founders of Carilend (l-r) Non-Executive Director and Co-Founder, Mark Linehan; Non-Executive Director and Co-Founder, Byren Innes; Co-Founder and Strategic Advisor, Ingrid Innes; and CEO, Co-Founder and Director, Mark Young.

Just three months in and Barbados’ sole peer-to-peer lending company, Carilend, is seeing tremendous success with 100 percent of its loans.

The company was officially launched in May of this year and uses an online marketplace to match lenders with borrowers.

With over 900 registered users on the site to date, the team at Carilend has been amazed at the response they have received.

Mark Young, CEO of Carilend, has described the response as “phenomenal”.

“Our new loan volume has more than doubled every month so far. We are receiving applications 24 hours a day, 7 days a week,even on weekends and holidays! Our clients are really loving the convenience of completing their loan application in 10-15 minutes, anytime, anywhere and from any online device - many on their smartphones. All Borrowers have received an answer on their request within one working day.”

Carilend reported their “average” Borrower is borrowing $8,617 for 43 months at an average interest rate of 11.34%. Whilst all applications receive an answer in one working day, Carilend recently approved a brand new Borrower in 2 hours; 22 minutes from receipt of their initial application. Even with these technology enabled speeds, Carilend assured that they are diligently reviewing and approving only those applications that meet their high standards to ensure that they protect the Lenders’ invested monies.

On average to date, Lenders who are investing in loans via Carilend; are currently earning 7.94%. Whilst a well-diversified portfolio can be started with as little as $2,500, Carilend reported investors in all sizes and from all walks of life with an average amount invested by Lenders in excess of $30,000.