LALA Lends is Ready to Empower the Lives of Millions
LALA World is extremely enchanted about Lending its first loan via its lending arm, LALA Lends. With this initiative, LALA has come closer to its ultimate objective to serve the unbanked and underserved population, as we can now provide loan services in India through Rising Straits Finance Pvt. Ltd. a non-banking financial company (NBFC). We have successfully signed an agreement to acquire and the application for the change of Board is with the governing authority — Reserve Bank of India.
We plan to offer loans in two segments in the first phase:
1. Micro and Nano Credit (MANC): for individuals.
2. MSME Loans: for Micro Entrepreneurship
India’s more than half of the population is under the age of 35, and there is a need to encourage this age group towards entrepreneurship and becoming job creators instead of job seekers. As a result, there would be an increase in the employment generation. The prime limitation to this is lack of capital as the banking institutions have a rigid requirement framework which comes in the way of lending and offering small loan amounts proves to be costly for them.
LALA LENDS endeavor is to resolve such issues. It can now support the small businesses and entrepreneurs financially, i.e. LALA World can provide loans to individuals, budding entrepreneurs & SME’s for livelihood assistance.
In India, there are 600+ functional NBFCs, however, what makes LALA LENDS more efficient and developed than others is its upcoming advance solution that records KYC information digitally in the complex and secure coding of Blockchain which is impossible to tamper. Along with state of the art loan origination, credit underwriting (LALA Score) and disbursement technology, LALA creates efficiencies and cost reduction. These are passed on to its needy borrowers yet maintaining margins.
“Lack of credit murders numerous bankable ideas. Through LALA Lends, we aim to foster the entrepreneurial streak of the millennials.” -Sankalp Shangari
LALA World has established an exceptional proprietary credit-scoring algorithm called “LALA Score” that helps evaluate credit risk efficiently and allows us to lend to segments hitherto ignored by banks and large institutions. LALA world is also aggressively working to partner with other digital platforms, P2P platforms, and other NBFCs to provide these services and help make the entire eco-system more efficient. Soon we shall share more good news as we ramp up India operations while expanding across South East Asia.
This is a remarkable accomplishment for LALA World that has brought us closer to our vision, i.e. building a Global Digital Decentralized Financial Ecosystem to support the financial inclusion of the unbanked and underserved.
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LALA Team expresses its gratitude to the community for its support and being part of this journey since the begining, Thank you.
Originally published at blog.lalaworld.io on July 16, 2018.
