The world of 'credit' has always been a bit of an elusive one. Though almost all of us have heard of the term, very few people truly understand how it works and how it affects our financial situations, and this has led to some real issues. Plend has identified that there are over 13 million people in the UK who lack financial security and a staggering £24bn worth of credit has been lent to people with inaccurate or non-existent credit files, which makes them virtually invisible to the financial system and vulnerable to rip-off rates and financial hardship. This is the problem that Plend is setting out to solve.
Plend's solution promises to allow borrowers to fulfil their dreams at affordable rates by making smarter decisions on applicants who might otherwise be overlooked by traditional lenders. A tight focus on this segment and relatively low lending limits allow it to manage risk while keeping interest rates down, providing an excellent alternative to credit cards and payday loans.
Since its launch in July 2022, Plend has made over £40 million in loans, increasing its loan book by 20% month on month. Having secured further funding in an investment round held in November 2022, it will move to develop its platform and grow its customer base.
Freddie
Company Specialist at Welcome to the Jungle
