Company aiming to put idle money to use

SOME of the $3 billion sitting idle at commercial banks in Barbados will soon be better utilised so as to earn higher returns for depositors and to help grow this country’s economy.

Those funds will be utilised under a new facility known as Peer-to-Peer lending, which was officially launched by finance company Carilend on Thursday night, at the Limegrove Lifestyle Centre, Holetown, St. James.

Peer-to-Peer lending is the newest form of financing, connecting people who want to borrow and those who want to lend, said the CEO of Carilend, Mark Young.

He told those present at the launching ceremony that individuals can take some of their funds – including commercial bank deposits which are fetching minimum rates close to zero – and invest them with Carilend, which will then lend the money to those seeking loans.

“Our approach uses technology to cut out the costs of the middleman and brings the parties directly together in a safe and secure manner,” the CEO said.

“This means that you can earn ten to 15 times more than what you earn today on your savings,” he told the audience that included several businessmen and commercial bankers.

Young said that they are excited to bring the global phenomena of Peer-to-Peer lending to the Caribbean, and to launch first in Barbados, which is the company’s home and headquarters.

According to him, “We think this product is the right product, at the right time, at the right place. We all know that there are billions of dollars sitting down idly in savings accounts that are not working for either the investors or for the wider economy.”

As such, Young further stated, “We are excited that by bringing even a small portion of these idle funds back into circulation, we can help drive new economic activity and play some part in getting our economy working again.”

Carilend boasts a platform that provides transparent and granular access to account information in real time 24/7, 365 days a year.

“For lenders at Carilend, we like to say it is as simple as CLICK, LEND, EARN,” declared Young.

For Carilend it also about convenience. One can apply online in minutes, get an answer on the request within one working day and money in the applicant’s account the day after accepting a loan offer.

“Gone are the days of filling in 20-page application forms, supplying pages and pages of certified copies of your personal documents, going for an interview and then waiting days or weeks for an answer,” Young added.