Credi news and media releases

Gen Ys turn to BOMAD

Almost half of Australia’s Generation Y’s are now going straight to the ‘Bank of Mum of Dad’ for regular withdrawals after they’ve turned 18.

Turning to their parents to borrow money for everyday costs has been a proven finding by Canstar in their newest  research on young adults and the use of BOMAD. Borrowing money for cars and home deposits are still popular loans, however, youths are seeking withdrawal for day-to-day expenses such as rent, groceries and petrol. With research highlighting one in five youths asking for money weekly or monthly.

Generation Y borrowing from BOMAD

 

Credit: Seven News

Source: http://thewest.com.au/

 

 

 

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Tim Dean live on air with News Talk 6PR 882

Our CEO, Tim Dean was live on air today with Simon Beaumont on News Talk 6PR 882. Tim discussed Credi.com, and further discussed the impact of the Bank of Mum and Dad in Australia as well as their involvement in the property market.

News Talk 6PR 882 Graphic

 

Credit: Simon Beaumont

Source: 6PR 882 News Talk Perth

 

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Credi.com one of Techflier’s 2017 Top 7 FinTech Startups from Perth

Techflier's 2017 Top Fintech Graphic

Techflier’s 2017 Top Fintech report  showcased Credi.com as one of Perth’s top 7 Fintech startups.  Boasting Credi.com as one of Perth’s hottest ‘set to disrupt the financial services industry in Australia in 2017 and beyond’.

In case you’re not too sure what ‘fintech’ is an abbreviation for financial technology. A perfect example of financial technology is your everyday banking app. However, that’s just a small aspect of this ever-growing area of technology. Even though it’s a relatively new specialty of technology, the growth in platforms and apps, is constantly increasing.

Techflier’s article highlights Perth’s potential to become a leader in the Fintech world, with local organisations such as FinTech Perth paving the way by supporting local Fintech innovators.

Credit: Audrey Lim

Source: www.techflier.com/

 

 

 

 

The pros and cons for borrowing from BOMAD

BOMAD

Amelia Murray from the Telegraph goes into detail about the risks and benefits of using BOMAD. She looks into the aspects many wouldn’t consider when lending from family and friends such as an affordability test, the idea of going bust, interest rates, hidden costs, miss-selling loans and finally if a child gets married.

Credit: Amelia Murray

Source: www.telegraph.co.uk

 

 

 

Credi.com allows you manage the issues presented in this article, our platform makes using BOMAD safe, manageable and protects relationships in the process.

 

 

Bank of Mum and Dad: how to help your children buy a home

buy a home

Love Money sets out some great points as a guide for parents to financially support their children and help them buy a home. The Bank of Mum and Dad is ever growing and becoming a world wide phenomenon in relationship lending, now funding over a quarter of all home purchases. BOMAD is constantly helping their children get a foot in the property market and buy a home. However, for many parents, this may not be a feasible option. That’s why Love Money sets out this helpful guide, to help you find the best way to help your children without putting yourself in financial strain. Love Money looks into aspects of helping with a mortgage deposit, gifting money, lending money, guarantor & joint mortgages, and offsetting savings.

Credit: Love Money Staff

Source: www.lovemoney.com

 

A great way to make sure secure the money that you lend to your children and friends is to make sure it’s documented and managed. Credi’s platform helps formalise and manage your loans and takes the worry out of lending large sums of money.

Credi.com, a vital piece of fintech, is one of the fastest growing lending platforms in Australia. We’re an online platform that helps all you millennials and the ‘Bank of mum and dad’ (BOMAD), set up a loan online, document the details, create a repayment schedule, and formalise everything with an agreement and E-signing component. Our fintech platform has already helped hundreds of Australian businesses, friends and families formalise their loans and then manage them – protecting their relationships, avoiding disagreements.

 


 

New EY report highlights fintech adoption rates

Fintech adoption

EY’s recent report, ““EY FinTech Adoption Index 2017 – The rapid emergence of FinTech” highlights observations on consumer adoption rates of financial technology (fintech) around the world. The first of these annual reports were completed in 2015 and aimed to uncover details on actual consumer usage. In surveying 22,000 digitally active consumers in 20 different countries, they found that on average 33% of consumers adopted and used at least 2 fintech services.

Credit: Ryan Lichtenwald

Source: www.lendacademy.com

 

 

 

Wealth gap rises as home ownership falls

Wealth Gap Rises

The Resolution Foundation completed research into the wealth gap in Britain, establishing that half the nation’s wealth belongs to one tenth of adults as property market and ownership declines. This decline, in turn, plays a key role in the return of the rising wealth inequality across the nation.

Credit: Michael Savage

Source: www.theguardian.com

 

 

BOMAD helps a third of second-steppers

BOMAD and second steppers

Research by Lloyd Bank has shown that nearly one-third of home overs that are looking to move up in the property market are seeking financial help from BOMAD. Banks estimated that on average they need £21,231 extra to take the step to their future property.

Credit: Hannah Nemeth

Source: www.moneywise.co.uk

 

 

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Credi.com sets new records by processing its largest loan

Set new record processing its largest loan

Credi.com, the platform that powers “the Bank of Mum and Dad” – has set a new record by processing its largest loan. A Credi.com user processed a loan with a related party for $ 950 K in June.

Tim Dean, Credi.com CEO commented. We are still digesting our launch, yet the uptick in customer acquisition over the last 30 days has been very encouraging. We are still pre any direct program marketing, yet through PR and word of mouth, we have grown by over 75% in live loans on our platform. Credi.com users are documenting property transactions, car purchases, startup costs and loan consolidation. From $ 950,000 for property purchases to $ 60 for a pair of shoes.

Over the next three months, we will see our partner program launch and product extensions to cover a variety of loan types.

 

 

Get through university: BOMAD gives students £2,285 each year

get through university

Research from the site, NotGoingToUni, has revealed that many UK students have turned to the Bank of Mum and Dad for on average £2,285 each year to help them get through university. With a large number of these undergraduate students (87%) confessing to going to their parents at least 5 times per year, for an estimated £457 each time, to pay for their expenses during university such as rent, food and going out.

Credit: Aftab Ali

Source: www.independent.co.uk