Current Products
Company
RapiCredit.com is an online fintech lender whose initial focus is short term, high cost loans to under banked middle class in LATAM. Our vision is to become a major player in loan origination in the Region; our initial market is Colombia’s middle working class (approx. 22M people who have bank accounts but have limited access to credit from traditional banking institutions), but we have a regional vision since day 1.
RapiCredito
Our 1st product. It´s a small amount, short time period, 100% virtual loan. From $30 – 170 and from 5 – 30 days, its main objective is to help our clients overcome temporary shortages in personal/family cash flow due to unexpected needs, emergencies or just making a small dream come true.
Customers are required to be at least 18yrs old, have a bank account, a cellphone and email. Good credit history is also required as our theory, on which our business model is based, is that people are not going to spoil their bureau rating for such a small amount, and if they definitely do, they shall come back sooner than later to pay back in order to fix it as they need to request solutions in other institutions.
Customer data is processed through our algorithms and in 95% of the cases we are able to approve or deny the request in less than 15 sec, the remainder goes to manual screening and can take up to a couple of hours.
Clients get their money in their bank account in-between 6- 24 hrs.
RapiPago
Our 2nd development, still in Beta, it leverages our existing origination platform, but clients instead of receiving cash in their bank account, can use the funds in retail/commerce with whom we have partnered for extending credit to their customer base.
Loans up to $200 from 1 to 6 monthly installments. Can be seen as type of virtual credit card and getting into the heart of retail can launch this solution to astonishing dimensions.
In the near future shall be adjusted as a payment method in ecommerce sites as well.
