GetBucks app pushes innovation in online micro-lending

GetBucks, a South African micro-lending company, has recently released its new lending app. Its aim is to innovate the market with this new offering. With international mobile usage overtaking desktop, how could the company not cash-in on this opportunity?

Stiaan Dreyer, Group IT Executive at GetBucks, believes the company has the key to success: “With the GetBucks app customers can expect continuous access to their credit facilities as well as almost instantaneous turn-around when it comes to credit applications, something we believe will prove a key differentiator going forward.”

The app will allow existing customers 24-hour access to their wallets and potential customers the ability to apply for loans at any time. It will also feature personal push notifications — similar to banking apps such as FNB — the GetBucks application will alert customers to their trust levels repayment dates, which will be used to help manage their credit history.

GetBuck’s Secure Online Verification Tool is powered by Yodlee, a personal financial management platform. It allows the system to make informed decisions based on live data during the credit application process. Potential customers can log into their bank account through the GetBucks platform during the credit application process. This allows the GetBucks application to read your last 90-days worth of transactions in order to assess your income and expenses. Once done, the applicant will be able to verify the data once it has been assessed.

The system not only eliminates needless paperwork, but potential fraud as well. There is no documentation needing to be copied, scanned, or submitted. This system also drastically speeds up the application process as it only takes a few minutes to be verified.

GetBucks’s additional functionality grants a user instant access to their credit score and whether the individual is considered low or high risk. Users will also see what funds are available in the wallet and the status of their loan.

While the app certainly ticks all the boxes when it comes to innovative functionality, the push notifications add an educational element in a lending environment where many consumers do not have the financial acumen to properly manage credit.