UNSECURED LOANS
Momentum launches online roll-out of new personal loans platform
Momentum plans to establish itself as an unsecured lender and has launched an online roll-out of personal loans and consolidation loans.A quarter of Momentum’s existing clients already held a personal loan, indicating that there was demand for loans, said CEO of Momentum Loans Hema Morar. "We believe they can be better managed as part of a holistic financial plan within the Momentum ecosystem," Morar said this week.Momentum Loans is part of a joint venture between African Bank and MMI to extend Metropolitan-and Momentum-branded unsecured loans to the market. It also represents Momentum’s maiden foray into consumer lending and could be the first step towards offering transactional banking.This comes as the business models of banks and insurers increasingly resemble one another, as banks such as First National Bank offer insurance and investment products, and insurers such as Discovery launch banks.Momentum would offer loans of R10,000 to R200,000, for a term of 12 to 72 months, Morar...
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