Credi, a leading Australian personal lending platform, has launched its vendor finance solution for SMEs through a deal signed between Provender, an Australian vending machine supplier, and one of its franchisees.
Provender is Australia’s leading vending machine specialist and was looking for a solution that would enable it to offer vendor finance solution to its franchises. Through its numerous loan products, Credi was able to establish a secure transaction system that was mutually beneficial for the vending machine supplier and its franchises.
Credi calls itself a world-first relationship-lending platform that makes lending management easier for family, friends and their business. Over 7,000 people across the world trust them to formalise and manage their loan agreements online.
‘The Bank of Us’, Credi makes managing and documenting loans faster, simpler and more affordable and takes only a few minutes to set up. Their mission is to support and promote transparency, accountability and fairness in load agreements entered. They also aim to reduce friction and inspire trust in the financial loan arrangements.
More about the vendor finance solution for Provender
Provender formalised the loan arrangement using Credi’s secure loan agreement. A vendor finance agreement was established through Credi for a franchisee for 6 vending machines for various locations in Australia.
To set up the loan agreement online, following products of Credi were used:
- Credi Loan plus PPSR Registration
- Credi Do It For Me (DIFM)
- Credi account for the borrower and lender
- Credi administration portal for the lender
The agreement covers a loan period of 3 years and has a monthly repayment schedule. Credi’s fee was also added to the total loan amount.
Tim Deal, Credi’s founder and CEO, said the deal will set a good example of how small and medium-sized businesses can use loan agreements that don’t pose an extreme risk or a negative cost-benefit analysis. He adds that with companies like Provender using their suite of products, it highlights not only confidence and trust in peer-to-peer lending but in the system of Credi that they think is about to take off in the country.
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Image Courtesy: Credi