Express ( Trinidad and Tobago )
22 March 2025 ( Page 10 )
WiLoan launches fully digital micro-loan facility
Vishanna Phagoo
vishanna.phagoo@trinidadexpress.com
IMAGINE needing urgent funds for an unexpected expense.
In the past, securing a loan meant long lines at the bank, piles of paperwork, and nerve-wracking approval processes.
But WiLoan says it has revolutionised that. The fully digital micro-loan service officially launched on Thursday at the Brix Autograph Collection Rooftop, Cascade, Port of Spain.
WiLoan, developed by WiPay, is designed to offer salaried workers in the Caribbean quick, convenient access to short-term credit. WiLoan was first introduced in December 2020 as a pilot project in partnership with the National Trade Union Centre (NATUC). This initial phase targeted NATUC's 60,000 members-offering unsecured personal loans with interest rates between 2% and 2.75%, depending on the repayment periodbefore expanding to the general public.
WiPay's chief operating officer John Mollenthiel explained the fully digitised system and said, 'The process is all digital and you have access to an entire ecosystem of services. That process is quick and easy. Once you've signed on to that digital platform and uploaded proof of life, you never have to come and see me.'
He added that there are 1,200 different watchlists and sanctions lists that applicant go through to ensure their legitimacy. Mollenthiel added that funds can be moved to and from any bank account or any card.
'(However), having a bank account is not a requirement,' he added. Also speaking on inclusion, chairman of WiLoan Ashley Taylor said, 'The Global Inclusion database 2021 compiled by the World Bank showed us 76.2% of the global population had access to financial services. This was up from 68.5% in 2017.'
Chief executive officer of WiLoan Loron Marlow assured, 'Our commitment is clear: no more long waits or endless paperwork; just real solutions on time.'
He added that the company has implemented streamlined internal mandates and quality assurance reviews.
'Our credit evaluation process uses technology
design for ease of use, speed, and precision and to ensure all applications are assessed promptly and accurately. Our dedicated customer support is trained to help all borrowers navigate the process, minimise the needs and avoid incomplete applications,' he said. Marlow added that through its strategic stakeholder partnerships, the artificial intelligence (AI) development team worked closely together to accelerate approvals and ensure seamless disbursement.
'Financial solutions are the core of what we do,' said Marlow.