August 9, 2020 All Things Fintech in Africa

Allea Credit: How to get Instant Cash for Expenses

Allea Credit: How to get Instant Cash for Unexpected Expenses

Allea Credit is that one-way ticket to a quick emergency fund fix. Borrowing negates a lot of distrust, especially when it is from family and friends. These money matters often lead to a break in the bond between friends or families and strives strife. However,  the lenders are necessarily not be blamed, but the borrowers who either take too long to repay or they never payback at all. Although some are lucky to get loans from friends and families with or without interest, while others aren’t so lucky.

Secondly, since it is hard to get a loan from close relatives, the typical traditional bank doesn’t make it easy too.  From collaterals, guarantors, and heavy documentation before a loan is approved which takes away the ease and efficiency of the idea for emergency fund fix. With the annual high-interest rate forward relegates the idea of getting a loan from a bank. And this is what Allea Credit is trying to solve.

Who is Allea Credit?

Allea credit is a digital leading platform that borrows instant emergency cash to its customers. Whether you are looking for a short term or long term credit, Allea Credit approves loans for you, with no need for a hassle or collateral tendering. A team of investment, banking, corporate law and risk management gurus had launched Allea Credit, with the aim is to disrupt money lending business in Nigeria.

How Allea Credit is Disrupting the Lending Business With Cutting-Edge Technology  

As a financial technology company providing loans to millions of Africans, it is seeking to do an outstanding job by not be limited to the existing technology environment.  Allea Credit runs its online loan-processing solution on Amazon Elastic Compute Cloud (Amazon EC2) and takes advantage of the Amazon Relational Database Service to support database.

Allea Credit also uses Amazon Rekognition, a technology solution that enables the addition of images and Video analysis to applications. Therefore,  with Amazon Rekognition, Allea Credit can detect its customers facially. When a customer uploads a picture to the mobile app, it is automatically sent to the  Amazon Rekognition. The picture is saved, the expression analyzed and compared. If there is a match, then the customer can proceed with updating his profile or trying again when it doesn’t work out. For customers applying for large loans, the Amazon Rekognition compares their government-issued IDs with base samples.  If the images on their IDs match the profile pictures, they are granted access to loans. This technology is however efficient in identifying customers based on eye color or facial expressions, recognize patterns which aid in the protection of the customer data.

How does it work?

Allea Credit utilizes a proprietary algorithm built to ensure a seamless borrowing process. All that’s required is a few financial details which can be automatically sourced from your BVN, how much you want to borrow and long you want it for. Relevant metrics are integrated via the Application Programming Interface (API).  The metrics include social demography, income level, and credit rating.

In 3 easy steps get credit after downloading the Allea Credit app:

  • Register
  • Fill in the Application
  • Receive your money

The tenor of the loan is between 30 to 60 days for 1500  to 90,000 thousand naira loan offer, with a 4% to 29% interest.  And zero additional fees.

Upon repaying your first loan as agreed, you become eligible for a longer and larger loan. You also get reduced interest rates when you borrow three times within a 3-month gap and repay on time.

Also Read: PayMyRent: 2 ways you can come up with your rent

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