Booming relationship-lending platform Credi.com has forged an alliance with Perth-based Contacct Accountants and Consultants, giving its clients access to the world’s most powerful tool for managing related party loans.
Credi.com’s breakthrough platform will provide Contacct’s client base with a means of formalising, documenting and managing loans that fall outside the traditional legal sphere.
Contacct’s Director Jay Khew said that the partnership with Credi.com will provide their clients with a quick, convenient and low-cost means of handing loans between family, friends, colleagues and business owners.
“Across our client base, we see numerous loan arrangements that are ad hoc and routinely undocumented. These could be a business owner offering a short term loan to his business or a parent company supporting a subsidiary through either a cash loan or an asset-based loan,” said Mr Kew.
“These loans are routinely poorly documented if at all. In the case of asset backed loans, security is rarely registered, due to the effort and sometimes considerable cost of doing so,” he said.
“The Credi.com platform offers a cloud-based loan establishment, documentation and management facility with as much or as little administration support that is required from us at a very attractive price point for clients.”
Credi.com CEO Tim Dean said that Credi.com’s proposition tackles a big problem and will provide a much-needed framework.
“The Credi.com platform is so flexible and user-friendly that the two parties can set up a loan in a few minutes and with a myriad of options to cover multiple loan scenarios.
Mr Dean created Credi after many years of running his own branch of “the bank of Mum and Dad” and an international Fintech career.
“Like all parents with grown-up children I was always being asked for money for everything from a phone and a replacement laptop to a new car,” said Mr Dean.
“This help has also extended to help a friend with a start-up needing working capital that was just too early for a bank to entertain funding.“
“So instead of simply handing over the cash after a conversation, we made an agreement through Credi. Not only did it remove the embarrassment of the “money conversation “, it also ensured that the loan was managed in a formal way so we would always know where we stood – and we knew when repayments were due.”
Contacct Accountants and Consultants is planning to adopt Credi across their client base of over 800 clients over the next 12 months covering personal loans, Division 7A loans and shortly secured loans registered on the Personal Property Securities Register.
The alliance between Credi and Contacct will further empower loans made between millions of Australians, giving much-needed access to funds to realise their dreams – to build a first home, to finally have that long-planned trip around the world, to start a business.
“Credi emboldens those needing money to approach ‘the Bank of Mum and Dad’ and gives those with funds the peace of mind to lend to people they care about. It’s about facilitating a productive relationship. We welcome Contacct into the Credi family.”
Credi is a financial technology business, not a marketplace lender. Its mission is to change the way money is lent by empowering people to help each other and take control of their
financial relationships without creating friction and stress.
About Contacct Accountants and Consultants:
Contacct is a Perth-based Accounting firm that doesn’t want to be just another accountancy firm. Contacct offers clients an array of financial services, from business to business consulting through to tailored advice for high net wealth individuals and family roups.