6 Digital Lending platforms to seek instant loans from, in Romania

By Gloria Methri

The Lending industry is witnessing a major shift from traditional to new, unconventional models. New entrants such as FinTechs are seamlessly integrating lending with other ecosystems.

Alternative data is also gaining huge importance for decisioning, and new-age lenders are leveraging technology to make the process faster, more accurate, and more seamless.

According to Tracxn, there are 33 alternative lending start-ups in Romania, transforming the lending space. The average transaction value per user in the Alternative Financing segment is projected to amount to $127.40,000 in 2023.

Here are 6 digital lending platforms to watch out for in 2023:

• Ocean Credit

Founded in 2015, Ocean Credit is an online platform for consumer loans. It offers multiple consumer loan products including personal credit lines based on user data and personal loans based on salary profile. The company also offers payment cards that enable users to purchase products and withdraw funds. Once a loan is approved, funds are transferred to the payment cards and users can choose between multiple repayment options.

• iCredit Romania

iCredit Romania is part of Management Financial Group (MFG), a holding company, uniting providers of non-bank financial services in Central and Eastern Europe. MFG manages a rich portfolio of business models in the field of consumer loans, loans for micro and small businesses, credit cards, digital business, and other alternative financial products and services.

• Viva Credit IF

Viva Credit IFN SA is a Romania-based online payday lender. The loans are available for a tenure up to 35 days. The interest rate charged is 1.20% per day.

to provide a quick and convenient solution for financing your urgent needs – the line of credit.

• Smart Credit

Smart Credit is an online marketplace offering diversified loans. It offers consumer loans, diversified business loans, real estate loans, and more. It also offers insurance for consumers, its private clientele, as well as small entrepreneurs and farmers.

• Beez

Founded in 2018, Beez is a provider of a POS lending platform for online shopping. It allows consumers to purchase online with EMI plans for multiple e-commerce providers. Through the Beez mobile app, users can make installment payments and save money for every purchase in partner stores.

• iFactor

IFactor is an online B2B marketplace for invoice financing. It connects liquidity-seeking businesses with multiple investors and banks to finance the invoices. The start-up enables banks, hedge funds, and private equity firms to invest in the short-term asset class. Businesses can bulk upload invoices via the iFactor platform.