Everything is a luxury in the current economic condition
While affordability plays a significant role in the lives of a common man when purchasing consumer products as prices of products have soared with the economic crisis, paying back bank loans and credit card facilities have also become unaffordable with the high interest rates. Peoples’ lifestyles, needs and wants have drastically shifted from the situation before the crisis.
To bridge the gap between a consumer and vendor, a micro credit company, BridgeMe announced a facility for the underprivileged employees where affordable pay back solutions will be offered to purchase consumer electronics, furniture, home appliances, airline tickets and so on. The launch of the BridgeMe.net website was held on Tuesday at the Pearl Grand by Rathna in Colombo.
The company’s Business Development Manager, Irshad Lye during the launch stated that with the current economic landscape in the country, providing affordable solutions to underprivileged employees of an organisation is the business model. “We are looking at helping small businesses and employees of an organisation to improve and enhance their lifestyles. We will provide financial solutions and help them purchase items on installment plans. We will only pay the vendor upfront and the individual has to pay us back in installments with a minimal interest fee less than that of banks or financial institutions.”
No banks or credit cards will be involved in this business model and the concept is ‘buy now pay later’, added Mr. Irshad while elaborating that the process requires minimal documentation and eliminates the need for collateral, ensuring accessibility for a wide range of customers. Credit evaluation is done on an individual with their three months’ pay slips and NIC details obtained from the HR of the company they represent.
During the launch it was also mentioned that the company’s shareholders are funding the operations while it is not necessary for a micro credit company to be registered with the Central Bank of Sri Lanka.
According to the media release, corporate entities can join with BridgeMe to extend unparalleled benefits to their staff without incurring additional operational costs. By leveraging BridgeMe’s micro credit solutions, companies can enhance their employee benefits packages and contribute to the financial well-being of their workforce. This unique offering positions BridgeMe as an invaluable ally for corporate entities striving to empower their employees.
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