Why Lendle was formed
Interviewer: Paulina, Head of Marketing
Interviewee: Usman, Founder
Paulina: Thanks Usman for doing this, we wanted to take a different approach on this blog post and do an interview style session as to why Lendle was formed.
Usman: No problem Paulina, I’m not quite use to this, but let’s go for it!
Q: Awesome! Ok so lets dive right into it, why Lendle? Out off all the businesses you could havestarted, what triggered this idea?
A: Good question, my background is in banking and that’s what I studied in uni. Naturally, everywhere I go, I’m always thinking in numbers, so I knew I wanted to manage my own financial firm some day and that day has finally arrived.
Q: Makes sense, so out off all the options in banking why retail products?
A:That was my hardest decision, my passion was always in investments, however, I realized some passions cannot be turned into businesses, the fire goes away. Since my experience was mostly was in retail banking, it only made sense to explore that route since I knew all the weaknesses of the banking industry.
Q: When I was first hired at Lendle, I thought you also offered checking and savings accounts as well, but I noticed you focused strictly on credit-based products. Why?
A:This question hits home for me. It was just before Christmas, I was at a Money Mart in Brampton right near 410 and Queen St, I usually send money back home during the holidays. While I was waiting in line, there was a mother with her baby and her daughter, I’m guessing shewas 11 or 12. I can over hear the conversation a bit and it sounded like she needed to get money to pass by the holidays, it seemed as if she was re-loaning as she paid down her last loan. She seemed frustrated as she was asking the teller for a lower rate. It’s a hard situation to be in because Monay Mart clearly advertises their rates and its quite expensive, but its no secret. I think it just kept eating into her paycheque and she was stuck in this vicious cycle. That’s when Ithought about it, what if I created a financial product thats cheaper then a payday loan business but takes on more risk than the bank.
Q: That’s sad to hear and that was it? that was the moment you thought you can do this better?
A: That was the moment, the thing is everyone needs credit, from a small personal loan to your credit card to your mortgage, credit is everywhere not matter how rich you are you still need credit, perhaps to finance your business. It only made sense to stick with credit products.
Q: You seem to know this industry well and I’m glad to be a part of this team. This was the first time I’ve learned how Lendle came to be. Would you like to add anything else?
A: Thank you Paulina and I’m glad we took you on! Honestly its as simple as that, we just genuinely want to help people out.
Paulina: I’m glad to be hear and thank you for your time!
The Lendle Mission
“Bringing cost saving products that will help clients meet their financial demands. Ensuring our products do not exploit clients through interest and predatory banking practises. Lendle will be working to introduce financial instruments that will not only help elevate Canadians monetarily but providing another source of income. Lendle has created a model that will have its profits flow down to its end users, while sustaining our operations. Our wealth is your wealth!”
The Lendle Vision
“To promote banking that ensures equality and equity, within the global economy. Bridging the financial gap between income classes. Eliminating wealth segregation and growing communities as a whole, while eradicating greed”