Financial Services (105)
The Russian post office has launched a new financial product for consumers. They can get a microcredit loan (between $100-200 USD) in any post office branch simply by presenting a piece of identification.
Why it matters
Microcredit is something that has really taken off in underdeveloped countries and is usually associated with business development. Will this niche offering attract local customers considering the small amounts loaned?
Wonga offers consumers instant, online loans for small amounts ranging between £50 and £200. Consumers choose exactly how much to borrow and must pay back the loan in under a month. If approved, the loan is transferred into the applicant’s account within one hour.
Caja Madrid launches the CMCool range that offers to teens as young as 14 saving products, credit cards or funding made specifically to cover their financial needs.