Bahrain-based digital lender, FLOOSS, has partnered with Tarabut to streamline its loan application process.
With the integration of Tarabut’s open banking platform and Income Verification product, loan approval time has been reduced to a few minutes, a significant improvement from the previous two-week period. FLOOSS, licensed by the Central Bank of Bahrain, offers consumer loans of up to BHD 750 (US$2,000) with a repayment period of up to 12 months.
The demand for personal loans in Bahrain has been steadily increasing, rising by 11.9% in 2022 and accounting for 38.2% of the country’s GDP. Access to credit plays a vital role in consumers’ financial well-being, helping them achieve their financial goals and providing a safety net for emergencies.
Fawaz Ghazal, chief executive officer of FLOOSS, emphasised the importance of reimagining the customer lending experience, acknowledging customers’ heightened expectations from their financial service providers. Ghazal said: “Everyone should have access to affordable and efficient lending facilities, and this partnership is a crucial step towards that goal.”
In addition to lending solutions, Tarabut offers personal finance, fraud protection, and payment solutions to banks and fintech companies in the MENA region. Abdulla Almoayed, founder and chief executive officer of Tarabut, expressed their commitment to promoting financial inclusion and enhancing Bahrain’s financial infrastructure, aligning with the country’s plans for a robust financial ecosystem.
Nour, an applicant of FLOOSS’s loans, praised the application, describing it as a cutting-edge and innovative tool for young Bahrainis. Nour highlighted the convenience of the application, its accessibility to eligible users, and the reassurance of being licensed by the Central Bank of Bahrain. The quick response and excellent customer service from the FLOOSS team, coupled with the rapid loan approval process, left Nour satisfied with the overall experience.