SIMPLIFYING PERSONAL CREDIT

CloQ provides access to cheaper and easy to reach mobile formal nano-credit to the lower-income and unbanked population.

About

Credit-score model

Our clientele cannot provide enough, if any, financial data to evaluate their credit worthiness. We built a credit model that evaluates clients based on behavior and reliability, instead of only financial data.

Nano-credit

Legal loans for our clients usually only start at multiple times the amount they require. We provide nano-loans that meet clients’ needs, starting from USD 25, at lower interest rates than their alternatives.

Inclusion

We combine tech innovation with the principles of microcredit to reach the group of clients that is either ignored or exploited. We want to include the low-income population in the formal credit system.

Education

We build mutual trust by encouraging people to educate themselves, which allows them to take better financial decisions. By doing that, we aim to build a long-lasting relationship in which our clients improve their own lives and we can provide financial support in that process.

We at CloQ experienced first handedly the impact of financial exclusion. When loan sharks are the only available option, people get into a dangerous debt-fuelled cycle from which it is difficult to escape. CloQ is the affordable and legal alternative for the lower-income and unbanked population.

How CloQ works

No Bureaucracy

Our main competitors are loan sharks down the street. This means that clients can literally walk outside or make a phone call in order to receive a loan. The process from downloading the app to requesting their first loan takes 7 minutes, and sequential loans can be requested within one minute. We leverage e-wallets in order to transfer money to our clients and receive it back, which both gives us access to the unbanked population and cuts down on transfer fees.

Options that fit

The maximum a new client can initially request is quite low (roughly USD 25 equivalent), but this increases as they build a positive track record (up to USD 150). This way we can grow with their needs and reduce risk. At the same time, we offer weekly and bi-weekly repayment terms to better match their personal life.

Scalability

Given the notional amount of the loans, scalability and low cost are key in order to have a successful setup. By using our app as our main form of communication with the client and using e-wallet for the payments, we can scale drastically without a significant increase in overhead.

Keeping defaults low

We leverage AI and a credit model based on non-financial data to make sure we can trust our clients to repay. On top of that, we keep our process lean and simple, so that CloQ is simply the best option for them, which creates a long-lasting relationship. Finally we use the most successful part of microcredit, the social pressure, to use the strength of communities to keep defaults low.

Impact of CloQ

Women

CloQ empowers women

In rural areas

You just need a phone with internet

Financial education

CloQ breaks the circle of indebtedness

Community

Communities make individuals stronger

In the city

Cheaper and better form of credit

Financial inclusion

We serve the unbanked

Customer experience

Our Clients
Fábio José

“This helps a lot. I needed to buy an uniform for my new job
Thank you!”

Our Clients
Edvan Luiz

“It came to facilitate our lives! A great option to get credit, it was easy to use and has no bureaucracy.”

CloQ in the media

“CloQ was chosen to be part of the equity-free The S Factory program, among 165 applicants”

“CloQ is an app with simple UX, and the client can receive the money from the loan in an e-wallet”

“CloQ is selected to be part of the equity-free SEED program from Start-UP Chile, one of the biggest and most diverse startup communities world wide”

“CloQ was invited to pitch at the Startup Arena at Impact Fintech 2017, in Poland”

“CloQ created a credit model that evaluates clients based on behaviour and trust, instead of only financial data”

“CloQ made it to the Top 30 from over 350 global applicants, to attend Menorca Millennials 2018”

“CloQ has been chosen from hundreds of applications worldwide to pitch in the first edition of Women Startup Challenge Podcast”

“60 Women-led startups who are shaking up tech across the globe”

“CloQ was part of the Finance Forward Latam 2019 program by Village Capital, the largest organization in the world supporting impact-driven, seed-stage startups”

“CloQ is recognized by the UN SDSN as a youth-led project that is accelerating global progress on the achievement of the UN Sustainable Development Goals (SDGs)”

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