Andile Nomlala (33) is the current Western Cape Chairman for the Black Management Forum and has been a businessman for eight years.
He remembers being a young graduate, starting his first job and struggling to raise money for a deposit on an apartment rental in Cape Town. Nomlala, who originally hails from the Eastern Cape, knew his problem was common. “So many young professionals are forced to take out bank loans to pay about three months’ rent in an upfront deposit,” says Nomlala. “Otherwise, they’re forced to live in far out locations and suffer the stress of long commutes.”
In 2014 Nomlala started Deposit4U, a short-term loan provider that specialises in upfront fees associated with property rental. Unlike traditional loan schemes, Deposit4U pays landlords directly, and the tenants’ repayment schedule is tied to the 12-month rental period, so that they don’t accrue long-term debt.
Nomlala started the company with R150 000 of his own capital. Deposit4U processed R30 million in loans for around 3 000 clients last year.
Their turnaround time is 24 hours, from application to paying the deposit, and applicants do not require a credit history for approval. Deposit4U also counsels tenants on their rights, and engages with landlords to protect their clients’ deposits.
|Be an inspiration for the people in your community.|