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Introducing BOMAD - a new digital platform empowering the “Bank of Mum and Dad"

Announcement posted by The Big Smoke Media 07 May 2020

To support what is rapidly becoming one of Australia’s largest financial institutions, Credi has launched the BOMAD digital platform: a dedicated community group for the “ Bank Of Mum and Dad.”

BOMAD is a place for lenders and borrowers and everyone thinking of lending or borrowing to friends, family, colleagues or mates, to receive regular insights, news and stories from within the BOMAD community. 

It allows them to be part of a community whose lending activities are a real alternative to banks, credit card companies and SME lenders. In a COVID 19 world, more and more people are turning to family and friends for financial support – those wanting to help out, and others needing that support.

As a concept, the ' Bank Of Mum and Dad is nothing new. There are parents and grandparents, friends and colleagues out there who support each other financially every day. 

Tim Dean, the founder of BOMAD said that the establishment of this unique community group for “ the Bank OMum and Dad “ is a great way for people to share their experiences and know that there’s a dedicated resource available just for them.

“We’ve created a community hub to facilitate discussion between members, to share similar experiences, and post tips about lending and borrowing between friends and family – do’s and don’ts and useful resources “he said. 

“Being the father of two young adults, I’ve often found myself on the receiving end of requests for financial help. “ 

“As a result, I’ve inadvertently opened my own “branch” of what is becoming widely known as 'The “Bank OMum and Dad..”

“I wanted to share with others in the same position some of the lessons I’ve learned, and create a community to support like-minded people, connecting families and friends who deal with each other financially”

“BOMAD users can also access our world leading friends and family lending platform, Credi.com, and with it discover a way for friends and family to support each other financially, give peace of mind, avoid the pitfalls of informal arrangements, and manage the loan through  a cloud based solution, including  repayments, over the life of a loan “

With new ‘branches’ popping up all over the country, BOMAD is inviting would-be BOMADers, join up and become part of a uniquely positioned financial community dedicated to healthy financial relationship, financial education and transparent financial dealings with their trusted relationships.

To find out more, visit www.bomad.info

You can also find BOMAD on Facebook