case study : Salary Deducted Loans

Carilend Salary Deducted Loans (SDL)

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Leading Barbados-based Peer to Peer Lender, Carilend, has used Madiston technology to support all its lending operations since its launch in 2017.

Mark Young, CEO, Carilend

The Need

Carilend’s employed borrowers wanted to access the best interest rates available by repaying their loans directly via salary deductions. Salary Deducted Loans (SDL) open up access to credit at more affordable rates than are available otherwise. SDLs also create an employee benefit (and an incentive for retention) for employers to offer.

The Solution

Madiston and Carilend worked together to design the functionality for Salary Deducted Loans to enable employers of all sizes to participate, from the smallest to the largest employer on the island, the Government of Barbados.

Individual employees were able to approach their employer to request payment is made from their salary, saving them interest on their loan and perhaps even gaining access to a loan which previously would have been declined due to their credit scores.

SDL became a mainstream method of lending in Barbados, minimising risk for the lender, minimising cost for the borrower and helping employers to attract and retain key staff.

Mark Young, CEO of Carilend, commented on Madiston’s software: “SDL is a win-win arrangement for all participants, and, with Madiston’s software, it is easy to operate with full automation of the process. The system increases our efficiency so we can operate with a lower headcount and leave our skilled staff to provide the quality customer care that we are renowned for.”

Salary Deducted Lending Technology
in The Madiston Platform

Tim Simon, CEO of Madiston describes the thinking behind Madiston’s salary deducted lending technology: “The Madiston Platform is all about inherent flexibility to enable firms like Carilend to deploy our software, initially as a start-up but be able to expand the system, on demand, as their business grows.

Our aim is to offer software that enables socially responsible credit services that will genuinely help people. Automating as many processes as practical, means lower costs for the financial institution enabling them to pass savings on to their customers and still achieve profitability.

Like all elements of our system, as we developed the functionality for Salary Deducted Loans, we looked at how this technology might be deployed in different ways around the world. We built in flexibility from the outset by incorporating different variations in method or process that could easily be controlled by back-office settings.


Tim Simon, CEO, Madiston

Participation in SDL could benefit employers of all sizes, through increased productivity with fewer days lost to finance-related stress, happier staff which means less staff-turnover and lower recruitment costs. It is indeed a win-win arrangement.”

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