P2P lending is a mechanism for borrowing money between individuals using special online sites. Its essence is that people can lend them to each other without involving financial institutions: banks, credit unions or microfinance organizations. In the world, the volume of P2P lending is already estimated at tens of billions of dollars, and every year they grow. Investors and borrowers are registered in the system, after which the former get access to the applications that are issued by the latter. The investor can view them at any convenient time in search of a profitable offer, taking into account the interest rate, terms and rating of the borrower.
Rates on P2P loans can be either fixed or determined on the basis of a reverse auction. In the latter case, the potential borrower sets the maximum rate at which he agrees to take a loan, and potential lenders trade among themselves, offering money at a lower rate.
A company organizing P2P lending receives income from fixed payments from borrowers or in the form of a small percentage of the amount of loans collected from both the borrower and the lender.
P2P lending does not fit into any of the three categories of traditional financial institutions: depositories, investors, policyholders, and is sometimes classified as an alternative financial service. The key features of P2P lending include the following:
Entrepreneurs, organizations and ordinary consumers are accustomed to the fact that the existing banking system thoroughly checks the borrower before approving the loan and offers a fixed percentage, regardless of the purpose of the loan. In Finchainly - conditions, terms, payments, interest rates are discussed directly with the participant of this grid. Both parties agree on favorable loan conditions.
The familiar banking system does not provide the most favorable conditions for earning on deposits, piggy banks and bank investments, because millions of customers around the world will use such services under any conditions. Your profit directly depends on the amount that you froze. At Finchainly, investors do not freeze their money, but invest it in the needs of other people, thereby fulfilling someone else's dream. The investor independently chooses the borrower and has full access to viewing the participant’s credit history on the platform. The loan conditions are discussed within the platform and fixed by a smart contract.
Finchainly is a global financial blockchain platform within which users can make money transfers around the world, converting into any fiat currency.
Just select the amount you want to send and the person you want to send it to, and confirm the transfer using your digital identification. You do not need to calculate the commission of money transfers and check the interaction of banks. Just replenish your Finchainly Virtual Card and transfer funds inside the system to anywhere in the world, converting to any fiat currency. Withdrawals from the Finchainly Virtual Card are carried out by transferring to your bank card. This is a high-class service, and its legality is beyond doubt. For the security of payments, modern banking payment systems are used. Online lending p2p - the scope of activity of only individuals. And loans are issued only after the history of the borrower is carefully studied, its financial situation is analyzed.