Traditionally, car loans have always been obtained via lending schemes that come in the form of secured loans, and “so called” quick loans. They offer customers with advantages such as:
- Large volume availability
- Fast loan processing times.
Also, we can see that the aforementioned loans have a guaranteed place in the credit market, thereby making them immune to financial fluctuations. Statistically speaking, we can see that in the year 2016, the car loan market accumulated a revenue of over $30 billion. However, market experts predict that this segment has a hidden potential for dynamic market growth via the use of blockchain services (which were not available to car owners of the past).
What Is SHIFT?
In its most basic sense, Shift can be thought of as a “collateral based credit platform” that allows for the quick/ streamlined issuance of loans (secured by vehicle title loans). The platform is based entirely within the blockchain, and allows for loan procuration to customers irrespective of their geographical location.
From a more technical standpoint, we can see that this platform unites “Borrowers” who have good collateral with “Investors” that are based all across the planet. Owing to its unique design, Shift allows for simplicity, speed and transparency in the exchange of assets.
At this point, it should also be noted that Shift comes with its own cash platform that allows for payments and transfers to take place quickly, smoothly and in a hassle free manner.
Why Choose SHIFT.cash?
While regular loans procured via the use of “car titles” are an effective financial solution for modern societies, when the principal amount required starts to increase, it becomes more and more difficult to obtain the loan in a streamlined manner. .
This is where Shift.cash comes in, it provides users with a platform that makes the process of obtaining loans easier via the use of a “global financial protocol”. Not only that, Shift also provides customers with favorable rates, and allows interested parties to negotiate with each other independently.
How SHIFT Smart Car Title Lending Contract Tokens Works
To start things off, borrowers need to install the Shift.cash application on their phones. The registration process is similar to that of any other bank, and requires us to enter our personal data, passport details etc.
After the initial formalities are completed, the borrower then needs to enter details pertaining to his/ her car (i.e collateral). A photo of the car is also required to complete this step.
Through the use of specialised regional vehicle databases as well as an “integrated analysis module “, the Shift app determines a price that is suitable for our car (as well as its liquidity ratio).
After the evaluation, the user is required to undergo an ID verification. This can be completed by visiting the closest entry point that has been described on the website. It should be noted that a QR code should be printed on an A4 sheet and placed under the windshield to complete this process.
Once all of the required steps have been completed, the borrower is given access to the required sum of money. Payments can be obtained in a variety of different ways including Apple Pay, Samsung Pay and Android Pay.
SHIFT.cash SCASH ICO Details
To execute all of its internal transactions, the platform will make use of native tokens called SCASH. This currency is ERC 20 compliant, and a single coin is priced at 0.0022 ETH.
In all, there will be a total of 5,778,000 coins created. The ICO is already underway, and is scheduled to end on the 31st of March. Purchases can be made via the use of alt-currencies such as ETH, BTC, LTC. The minimum participation amount has been set at 0.1 ETH.
- 88.5% of the entire currency pool will be made available to potential investors.
- Another 10% will be set aside for use by the core team behind this project.
- The remaining 1.5% of tokens will be used for the creation of a bounty program.
For any other details regarding this platform, users can get in touch with company representatives via email.