Sofin (Social Financial Network) is a P2P-lending online support platform that has recently launched an ICO. Loans through Sofin are issued in the fiat money of the nation in which the borrower resides. This lets the money to be traded through the Sofin token if the lender and the borrower are from various countries.
What Sofin Has Achieved So Far
- A completely developed financial unit.
- A bundle of legal records to problem loans is established;
- The design of the interface is expanded;
- Program domain logic is ready for use after the launch of the ICO
The Sofin Business Opportunity
From the nations where over 3 billion people reside, credit rates reach 20-30% of annual interest and more. In accordance with World Bank data, more than 2 billion people don't readily have access to bank services. In Africa, for instance, banks are regarded as a service for licensed individuals only, along with the fee for Western Union remittances from Europe into Africa reaching 20%.
Over the past 3 decades, microloans have increased by 72%. It's a completely new and free niche for consumer loans and tiny businesses loans.
How The Sofin Guarantee Fund Will Attract Business
To promote the operation of the service and to attract prospective customers, the Guarantee Fund will be shown on the website. Its aim is to pay for the declines of Creditors in the event of default of the Borrower. Any of them will ask for a guarantee (surety) on the loan. However, this is available for those Borrowers with higher credit ranking and full confirmation.
There Are 3 levels Of Guarantee:
The first guarantee level is 100% of the loan amount. The system reimburses 100 percent of the loan amount within seven days of the date on which the Creditor's claim was obtained;
The next guarantee level is 75 percent of the loan amount. The machine reimburses 75 percent of the amount of the loan within 14 days of the date on which that the Creditor's claim was received;
The next guarantee amount 50% of the amount of the loan. The cost of the Guarantee Fund support will change from 5 percent to 10 percent (one-time payment) from individuals and from 2% to 5% for business owners.
The Sofin Token
Tokens can be utilized as an intermediate link in exchange of one fiat currency to a different to issue loans in the money of the debtor;
Large token holders will be flagged as trusted members of the platform. They will have more profitable loan provisions (if needed). The system will provide a warranty for these borrowers in case of default or bankruptcy.
Token holders may receive some benefits over the system's ordinary customers (outside differences in the support port, more profitable bonus conditions, etc.);
Tokens can be bought/sold on the trades. A direct correlation between the volume of exchange transactions and the token rate, as the whole fee is paid for with Sofin, automatically repurchased from the trades when the loan is pursued.