The money lending market has suffered a number of setbacks over the years, which has made it more difficult for people to get approved for loans. The market has also been dominated for a long time by banks and other financial institutions, which also have their own private agenda in mind.
This has made loans quite expensive, and many companies have tried to find the right solution which makes loans more low-cost and accessible to more people.
Peer to peer lending has been popular for a long time, and has been able to overcome quite a number of the difficulties that have plagued people who have tried to use the traditional money lending systems. However, the peer to peer lending platforms also have quite a number of disadvantages.
Suretly, having tried to find a solution to this problem has come up with the first Crowdvouching solution in the world, which addresses most of the problems that traditional money lending systems suffer from, and quite a few of the issues that have plagued peer to peer lending platforms.
Suretly Unique Concept
Suretly has come up with a unique concept to achieve this, the concept of Crowdvouching.
This simple but innovative concept finds an alternative way for investors to make profit and for borrowers to get their loans processed easier and faster, while eliminating most of the bottlenecks and roadblocks that both investors and borrowers have come to experience on other platforms.
The Crowdvouching system works in a simple manner – investors, instead of directly providing money for borrowers as they would have on a peer to peer lending platform, instead vouch for loans collectively.
The system Suretly as implemented brings a cap of $10 per loan for a particular investor, and the idea is for the loans to be vouched for by multiple investors equal to the value of the loan. Once, the amount reaches this threshold, the loan can then be released easily.
Investors stand to make profit immediately from this system, and only when the borrower is unable to pay back the loan amount do they have to pay their stipulated vouching amount back to the system. This is not only a unique system, but has the potential to be incredibly effective in the long run.
There are many distinct advantages of the Suretly Crowdvouching system that can go on to make it a widely adopted mode of lending and investing in the near future.
The most important advantage here is that the system can benefit all parties – the institution disbursing the loan, the investors vouching for it, and the borrower who receives it in the end. For investors, the return of investment can be lucrative, and the prospect of starting to see rewards immediately after a loan is processed can be an added incentive.
Since the loans are vouched for and therefore protected with guarantors, borrowers can also have an easier time trying to secure these loans, and banks and other financial institutions can process these loans much faster and easier.
The risk factor that has been the bane of the money lending industry also comes down significantly in the Suretly business model, and the absence of costs for investors make it easier on their part to sign on and adopt this platform.
The lower risk quotient also open the window for borrowers to get better repayments terms and more relaxed loan approval guidelines, which can definitely be a bonus.
Overall, this unique vision of Suretly definitely has the potential to be the next big thing in the money lending market, and a revolutionary system that can change the game in the near future.