Microbank - P2P-crediting service or "person-to-person crediting" ("lending from person to person"). This term refers to the issuance and receipt of loans by individuals directly, without using traditional financial institutions (banks, credit unions) as an intermediary. Here, each user can act both as a lender and as a borrower.
Microbank is a meeting place for those who need money and those who are ready to share them. The service helps good people find each other and come to mutually beneficial cooperation. Microbank for the borrower is a surefire way to get a loan without bail-outs and bureaucratic delays. For the lender - a unique opportunity to invest their money for a short time at the most favorable interest.
In ordinary banks, obtaining loans by individuals is a troublesome procedure, long and tedious. In any case, you will have to collect an extensive folder of mandatory documents, spend a long time in lines, agree with a high interest rate and not very favorable terms. If a relatively small amount is required, and it is urgent, then there is practically no sense to spend the energy and time to visit credit institutions - it is better to turn to the service of mutual crediting.
Effective algorithm of operation
- The Lender creates a Loan Offer and contributes the necessary amount. This amount is divided into 10 equal parts and is offered to different borrowers. Thus, one borrower will have 10 borrowers.
- The borrower chooses the necessary loan amount, in accordance with its credit rating and takes a loan. The loan amount is the sum of all the parts of the lenders that are included in the overall outcome of the selection.
- With this model of issuing loans, lenders are more insured against possible defaults, their investments are diversified. The lender issues the loan amount to more than one person, but to ten borrowers, thereby breaking their possible risks.
- Borrowers under such a model are more responsible for taking loans, since a loan is issued by more than one financial company, which will need to be dealt with in case of delay, and ten lenders with whom they also have to deal in case of delay.
- The main advantage of the platform for borrowers is the speed of obtaining a loan (instantaneous receipt from the second level), mobile accessibility, simple scoring, convenient management of the deputy, etc.
We are also preparing to conduct an ICO (Initial coin offering, token sale) for the issue and distribution of MBK tokens to raise funds in the Stellar Lumens XLM crypto currency, for the development of the project.
Microbank is a man to man bank.
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