P2P loans have changed the world of lending. In the broadest sense, a P2P loan can happen between any two people, including loans from friends and family. Any two people can set up a loan and repayment arrangement that is mutually beneficial, preferably with a written agreement.
Why Use Person to Person Loans?
You might wonder why you’d try a P2P lender instead of a traditional bank or credit union. P2P loans can help with two of the biggest challenges borrowers face: cost and approval.
· Lower cost
· Easier approval
Given the P2P loan services have become one of the fastest and promising areas of financial markets. According to a recent report by Morgan Stanley, P2P lending market is set to grow at annual rate of over $300B after 2020. P2P lending platforms are evolving and spreading to other countries besides the UK and the US. For instance, the Chinese market-which is growing at a faster rate- has seen P2P lending increase tremendously over the past few years with startups such as Lufax recording high demands for these services.
CoVEX
CoVEX will be implementing a platform by late 2019 that has the potential to disrupt the current models of P2P lending. The Platform will allow lenders to deposit their funds and select credit decision package specified by ML algorithms that score the recommended fraud, identity, and other credit rating agencies.
Borrowers will filter the loan criteria based on the available funding parameters and instantly match to the appropriate lenders. All the CoVEX platform users will be in a position to earn interest on their coinized capital if they decide to lend it to other traders as a loan. The interest rates will be automatically computed based on time and the amount borrowed. CoVEX will collect a small percentage of the interest generated.
Benefits of the CoVEX P2P lending platform:
1. Borrowers
Borrowers will have :
· Access to affordable loans as a result of CoVEX´s innovative marketplace model, process automation and online delivery
· Enhanced borrowing experience via easy-to-use online application system that has real-time support
· Branding opportunities where lenders will provide ratings and other transparent reviews on the Blockchain to establish the trusted agent and borrowers
· Transparency and fairness where the loan processes are entirely handled via smart cotract on the Blockchain
1. Lenders
Lenders will have:
-Access to risk-less investments as a result of accurate customer appraisal systems
· Branding opportunities where borrowers will provide ratings and other transparent reviews on the blockchain to establish the trusted lenders
· Attractive returns by cutting significant costs that are associated with administering loans.
Besides borrowers and lenders, the following groups of people/professionals would be part of parcel of CoVEX P2P Loan Platform:
· Lawyers
· Insurers
· Collectors
· Portfolio managers
· Credit scoring agents
· Investing houses
For more information regarding CoVEX Coin please visit our website at: https://www.covexlabs.com/
Also, if you have any questions regarding CoVEX Coin or would like some extra information check out our social media:
Telegram: https://t.me/joinchat/FGqocRL7Oj3p-YYV3mu2Ng
Twitter: https://twitter.com/CoVEXcoin
Facebook: https://www.facebook.com/covexcoin/
Bitcointalk Forum: https://bitcointalk.org/index.php?topic=3343211.new
Discord: https://discordapp.com/invite/sVufdss
Official Bounty Telegram: https://t.me/CoVEXBountyPrograms
E-mail: info@covex.io
