Centralized banking founded by Alexander Hamilton has proved invaluable since its invention. Banks have served numerous functions since then, providing safe storage for deposited funds, rewarding depositors with interests for keeping their funds for a prolonged period, and for obtaining loans just to mention a few. Banks are the popular go-to option whenever financial aid is needed for various purposes, provided the individual can provide the appropriate documentation.
Who wouldn’t want to keep their money in banks? You get the security it provides and interest based on how much and how long your money remains with the bank. It is a win all the way, right? Think again!
Obtaining loans- The Dilemma between loan sharks and Banks?
Banks use funds deposited by customers to finance loans and charge exorbitant interests on those obtained loans and pay the owners of those funds only a fraction of the received interests. This is in addition to requesting some form of collateral, guarantors, and numerous other paperwork. This makes the process very tedious for borrowers, especially for the unbanked who have no access to such financial services and no means of meeting their set criteria. These individuals have no other option than to turn to the only other available option- loan sharks.
Loan sharks on the other hand, make the process of obtaining microloans easier but charges extremely high interests on such loans, even higher than banks. In many cases, the lack of transparency in transactions leaves the borrower perpetually indebted to the loan shark. With these two being the major means of obtaining loans, borrowers have no other alternative than to pick their poison, regardless of how expensive the terms of borrowing are.
FINWHALEX- BRIDGING THE DIVIDE BETWEEN BORROWERS AND LENDERS
A platform which directly connects lenders and borrowers regardless of their geographical location and allows both parties to enjoy better interest rates, offering increased benefits to both borrowers and lenders amid other advantages is what FinWhalex boasts of. Finwhalex leverages the decentralized nature of the blockchain, machine learning, and Big Data in connecting lenders and borrowers while ensuring funds security and ease of use.
Finwhalex seeks to effectively solve the existing problems of lending while connecting the global unbanked population to loan services. These problems include but are not limited to:
- Lengthy loan application procedure and long processing time.
- Lack of relevant financial resources for financing loans.
- The lack of support for digital assets for financing loans and serving as collateral.
- The absence of a global and reputable credit rating system.
- The discrepancy in interest rates for borrowers depending on their nationality and country of residence.
- Restrictions associated with borrowing and lending for certain areas.
The FinWhalex Solution
On the FinWhalex platform, borrowers and lenders can choose their desired interest rates, making it easier for users to choose the best deals as they so deem fit.
- P2P Secured loans
- P2P lending secured by cryptocurrencies
- P2P lending secured by Steam asset
- P2P lending secured by physical assets
P2P loan without collateral
Products based on Big Data
THE FINWHALEX TOKEN
The FinWhalex token with the ticker FWX is a utility token issued on the Ethereum architecture compliant with the ERC 20 protocol. It is the native cryptocurrency of the FinWhalex platform. And serves as the liquidity provider for the FinWhalex platform. It is the primary means of accessing the platform’s services.
FWX has a limited total supply of 72,800,000,000. FWX is being offered to the public through an Initial Exchange Offering (IEO) with the price of each token pegged at one satoshi (0.00000001 BTC).
CONCLUSION
FinWhalex already has a working mobile application, proof of the project’s commitment to ensured usability. With its unique FWX scoring technology, users can easily be issued credit scores based on their data obtained from credit bureaus, social media, and other channels to ensure the credibility of borrowers. This measure ensures that only credit-worthy individuals can utilize the services of the platform to prevent fraud.
AUTHOR: KRB91
