The platform HaveFund was created with the idea of bringing a new approach of getting, or giving loans by implementing the disruptive technology of blockchain into its core mechanism. Allowing trillions of U.S. dollars to be traded with transparency, trust, and added-value, HaveFund aims to open new business opportunities to the financial scene.
Loans are probably one of the biggest vehicles to the world’s economy. Yet, this well-established market has to confront a rusty system when it comes to finding the right lender or the right borrower… or even simply finding each other.
And this problem is closer to you than you think.
Anyone of us will, or has encountered the same difficulties when it comes to getting funds.
Either to pursue studies for example, or to prepare an investment, getting a loan has always been a struggle for its complexity, its scoring methods, its high interests, and the huge amount of effort spent meeting lenders. Many of us will perhaps make it out, but the loans’ conditions are rarely like we have imagined beforehand. Some of us will not even try to get one, reluctant after hearing the screeching echos surrounding the sacred word: Loan.
HaveFund comes into the scene
By offering a solution where needs and demands can be customized depending on a specific strategy, the actors of this market will no longer suffer from traditional practices that have limited their scope of action. HaveFund expands the horizons for new funding and investing possibilities.
As an example to illustrate its application, imagine you just became the father/mother of a cute and beautiful baby. Parenting comes with great responsibilities and you naturally start to think of your kid’s future. You start to look for a new apartment, to raise money for his upcoming tuition fees, his living expenses, his future piano lessons… On HaveFund, lenders have the chance to customize their scoring method, adjusted following their own strategy.
Even if your loan application gets rejected by the company that you firstly aimed, your information will be transmitted automatically to the other lenders, who share different algorithm to rate your score while protecting your confidential information to the public. This is where the magic happens.
A safe and compliant environment
We have seen in the past and until today that loan concepts, as promising as they claim, can’t fully grow and can’t be fully trusted without following laws and regulations, just like the P2P lenders. Worse, some of them were just a facade for scam projects. That is why, in partnership with only licensed institutions and lenders, we promise, at HaveFund to offer a safe and compliant environment for its users.
The loan service of HaveFund can be divided into three major processes:
I. Customer Data encryption
When a customer’s information is uploaded into the platform by lender agents or by the borrowers themselves, lending institutions can determine how they want to bid to be chosen. In a specific niche where loans grant high-return interest with low-risk, the competition is fierce and loan companies can choose to bid with a customer priority method. By doing so, the lowest interest loan offered will win the bid. On the contrary, when high-risk is involved, new ventures may choose to prioritize their own position and ask for a high-interest rate on their loans. Therefore, the company offering the highest interest rate will win the tender.
II. Applying the Credit Model weighted value
On HaveFund, each loan company can adjust its strategy and conditions for its multiple levels of customers. The system will use the credit model defined by these companies to carry out weighted value analysis in a way that customers can be screen-targeted with efficiency and precision and according to their needs.
From the customers’ perspective, this system allows them to be freed from traditional credit scoring. A customer may be listed as the object of a loan refusal from a specific company, but thanks to HaveFund and its customized scoring mechanism, other companies can find an opportunity in lending a loan to that person by showing a different credit score. In the traditional system, he wouldn’t be able to get a loan at all.
In application, the student tuition presents the ideal example of this system’s advantage. In the scenario of getting a student loan, we usually face three types of loan companies. The first one is unwilling to lend to college student; the second does, but with the parents’ guarantee; and finally, the last companies will undertake loans because they believe in the College’s education.
Having these three kinds of companies on HaveFund and using the customized scoring model, the profile-screening can allow loan companies to weight the identity of students by adding values according to their College’s reputation.
III. Platform funding and auto-adjustment
To finance the operating and marketing cost of HaveFund, the platform will collect a fee applied to each uploaded profile. This will also allow to adding value to customers who couldn’t find an answer to their needs during a bid.
While the customers’ information is anonymous during a tender, their data become transparent and public at its end. By doing so, all members can adjust their strategy in order to win the next ones according to these results, either from the borrowers or the lending institutions side. Becoming a virtuous circle, we expect the interests to reflect the market with more precision, and the borrowers to review their expectations to obtain better chances to get a loan.
Facing nowadays’ challenge for institutions to find the right balance between funds and customers, HaveFund offers a disruptive platform that allows them to find the best candidates for their investment. For borrowers, the platform takes their plans closer to reality by offering loans at the best rates and on a case-by-case basis.
By using the technology of alliance chain, based itself on a blockchain, the rivalry that usually exists between loan companies can be set aside. The loan company that releases the customer information does not have to worry about being seen by a competitor, nor to fear that its own business situation being found thanks to the safe and reliable environment provided by the system.
It also helps to maintain a high degree of privacy by encrypting borrowers’ personal data. Therefore, neither HaveFund members nor its users can access this information. This not only protects your privacy but also ensures that there is no interference in a bid.
Safe, Transparent, Efficient, Disruptive, Compliant, many adjectives can describe our platform but we can’t wait to show you the full potential of HaveFund.
Since its technology research and development were completed last year, we aim to promote our platform starting by Singapore, Japan, Taiwan and many other countries after its official launch, scheduled to be launched soon. By the end of this year, we expect to introduce personal loans and second-born fund.
