Suretly is a provider of an international crowd vouching platform. The company offers users an investment alternative called crowd vouching, which allows customers to make money vouching for people who need an urgent loan. This system works in a similar fashion with peer-2-peer lending, but customers do not lend money to each other directly. Instead, they just vouch for borrowers who apply for a loan through lending partners. Customers can find borrowers that are looking for their loan’s guarantors. The voucher can check the borrower’s profile and choose whether to vouch for the borrower if their default risk and earning amount suit them.
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No cost for participants. Vouchers do not loan any money to anyone, but guarantee to pay part of the debt in the event of a default.
Distribution of risks. Participants vouch only for a portion of a loan.
Quick return. Participants can receive their profit the day after a loan is issued.
Lower borrowing rates. Minimising risk lightens investors’ needs to incorporate higher interest rates.
Anonymity. A borrower’s personal data is not disclosed to investors. Good opportunity to improve credit history. People with less-than-perfect credit history have chance to improve their credit history and gain the status in market.
Low default rate. As demonstrated from 4 months of crowd-vouching test results in Eastern Europe, the default rate is significantly lower than in other credit products.
Starting the 3rd quarter of 2018 Suretly. Inc. will start transferring 0.2% of each loan secured by its participants to SURcoin pte.ltd. This money will be used by SURcoin pte.ltd to buy tokens from exchanges. All purchased tokens will be burned.
In the beginning of year 2018 the application has been working in beta mode in Russia. On March they are releasing demo versions of the application for Android and iOS with following integration and testing of payment services. After that they are planning to release the apps in Google play and AppStore for the Russian Federation.
Going alive in Kazakhstan is planned on late Spring 2018. Integration with partners in Russia and Kazakhstan will be completed in a few months. The process also includes starting integration with a provider of software solutions for micro-finance companies that can include the Suretly interface in
their cloud software.
What is crowdvouching
Crowdvouching is the practice of financially securing a loan repayment by vouching monetary contributions from a large number of people. Unlike P2P lending, Vouchers do not lend money directly to the Borrowers but guarantee to repay the loan to the Lender in case of Borrower’s default. Vouchers act as a collective mind in order to determine whether to approve loans or not. Liability for each loan is divided among all Vouchers. Each Voucher approval serves like an insurance of the loan capped at $10 USD. Since the vouching range is between $2 and $10, each Borrower needs to find dozens of Vouchers provided by Suretly platform. In order for the loan to be approved, the entire loan amount should be guaranteed by the vouchers.
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