Peer to Peer Lending
Peer to peer lending, now familiar as marketplace lending is one of the most lucrative fundraising business models for connecting borrowers and lenders online. With the use of technology and new tools, the earlier hand to hand transaction model is now changed to the most profitable online lending system model. Earlier, the way lending business model worked was purely based on peer to peer model, which means that either individual and/or small group lending. However, as the lending business model is introduced into the marketplace it turned into an attractive platform for reaching out to individual and institutional investors.
In the meantime, Reserve Bank of India (RBI) began regulating the peer to peer lending sites in order to secure the interest of both lenders and borrowers in India and so this is the best time to build and operate a peer to peer lending site. If you haven’t already started or just started on a small scale, we will help and guide you to kick-start your success and grow steadily in this area.
AIS Technolabs is one of the leading global service providers for web and app development services. We have completed over 20,000 projects serving different client needs worldwide, and develop the most robust P2P lending website . With our peer to peer lending website, we offer the best experience to both lenders and borrowers.
How does it work?
Once the borrower creates an account through a simple registration on your p2p lending website, they are asked to submit all the required documents. Through secure server, any documents or information posted will be maintained with the utmost security. Then, based on the many parameters, the borrower’s credit score is assessed. On successful processing, the borrower will be asked to set up expiry date and interest rates. As and when your loan turns live, you have the option of posting it on your website, which will then be accepted by any of the investors. Following further documentation and physical verification process, the amount through investor would be paid to the borrower. This would start the further repayment cycle.
Better forecasting and reporting feature
For managing your investors, it is now easy to set up an array of options such as daily, monthly or weekly reports. You are free to create and upload tailored PDF, excel or any format reports for specific category either for borrower case or investor case. We also offer the option of Integrating your required reports with QuickBooks or any application online.
Excellent customer and software support
We offer the best customer support always and are available 24X7. In addition to this, we offer after-sales service for resolving any software conflicts and usability problems that may occur. Our software testing team would be with you throughout testing for bugs, digging out security holes, supplying updates and delivering you a bug-free product in case an unexpected glitch arises.
Credit reporting is one of the important institutions that can be instrumental in expanding the breadth and depth of the financial sector. Their value in an economy is closely associated with private and commercial transactions, employment screening, insurance contracts, and property rentals. In order to know the creditworthiness, it is a must to build a detailed report of an individual’s credit history. We see that calculating the total cost of finance, monthly payments, and interest rates are done accurately within the P2P lending website we build. You can quickly compare rates and know if the deal will end to be the best fit or not by forecasting the loan repayment rates and realistic figures.
With our loan management module, you can manage loan application, underwriting, loan servicing, portfolio management, loan decision support, debt collection and many more. You can find them either as a cloud-based solution or as an on-premise deployment option. Even if the interest cost varies slightly, chances are it may have a huge impact on your loan making it expensive. Therefore, our lending script makes administering loans, managing customers and calculating interest rates and risks easier and is highly recommended by our clients.
In this module, you can monitor and manage the various user rights to the system. All the important steps in managing new users such as their account setup, authorization, security policy, user absence and finally security breach can be handled almost immediately.
Our risk management module allows you to actively evaluate trends, monitor risks and know the pain points before they turn into risks. Our team comprises of consultants, who not only have product development experience but come with banking knowledge so we can develop a strong system in place to mitigate risk and improve credit quality. We offer a number of additional features such as customized reports for each criterion, better tracking system, better testing system and automation of chosen processes.
Out of the many investment options available such as consumer, real estate, medical, government or corporate lending platforms, we integrate a system that includes all of them in the P2P lending website.
Payment method settings
Apart from cash, checks, debit and credit cards, we will help you integrate different payment methods such as charge cards, bank transfers, mobile payments, money orders and many more.