Creating a business/startup is one of the most difficult thing in the world. You have only hope and talent as an investment but they are not the only things that we need for a business but also money. If you are from a rich background it is not a problem. What if you are from a normal middle class background? Obviously, you would go to a bank for a loan. This is the tough part in the entire business plan. Most of the banks don’t support most of the startups because they have a risk of going bankrupt and these loans add as Non-Performing Assets(NPA) and banks don’t want that. But you cannot expect growth to flow into the country when you have closed the tap on the other side. Even if the bank has accepted to give the loan, they would charge very high interest rates, sometimes as high as 60%. Now, who would want to pay more than half of the loan amount extra? WishFinance, is the company that lends money to Small and Medium sized enterprises(SME) for a very less interest rate compared to the banks.
Who is this WishFinance?
WishFinance is a Singaporean financial technology company that lends money mainly to the SMEs. Who are these SMEs? They are the companies that have an employee size not more than 250. SMEs are the backbone of the economy providing about 2.6 trillion USD annually. WishFinance with BigData analytics, neural networking technologies in a decentralized blockchain technology, analyze the business and allocate the loan and interest rate accordingly. WishFinance have provided 112 loans till now for a total of 500,000$ with 0% default rate.
VISION
Since the very first days of financial history humanity always tried to find new ways of more efficient trade and commerce.
•Humanity invented money
•Humanity invented loans
•Humanity invented internet
Now it is the time to reinvent money and loans with most stable and advanced decentralized and transparent technologies.
We see future of lending as global and fair where banks, credit unions, and funds will be enabled by new technologies to serve small business.
How do they work?
I have already stated that the SMEs face a lot of problem in terms of getting a loan. Even if they allocate loan, it will take one or two weeks to allocate a loan. But WishFinance allocates you a loan within just a maximum period of 24 hours. They also provide an interest rate of 5-28% p.a., which is lesser than compared to others. Sometimes, the SMEs can go bankrupt. If the SMEs go bankrupt means, what would happen to the borrower? WishFinance provides insurance to those, by providing a reserve fund. Thus, WishFinance not only considers about profit but also about the welfare the borrowers also. WishFinance does not lend money to the borrower, not more than that they can able to afford without harming their business. They also have a diversified portfolio, thus making a much more stable network irrespective of the country where the borrower stays.
WISH token is the Ethereum based tokens, used to access the WishFinance platform. Lenders can use the WISH tokens deposited in the platform. WishFinance provides a transparent platform, where every transaction and loan sanction will be recorded in the blockchain and will be available for everyone to see. No fraudulent can happen in such an environment.
Conclusion
Small and Medium Enterprises(SME) face so many difficulties in getting the loans from the banks. WishFinance removes all these problems by providing easy loans to those SMEs with very less interest rates through a transparent, decentralized, blockchain technology.
For More Details Visit
https://wishfinance.com
https://bitcointalk.org/index.php?topic=2233216.0
https://twitter.com/WishFinanceCom/
Written By karanj