"Credit" is a term everyone is familiarized with. People across the world needs credit, for short or long term to fulfill their personal and business requirements. Developing countries like India, Kenya, Cambodia, Vietnam are growing at very fast pace and more and more people require Microfinance or Micro lending services. Over the years many innovations have taken place in this space to serve this need, many succeed and many failed. P2P lending companies also emerged in last few years but most of them didn't do well due to the high risk involved. Here is one company which is all set to make its mark by making innovation in this space. Name of this innovator is Suretly, first crowd vouching platform!
What is Suretly?
Suretly is neither Microfinance Company nor P2P service provider. It is Crowd vouching platform on which people can vouch for borrowers who borrow money from lenders, in another word on Suretly platform people can play a role of Guarantor and earn by doing so. People on the platform do not lend money to others but simply decides whether they want to become voucher or not by going through their credit profile on interactive Suretly mobile application
How does it Work?
Suretly tie ups with the accredited Microfinance Lending institutes which have necessary license to lend money in the particular jurisdiction. People who want to borrow money from this lending institute looks for guarantors to get the loan approved. These Guarantors are listed on the Suretly platform with their respective information with the credit profile. Based on their credit history every borrower will have a rating from A to G, A being the highest and G being the lowest. Earning potential will be high by vouching for people who have rating "G" as the default rate is high as so the interest rate. Users of Suretly will use the mobile application of Suretly to evaluate the profile of the borrowers and to decide on the guarantee by simply swiping right or left. The total amount of Guarantees that they can give on individual will range from $3 to $10. Here the entire loan is supposed to get generated by vouchers so the borrower will find Guarantors whose total vouching will be equivalent to the loan he wishes to get from the Micro lending institute. This loan typically ranges from 3 days to 30 days. The money will be blocked on the bank card of the Guarantor who vouches for borrower till the time loan period gets repaid. If the borrower successfully repays the loan, the voucher will get the bonus and if he defaults then the money will be deducted from his account. This platform will allow lenders to lend at zero risk and voucher to earn quick returns on investment. Suretly will earn 3% commission it charges on each loan
SUR Token
SUR is the currency which will be used to fund this project and work as the currency of Suretly platform. 0.2% of the total Loan amount secured by each investor will be used to buy back tokens from the exchange and burned. This will reduce the supply of the token from the market and increase the price of the token, this will benefit the investors of Suretly. This is likely to be done after the quarter 3 of the ICO end
Suretly has immense potential to expand its business in places like India, Africa and Latin America in which microfinance industry is growing at very high pace. Considering the great idea and the team Suretly will surely yield great returns from its investors in future
For more information please visit
( https://www.ico.suretly.com https://bitcointalk.org/index.php?topic=1879035.0
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