harshitsv67

A fix was rolled out, you can also mail to [email protected] for lending opportunities. Thanks!

Thanks for the comment. Good to know you are aware of India Stack. CIBIL still holds valuable information. We overlay that with other inputs using our own proprietary algorithm.

Salary is a regular source of income, which improves repayment capacity.

We are a platform, we don't want to be lending our capital as a primary business.

Yes we use a central database. Employer verification is done electronically.

We can understand the apprehension. However, lot of things are digitising fast, and it is getting more difficult to do financial misconduct without leaving a trail. We keep working hard in adding robust checks in the system, knowing that otherwise the problem you mention exists.

The rates depend on the credit quality of the borrower which depends on their financials, credit history and income.

Rates can be much higher in informal lending space (I have myself heard cases of more than 70% annualised rate, charged over a smaller duration). Borrowers in that space can benefit by moving to a more efficient platform like Credy.

Thanks for the appreciation!

Trust is indeed the biggest pain point in peer lending that we have focused hard to solve.

1. We guarantee 100% genuine and verified borrowers because of mandatory biometric authentication. This solves problem of identity theft and fake users.

2. We verify borrower's employer and their unique ID as well, so that there is a deterrent to improper behaviour on part of the borrower.

3. We co-invest with our lenders so that we have a skin in the game.

4. We also have auto-debit and post dated cheques to ensure money is returned on time.

Thanks for your feedback. We had both the fixes in our rollout today, they should be fixed soon.

Happy that you liked the idea :)

Thanks for feedback. We are working on website along with rolling out new features. The dashboard page you saw was a mockup that was for testing (hence had all numbers as 18). We are fixing it, thanks for pointing out.

Actual default rate is of course lower than that.