October 11, 2017 – In the financial world, credit is provided through a number of ways, including banking and non-banking financial institutions. In the past, this has been a highly controlled and arduous process through which the majority of applicants for these loans are eventually rejected, based on a system such as credit ratings which is outdated. Even if you are successful and are granted a loan, it comes with pages and pages of terms and conditions, as well as fees. These methods are inhibitive to almost everyone involved.
LoanBit, a newly founded company, aims to change this with their innovative solution which involves a move away from conventional methods, and towards one that centres around a Peer-to-Peer (P2P) based lending archetype.
What is P2P Lending?
In simple terms, P2P lending matches people who have money to invest, with people who are looking for a loan.
P2P lending involves borrowing money without going through a traditional lender such as a bank or credit union. It can be used by individuals or companies that need a personal or business loan and the money comes from investors who can also be individuals or companies.
LoanBit takes it a step further, by allowing multiple investors to combine in one transaction, as it is understood that one investor might not always have the funds to service a particular loan.
LoanBit acts as a facilitator in this process, with the investor and borrower agreeing on a interest rate between themselves.
Taking It Online
While there have been a number of other companies to take the lending process online, most of them are still bogged down by the same onerous processes that exist in traditional lending facilities, and a lot of them simply use it as a way to get your information.
LoanBit plans to combat this with a truly online lending facility. When combined with the P2P lending archetype, moving online makes a lot of sense, as it opens the door to a much wider audience of both investors and borrowers.
What Now?
LoanBit is well and truly on their way to success, with a great team at the helm. The LoanBit team is an experienced group of individuals, including Misha Osaula, Aleksandr Gryaznykh and Anton Mitrokhin among top business professionals and entrepreneurs and all they need now is the funds to bring their platform to realisation. LoanBit are currently in the process of undertaking an ICO, which is in the presale stage, with an expected total of $20,000,000 for their platform to be developed fully, with features such as a mobile application, exchange and verification services. LoanBit are looking stronger every day as they move out of the presale stage, and into the ICO stage.
Learn more about LoanBit at – https://ico.loanbit.org
LoanBit whitepaper is available at – https://indd.adobe.com/view/38df3e7f-7bcd-407b-80aa-f2b19b82c571
Bitcointalk – https://bitcointalk.org/index.php?topic=2227640.0
