WikiLoan, Inc., pioneers of the revolutionary new website Wikiloan.com, a peer-to-peer lending facility that is streamlined for ease of use and security and structured around the social networking paradigm we’ve all come to know and love so well, is poised to explode due to its cutting-edge profile and extenuating market factors.
Consumer attitudes towards online lending in response to the global credit crunch have led to straitened lending protocols and high interest rates, further complicated by constrictive borrowing requirements, making the process of loan acquisition nightmarish to a huge chunk of the market.
This problem drastically affects micro-loan situations for lenders with credit challenges seeking loans under $25k, making this market critically under-served at this time, as demand booms such architectures as that which WikiLoan provides will be there to capitalize on the organic private lending business.
WikiLoan users are able to cut out the “middle man” and set their own conditions, all in a comfortable and intuitive online environment that allows people to connect directly and safely to manage the loan process through to completion more efficiently and with less micromanagement or footwork.
By providing prospective lenders and borrowers with a sophisticated suite of automated and configurable tools that allow them to circumvent the normally laborious process of traditional commercial lending, and set rates that make sense to both parties involved, WikiLoan’s powerful infrastructure manages the loan documentation, repayment scheduling, promissory notes, automated reminders, and online repayment/account access.
Users can quickly sign up for free and get started. Borrowers go through a rudimentary process to create and post their loan for $1k-25k, setting a rate they want to pay, and the website performs the calculations to generate the borrower’s WikiScore, after which time the borrower can invite friends to view the listing. Borrowers pay $35 for loan documentation and $15 for the credit score, while lenders pay a tiny 1% administrative fee based on the adjusted outstanding principle.
This is a comfortable, efficient and secure environment in which to manage lending and borrowing, unlike the archaic and inaccessible traditional methods; a way of doing business whose time has come. Once loan fulfillment is acquired, WikiLoan handles the promissory note, issues proofs to both parties, and handles ongoing notification and online repayment.
This sort of peer-to-peer lending architecture represents the evolution of several trends in what is one of financial services’ fastest growing sectors, and clearly will not only have staying power for the foreseeable future, but has the potential to change the way micro-lending is done and create huge returns for the Company’s investors.
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