What is Peer to Peer Lending?
Many of you have experienced the limited options and drawn out process when trying to invest your savings. The options are unattractive, and when you do choose, you end up using your valuable time to schedule and attend an appointment, filling out forms for each deposit and dealing with the hassle of writing cheques or ordering bank drafts.
Now imagine an alternative where all of these inconvenient and time-consuming tasks are eliminated. Simply upload your information online and transfer the funds safely and securely from your bank account. Not only will you save precious time, but you will also be earning a higher rate of return!
Additionally, most of you have experienced the process of trying to get a loan or credit from a bank or finance company – filling out many forms, providing tons of information and documents, traipsing back and forward multiple times to the offices of the loan provider and then waiting days (or even weeks) for an answer!
Again, imagine an easy alternative where you can provide some simple pieces of your information online from the comfort of your home or office on your phone, tablet or laptop. The process to apply takes minutes, you get your loan approval back in hours and the money delivered to your bank account in a couple of days. Now how is that for convenience and a great customer experience?!
Peer to Peer lending connects people who want to invest money (Lenders) directly with people who want to get a loan (Borrowers). Using technology, we make that process a great customer experience and do it at a lower cost enabling us to be a better experience and provide faster and better value for both Lenders and Borrowers.
“Peer to Peer lending connects people who want to invest money (Lenders) directly with people who want to get a loan (Borrowers).”
Carilend’s role is to bring the parties together, apply a very stringent level of screening (doing identity checks, credit scoring and other assessments) and then match approved Borrowers with Lenders who have selected lending preferences that match the profile of the Borrower. Lenders’ money is split into small chunks and spread over many loans, which spreads (or diversifies) the risk for Lenders. Each Lender's small chunk is paired with those of many other Lenders to fully fund each loan.
Our platform then takes care of collecting every loan repayment directly from each Borrower’s bank account each month and splitting it up between each Lender who contributed toward the loan. All the records of each transaction are maintained securely online so you can get a full record of your loan or invested funds 24 hours day 365 days a year.
Online Peer to Peer lending started in the UK in 2005 and their technological, regulatory and industry standards have been globally admired and replicated as best practice. We have licensed our platform from a leading UK firm who operates Peer to Peer lending businesses in the UK and Europe, and we have adapted it to deliver the same great experience in the Caribbean. Also we have adopted the same standards required by the UK regulatory regime and the UK industry standards as best practice to operate our business and to protect our Lenders.
Whether you want better options to invest your money to see it grow or are at a point in your life where you need to borrow to achieve your goals and dreams, Caribbean consumers deserve great service, individual pricing and more choice. Carilend is there to deliver that via Peer to Peer lending.
We will be publishing more posts and blogs in the coming weeks giving more detail on Peer to Peer lending and how our business works. Like or follow us on Facebook, LinkedIn or Twitter or visit our site www.carilend.com to get more information now and register for updates as they happen.