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.
1. Our pricing is mentioned here (https://www.credy.in/pricing). We believe that using automation and analytics well can contain costs significantly, and we being a marketplace model, can benefit from a lot of leverage in order to make more revenue with less per unit costs.
2. Trust is a pain point that we solve by ensuring end-to-end linking with Aadhaar. We also provide investment recommendations in order to minimise portfolio risk.
Interns - we would love to have a chat, drop us a mail at [email protected] mentioning this conversation. Thanks!
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.
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 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.
We are the first P2P lending platform that uses end-to-end biometric verification to help eliminate fake users and impersonation. Peer lending is new to India, and recent financial digitisation has made the business and product offering more attractive.
Our customers are people who need small to medium personal loans -- they might need a loan for debt refinancing, a wedding, education or an emergency. We offers fast, paperless online loans to borrowers.
For lenders, Credy offers a professionally chosen, risk managed, trustworthy investment option, and great data and analytics tools. We guarantee 100% genuine and verified borrowers.
The founders have extensive background in finance and tech from Goldman Sachs, Societe Generale and Amazon.
Happy to answer questions you may have. Checkout our blog at http://blog.credy.in for interesting articles on finance in India.
Team Credy https://www.credy.in