Thanks to the rapid development of computer technology, it has become possible to use credit services in the vastness of the global network. Each Russian bank has its own website where you can fill out an application for a cash loan or apply for a credit card online. Many payment systems operating on the Internet enable their clients to borrow a certain amount. But, despite the abundance of lenders, organizations such as loan exchanges still appear on the global network.
What is a credit exchange?
Credit exchanges are an online platform where different citizens gather to find lenders or borrowers. The process of issuing loans on such exchanges is organized at a high level.
To get a loan on the loan exchange, the borrower, in the same way as when applying for a loan at a bank, must provide complete information regarding his personal data, place of work, income level, etc. The list of documents required to obtain a loan on the Internet exchange is not much different from the bank list. All documents must be scanned and sent to the lender who is ready to lend you a certain amount. Some lenders may additionally request a 2-NDFL certificate, a driver's license, a passport and a credit statement.
How to get a profitable loan on the loan exchange?
An Internet credit exchange is, of course, not a bank, which means that there may not be strict requirements for the borrower and his documents, but the borrower must be himself interested in the lenders trusting him. The level of trust is reflected in the rating of the potential borrower. The higher your credit score, the lower your interest rate will be. The minimum interest rate at which you can take out a loan on the loan exchange starts from 15%, and those borrowers who do not want to provide additional documents can get a loan at 100% or more.
After the lender and the borrower agree on the amount of the loan, the terms of its repayment, the amount of the interest rate and the term of the loan, an agreement is concluded between the parties to the loan transaction. After signing a bilateral agreement, the lender transfers the funds to the borrower's account.
The loan exchange in the near future may become an excellent alternative to bank lending, especially since the requirements for borrowers from Internet lenders are somewhat "softer" than the requirements that bankers impose on their clients.
The disadvantage of this type of lending is a rather large amount of overpayment and a high risk of online fraud (the borrower's personal data and money can be stolen before reaching the recipient).
