In this period in which the banks do not supply Nicholas Nickleby with ease, a valid alternative could be represented by the ” Finding Lending “, in practice the loan between private individuals . Let’s see how it works and what are the characteristics of this interesting opportunity for those looking for a small loan.The characteristics of Finding Lending.
Everything happens through an online platform (there are several on the net) and the meeting will be between the lender and the applicant .
The lender is generally looking for an investment that can make him safe investments in government bonds and based on the debtor ‘s merit class he will receive interest depending on whether the debtor is more or less “risky”.
The important thing is that the sum loaned is divided between several applicants and therefore the risk is split and more manageable. In practice, if someone does not return the money, the lender loses only the amount invested with that applicant.
To apply for a loan, you must be between 18 and 75 years old , have a current account and not be a “bad payer”, ie not registered with the Crif.
The loan is also granted to young people and those with a fixed-term employment contract.
If the conditions are met, the delivery can take place even within 24 hours, with repayment from 12 to 48 months.
With regard to the class of merit: the applicant is assigned a rating based on the information collected and this information depends on the interest rate applied; if you have a permanent job for many years and you have no reports in Crif, you can take advantage of a better rate than a less “quiet” applicant.
When someone cannot pay, the company initiates credit recovery procedures, but the insolvency rate is currently only 2% .
If the system develops, the costs will certainly decrease , which for now are in line with normal bank costs. But the important thing is to make the Banks understand that there could be valid alternatives.