Why LoanMeet ?
LoanMeet provides an excellent platform to raise money for your personal and business needs, and it provides excellent returns and rewards to its investors. As a borrower, you have multiple choices to raise money. You could go to a bank, or reach another financial institution. You can always reach out your friends and family members. In the current environment, the process to get the money you need is tedious, time consuming, and frustrating. You have to first shell out bank fees, and then wait for up to four weeks to get the loan approval. If your loan application is declined, then you could lose all or most of the bank fees you submitted earlier. We at LoanMeet do things differently; we do not charge upfront fees for your loan listing, and our loan application process is done online. The loan approval rate is much faster than your typical bank.
As a lender, you also have multiple choices. You could keep your money in your saving account, or get CDs. You could also invest in stock market, or mutual funds. Before investing, you might want to think about what the other person will do with your money. Do you know enough about the business before investing ? My friends invested in a big Power Company during its IPO. Its IPO was advertised heavily on TV, and few banks pushed its stock to its customers. Unfortunately, the stock never reached its IPO price even after three years. Due to this and other bad experiences, they have stopped or reduced their investments in stock market. With LoanMeet, you would get to know your borrower, and help him realize his dreams, such as a new home, or a small business.
Benifits to Borrowers:
- Quick Approval of Loan amount - Automated System to send e-mails and text messages to prospective Lenders
- LoanMeet Dashboard - Loan amount from each person, and upcoming Payments
- Reminders - E-mail and phone reminders before each loan payment
Benefits to Lenders:
- Loan Contract - Document stating that you gave money to family\friend
- Background and Credit Check - Using Analytics to check Past History to predict Credit Worthiness of borrower
- Good Return on Investment - Flexible Loan Rates
- Penalty for Late Payments - Set late penalty on loans
- Fall-back Collection Process - Collect default payments