When it comes to unsecured loans, there is an easy way to obtain them. FintruX Network consists of highly rated agencies that work as an ecosystem. They can provide you with affordable loans – as fast as humanly possible.
However, there is some talk about its competition. How does FintruX compare to other P2P lending systems? As many of you already know, the market is enormous, and many players are already involved.
Peer to peer platforms use other investors to fund these loans. Therefore, if you are looking to get a loan for your business, it is going to originate from dozens of other investors. Some loans require even more investors to collect the money.
Still, that leads to a flexible approval rate. In addition, unlike banks and other direct online lenders, the repayment terms are more convenient. But, one thing is different: the interest rates are higher than usual.
Nevertheless, it seems as if these P2P platforms are not the real deal. They are still using intermediates – for example, trust accounts. That’s no different to other direct lenders. Furthermore, they don’t have the necessary transparency, nor are they protecting the lenders’ investments.
It is vital to mention that FintruX partners with a number of agencies that are giving the lenders a variety of choices. These include highly rated identity, credit scoring, credit model, payments and KYC/AML agencies. By giving them a choice, they are also allowing the lenders to determine whether or not they should take the loan. Also, they are helping FintruX instantly match its lenders with the investors.
The main difference between other competitors and FintruX is the entry barrier. While service agencies will always charge you with licensing, customization and maintenance fees, FintruX tries to avoid that. Instead, they are trying to convince them to charge the lenders per transaction. In addition, they should also charge them in FTX tokens.
FintruX uses the Ethereum blockchain. It is highly available and decentralized, which makes it that much attractive. Furthermore, its hashing gives the participants an added dose of security. They are also using smart contracts because they rarely fail them. Node failures, power cuts and other common issues cannot influence the stability of these contracts. Moreover, by using them, they will never misplace or lose the customer contract because they are kept in a distributed ledger.
When using smart contracts, transparency becomes an obligation. Borrowers and lenders get access to a user-friendly interface that allows them to see every choice each party makes. They can examine the contracts in detail and follow their performances. Most companies use just one program to process these contracts, and that can lead to incredibly high gas fees. Meanwhile, FintruX platform deals with millions of small contracts which you can customize and simplify according to your needs. There are not using unnecessary, ambiguous statements that can sometimes lead to a colossal confusion. Thus, they are saving a lot of precious time to their users. In addition, members will also spend less money on contract processing.
With FintruX, users can enjoy a substantial risk reduction. In addition, they are given an opportunity to obtain unsecured loans at an affordable interest rate. This proves to be an ideal situation. Those that have been unserved can now receive funding for their small businesses. For example, startups are the ones who have regularly failed to obtain these loans. By using the FintruX platform, they can finally receive the money they need to further advance on the market.
FintruX offers a fantastic decentralized platform available to all participants. They are using Ethereum smart contracts to provide a higher level of transparency. Now, users can also rate the lenders and compare them to others. Furthermore, lenders can also write reviews about their borrowers, and they can evaluate the agencies. Hence, this can also be used to assess the credit risk.
- Website: https://www.fintrux.com
- Whitepaper: https://www.fintrux.com/home/doc/whitepaper.pdf