To get a loan, building strong long-term relationships with banks, proving your solvency, and having a crystal-clear credit history are no longer necessary. The emergence of P2P providers that issue peer-to-peer loans has done away with traditional financial intermediaries and made it easier for most people to get loans.
Of course, lending companies also lend money not selflessly but at a certain percentage that guarantees them a good profit. The possibility of earning a good income has caused an increase in the number of peer-to-peer loan providers. Now, to attract borrowers, it is necessary not just to offer favorable terms but also to provide quality service.
One of the most important criteria when choosing a lending organization, borrowers often call the speed of obtaining a loan. If you have to wait several hours or even days to credit the approved loan, you can be sure that the borrower will never revert to such an organization. For borrowers and lenders to be as satisfied as possible with cooperation with a P2P provider, they need to use a modern Payment Card Solution.
Features of Peer-To-Peer Lending Providers
Peer-to-peer lending is an alternative financial service, as its providers do not belong to traditional financial institutions that provide customers with depository, investment, and insurance services. Let’s list the typical characteristics of a P2P provider:
- conducts its operations for profit;
- does not require a pre-existing relationship between lenders and borrowers;
- conducts most transactions online;
- With a quality P2P platform, lenders independently select the borrowers in whom they will invest;
- The loans they make are often not protected by government insurance.
Peer-to-peer intermediaries provide lenders and borrowers online access to an investment platform to search for deal partners. They develop credit models, verify the reliability of borrowers, and filter out unscrupulous lenders.
P2P providers have another equally important task – processing payments from the lender to the borrower and back. Usually, these payments go through the bank, so the process of receiving money is quite slow, which makes many customers nervous. A long receipt of loan funds creates a negative image for the lender, and the borrower will likely never apply for a loan again. Similarly, a borrower’s prolonged receipt of loan repayments can reflect negatively on his credit history and prevent him from attracting investors for his projects. Wallester offers an innovative Co-brand solution to eliminate bank intermediaries and speed up the crediting of payments.
Wallester’s Offer for P2P Providers
By implementing Wallester’s innovative payment system, any P2P provider can significantly accelerate the process of issuing loans on their platform. Card Issuing will allow investors and borrowers to receive their funds much faster. By launching its card program, the provider can issue physical and virtual cards for any purpose. Funds will be received on them instantly, bypassing the banking system. At the same time, absolute confidentiality and security of transactions will be preserved. There are several more reasons to take advantage of the offer from Wallester:
- All cards can be tokenized to connect them to mobile payment systems;
- The availability of convenient analytical tools allows you to analyze customer behavior and develop a personal credit product for them;
- In addition, you can earn profit by setting commission fees for card maintenance, withdrawals, replacement of plastic media, and other services;
- Instant notification system informs the cardholder about all card transactions via SMS or Push notifications online.
When the loan goes to the borrower’s bank account after repaying the debt, nothing else will remind him of the lender. It significantly reduces the likelihood of having to contact the same organization again. The Wallester platform allows for White-Label Card Issuing, which has a customized design. Such a card product will increase brand recognition, improve customer loyalty to the brand, and, if necessary, remind them which platform is best to apply for a new loan.
