Re:Show HN: Credy – Peer-to-Peer Lending Platform for India
by pratishgandhi on Thursday February 23, 2017 @03:31AM
(#13712502)
Thanks for the comment!
1. Yes, we do the legal documentation so it is not a headache for you. Legal costs associated with non-payment are covered as part of this contract. 2. We have features like post dated checks and auto-debits from bank account to ensure borrowers pay on time, among other things. 3. We are not planning to become a bank, reason why banks have such a large spread is because they have huge operational expenses. We will always aim to be as lean as possible by automating processes.
1. How does the platform ensure Borrower is paying on time and/or reminded for delayed-payments
2. Co-investment. This means you are sharing equal risk. But not sure how a platform could scale with the amount of money required. Are you planning to become a bank? I'd really like to know how your biz-model would work in this case. And how do you prevent a borrower-lender gang up to fraud you?
3. In case of non-payment, legal procedures could be costly and for small amounts it might be infeasible. How does Creedy help with the legal issues and legal costs?