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by smdz
3400 days ago
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As an investor, I assume Creedy will help with the legal documentation. 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? |
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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.