Marco Angelo D'Souza
Faircent.com has garnered a lot of attraction lately for providing a virtual market place where borrowers and lenders can interact directly, without taking the help from traditional financial intermediaries like banks.
The peer to peer lending (or P2P lending) is enables creditworthy borrowers lower their cost of loans and individual lenders/investors to lend directly to their peers and community thereby earning higher returns.
Faircent.com is a new online peer-to-peer borrowing and lending website that is disrupting the traditional model.
It directly connects borrowers and lenders via their online platform, thus eliminating the conventionally high margins associates with securing loans from banks and other financial institutions.
Faircent.com operates on an algorithm that identifies the credit-worthiness of borrowers by evaluating over a thousand markers including personal, demographic, financial, national credit bureau and even social networking data.
The key aspect of this service is their bidding methodology that enables a potential borrower to crowdsource their need for a loan, where they have the power to then accept or reject offers from several interested lenders. This unconventionally puts the power in the hands of the borrower instead of the lender.
The company is promoted by Rajat Gandhi, Vinay Mathews and Nitin Gupta, and has recently raised capital at an enterprise valuation of $4 million from the promoters of Fusion Microfinance Pvt Ltd.
