I want to build an app Called Summergreen. Summer Green app is a peer to peer (P2P) lending platform like zopa, ledingclub or upstart. Apps samples: Paylater, branch, Aella credit or KiakIa loan apps
Unlike most P2P the platform itself allocates borrowers to loans. Investors do not get to select borrowers; there is no connection between investors and borrowers. Investors just invest their money over a period of time for an agreed interest rate. Probably 5% interest after 6months investment.
We would also prefer borrowers generally being able to borrow a certain limited amount after initial registration, after successfully paying back the loan then they can be allowed to borrow a higher loan.
Development of credit models for loan approvals and pricing
Verifying borrower identity, bank account, employment and income
Performing borrower credit checks and filtering out the unqualified borrowers
Processing payments from borrowers and forwarding those payments to the lenders who invested in the loan
Servicing loans, providing customer service to borrowers and attempting to collect payments from borrowers who are delinquent or in default
Legal compliance and reporting
Finding new lenders and borrowers (marketing)
We want the loan categories to attract different interest rate. E.g. 3% for students, 5% for businesses e.t.c.
Family load (rent, school fees, car, Burial)
Esusu (xmas) 12 months