Loan is surely the most popular method for fulfilling the money requirements but often getting and repayment of loan is a cumbersome task. Considering the same Mydollar2you has launched the peer to peer lending service which allows users to borrow money more conveniently.
The user will need to create an account on the site, borrow money and pay it back. Most important thing the user will have to consider is to build their trust with peer lenders which depends upon their repayment history, in short, the credidibility of the user enhances if they repay their loan faster, thus, making it easier for them to borrow money the next time.
The credit can be built by repaying the money on specified time or earlier which also allows to borrow larger amount of money next time. The company suggests the user to start by borrowing a lesser amount of money to build confidence among the lenders and repay it fast so that the risk involved is less. The website provides complete guidance to the procedure to be followed for building a successful borrowing or lending profile.
Also, the investors will be able to lend as less as $5 to the borrowers making it a good way to make money through the interest or direct offer from the borrower. Surely, this kind of platform is assumed to involve certain risks but the system is designed in such a way that it lets the user identify trustworthy people. The website offers insurance to the lenders money upto a specific amount according to their membership type.
It also has a system to incentivize responsible repayment of loans and unlike other lending organisations it also assures to set the borrowers up for success and not failure. The service can be used by following a simple registration process which requires the borrower to place a request for loan after which all the registered lenders are notified about it.
The lenders can decide the amount they want to lend and once finalized, the borrower and lender sign electronically. The borrower status and repayment tracking is reported in real time making it a transparent and effective system for money lending.