Lendsbay: the best credit platform of the future

Lendsbay: the best credit platform of the future

Key Information


Borrowing money is usual and the most normal thing for people all over the world. Someone resorts to this method quite rarely, for someone this way to keep their financial position above water is a familiar matter or even a way of life. In short, there is no such person who at least once in his or her life did not use a loan. One thing is to take a small amount from a friend for an urgent purchase, which can be given at any time and the creditor will not suffer from it. It is quite another matter when it comes to a more or less large loan between individuals. Informal obligations are initially a risk, and no one is immune from problems and troubles in such cases.


Surely everyone has once heard from one of his friends, acquaintances or colleagues that he or she does not lend money even to representatives of his close associates. Perhaps earlier they had to face the situation that after having lent money, they could not get it back or they did it with great difficulty. Moreover, it later emerged that the debtor had borrowed money from other people and tricked them as well. Just imagine how unpleasant it is on the day of debt repayment not to meet a debtor, but even worse, hear in the phone “the subscriber is disconnected”. One has to acknowledge the fact of fraud with a heavy hard. That's why you should not criticize people who have received such a sad experience. Perhaps they will continue to lend money, but the decision will be taken longer, information about the borrower will require more details.


How to protect yourself from such challenges? How can one continue to help his or her friends and family in difficulties without risk to the wallet? Modern applications come to the aid, many of which are already widely used in various areas of life. With their help, it's easy to make purchases, search for information, store data or even call a taxi. Why not regulate financial relations with computer programs and mobile applications? Lendsbay project is guided by the aim to reach such goals. A unique credit ecosystem will help ordinary users who are not big businessmen or investors to give and receive money in loans in everyday life.


All the data on the transactions and the made deals are in the blockchain. In the role of a rating system, banking and social scoring is used. Simply put, all possible risks associated with non-return are identified before the deal is concluded. With the help of a credit online platform, you can instantly get loans, make agreements, dealing with the letter of the law of a certain country. Creditors and loan recipients can be both from your region and from foreign countries. Users of the system, who have a positive credit history, much easier get a loan in the future anywhere in the world, even if it is a traditional banking service.


What caused the development of Lendsbay?


The global financial market is a huge monopoly. Before the appearance of blockchain all possible alternatives were out of the question. Technical innovations are worked out and they allow implementing more simple and convenient solutions, for example, as in the case of Lendsbay, to perform the entire set of financial transactions using a mobile device alone. Blockchain and smart contracts are available at any time of the day anywhere in the world, and the fact, that you can interact without intermediaries, increases security and reduces costs. The development of P2P applications for mobile gadgets has been going on for a long time, and there is a successful experience in this field. Currently, there is an active development of software for banks, i.e. for the formal market. Informal loans between private individuals are still staying away.


The purpose and features of the Lendsbay system


The application allows ordinary users to make financial transactions. The goal of the development is to improve the work and security of the informal credit environment. The functional includes the search for people who are ready to provide or want to get a loan. All transactions are performed fully within the system without access to any third-party resources or payment systems. The functional offers the following features: 

  • Credit operations are simple and understood
  • The contract is made after the agreement of all conditions
  • The search engine quickly finds partners
  • Risk assessment is performed as accurately as possible
  • There is an option to create social groups, called “bays”
  • In this group there may be people familiar to the user
  • The entire operation history is fixed in the blockchain
  • If you are refused to pay the debt there is everything for judicial documentation
  • Bailiffs are involved for collecting the debts
  • The resale of a debt is possible

All that was listed above is only a part of all functions. It is planned to introduce global solutions for entering other markets, world banking systems with the transfer of credit histories to their bases. The far-reaching goal of the project is to regulate relations between people in other areas.