HelpPays launches a peer-to-peer marketplace for microcredit and direct loans for family and friends

0

HelpPays also has a crowdfunding marketplace where borrowers can post small contributions 50 dollars Credit inquiries to build their credit score. Larger loans are granted to borrowers after successful loan repayment. Microlenders receive high returns for the credit risk. However, donation protection comes with any loan, which gives lenders the benefit of writing off potential micro-losses as qualifying donations instead. Although defaults do occur, mutually beneficial connections are more likely to form with open chats between borrowers and lenders in true peer-to-peer form.

With payday loans, if a consumer is unable to repay their loan by payday, the loan is extended or “rolled over” at a compound interest rate with associated financing fees. According to that CFPB, 80% of payday loans are rolled over, which puts the borrowers in vicious circles of debt. With HelpPays, borrowers only pay back the interest requested, and loan extensions have no penalty.

“We are building a HelpPays community. For every benefit we give to a lender, we look for a way to extend it to a borrower.” said CTO and co-founder Emmanuel Aubrey.

198 million Americans living paycheck to paycheck can’t afford it $1,000 Emergency such as a car accident, sudden illness or pandemic. 26 million Americans are considered credit invisible, meaning they lack the credit history or documentation to access traditional financial services. So it’s no secret why 26 million people (more than 10% of all adults) rely on loans from family and friends, according to the Census Bureau Household Pulse Survey of Finances. HelpPays is designed to fill these funding gaps and be an alternative source of capital for those who need it most.

“We’re making a big bet that we know to be true. Americans care and are willing to help other hard-working, honest Americans. HelpPays prides itself on delivering meaningful returns to our lenders and providing dignity and confidence to our borrowers.” said CEO and co-founder Shamari Benton.

Around
That HelpPaid Marketplace allows anyone to lend or borrow microcredit for up to 9 months to build credit. All loans are protected against donations. We are democratizing access to credit for further financial inclusion. We allow direct connections such as family and friends to get involved with direct lending outside of our marketplace. HelpPays provides the support needed to facilitate loans between borrowers and lenders.

Contact
Shamari Benton
CEO & co-founder
[email protected]

Disclaimer: Our content is intended for use and may only be used for informational purposes. It is very important that you do your own analysis before entering into any agreement based on your personal circumstances.

SOURCE HelpPays, Inc.

Share.

Comments are closed.