iScripts SocialWallet Models And Use Cases

As a Peer to Peer (P2P) lending platform owner, you can utilize this marketplace that connects individuals in need of credit with individuals and institutions willing to lend within a single window. You can manage users (borrowers and investors), loan requests and listing, front-end content management, payment flow, interest rate, commission fee and generating reports, and more directly from the administration panel of your marketplace. You can choose to operate your fintech business in the following ways:

Prosper Model

Prosper has created a new environment and trend where it is possible to get loans with fewer interest rates, easier and faster without using traditional sources. America’s first marketplace lending platform, offers unsecured loans to customers with fair to excellent credit. Similar to Prosper.com, this platform has a transaction-based business model, also known as the marketplace model, which is an online business model wherein users interact in transactions, and revenue is generated by charging these users a fee or “commission” on each successful transaction.

Kiva Model

If you have an intention to create a P2P lending marketplace like Kiva.com for micro- funding as a non-profit organization that allows people to lend money via the internet to low-income entrepreneurs and students. Then iScripts SocialWallet is the best platform to choose. You can utilize this platform by crowdfunding loans and unlocking capital for the underserved, improving the quality and cost of financial services, and addressing the underlying barriers to financial access around the world. Through this platform students can pay for tuition, women can start businesses, farmers are able to invest in equipment and families can afford needed emergency care.

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Set up an Online Marketplace for P2P Lending

Whether you are looking to set up a P2P lending marketplace, then iScripts SocialWallet is a fully functional solution to run your business profitable. Meanwhile, you may be recognized with the rising popularity of peer-to-peer lending platforms and it’s competition. The world’s leading P2P lending marketplaces like LendingClub, Prosper Marketplace, Upstart, Funding Circle, Kiva, Zopa, SoFi are operating on the same basic principle, they vary in terms of eligibility criteria, loan rates, amounts, and tenures as well as offerings and prime focus. As a marketplace owner, you can personalize all the properties and functions of this platform as per your business strategy and target audience.

Users can perform their respective activities through this marketplace, as a borrower they can apply for a loan and the marketplace owner can approve or deny based on various selection criteria. As an approved investor, they can see this as an opportunity and invest small amounts.

Earn from iScripts SocialWallet

As a marketplace owner, iScripts SocialWallet will allow you to earn money in a form of origination fees. The marketplace owner can set and manage the commission or origination fees for borrowers and investors. When a borrower borrows through this platform, they will be subject to an origination fee. The origination fee will be set as one- time or percentage fee to process when a borrower receives a loan or at the time of repayment. The origination fees can be managed based on their risk grade, as well as the term of their loan, and other factors.

How fast you can configure the iScripts SocialWallet

iScripts SocialWallet makes starting your online marketplace easy and hassle-free. After purchasing the P2P lending marketplace script, you can add your logo, site content, and manage the product property within the administration area. This process is very direct and can be accomplished with just a few clicks with the help of our development and product support team.

Once the software is installed, you have complete control over your distributed P2P lending platform as the site administrator. If you need help, we can install the software for you on your hosting account. iScripts SocialWallet is an open-source PHP Peer to Peer Lending software without code encryption. This means you can customize your marketplace at any time in order to fit your specific site needs. To add features or change functionality, you may use your programmer or request an affordable customization quote from iScripts.

iScripts SocialWallet Advantage

By using the Peer to Peer Lending software from iScripts, you can create a new website or expand your existing online marketplace. This online lending platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. Borrowers get access to affordable fixed-rate, fixed-term personal loans. Investors have the opportunity to earn solid returns via a data-driven underwriting model.

  • Easily start a business like Prosper Clone or Kiva while significantly reducing the amount of time, complication, and cost required for setting up and operating a P2P lending web platform and mobile app.

  • Expand an existing business or set it up as a standalone platform by generating additional revenue from charging users to borrow and lend with less documentation.

  • This platform provides a web platform and an iOS Android mobile Application.

  • A web-based administration area will be provided for the marketplace owner to control the primary functions of the website and access data as required.

  • Attract customers with existing and successfully running business models.

  • The platform allows your customers to create a new environment where it is possible to get loans with fewer interest rates, easier and faster without using traditional sources, like banks, insurance companies, and brokerage firms.

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Mobile App Details

An iOS and Android mobile applications common for lenders and borrowers. The turnkey mobile app let customers to borrow and lend the money within a single window.

  • A borrower can apply for a loan through the mobile app, and the marketplace owner can approve or deny based on various selection criteria.
  • Approved investors can see this as an opportunity and invest small amounts to borrowers with fair credit score.
  • The payment flow happens outside of the platform when a borrower or investor receives the funds.

iScripts SocialWallet Includes

  • This platform provides a web platform and an iOS Android mobile Application.
  • Responsive front-end and back-end design.
  • Easy navigation and simpler sign-In, sign-up process as an investor and borrower.
  • Access the quick link called “Check Your Rate”for calculating the eligibility rate and launching a loan request application.
  • A quick loan eligibility rate calculator link on the homepage to calculate the interest rate and payment plan of the applied loan.
  • Transparent credit score calculation via recommended third-party API services: Experian Connect, Equifax, TransUnion
  • Investors to access the quick link called “Start Investing” for calculating their eligibility to invest money.
  • Confidential information shared and integration of DocuSign.
  • A feature-rich user dashboard, embedded with toggle options for Borrowers and Investors. Users can view their borrowing or investing or both activities within the dashboard.
  • Users can export various reports from the report area for further reference and evaluation. Current and previous loan’s EMI reports, return on investment reports and more will be available.
  • A settings area, which will provide users with the ability to review and edit their basic profile details, upload documents, bank account details and the ability to change the password.
  • Offline payment methods which lie outside the system.
  • Users will receive notifications upon delivering real-time updates on various events.
  • A web-based administration area will be provided for the administrator/marketplace owner to control the primary functions of the website and access data as required.
  • Easy-to-use Content Management System
  • Open Source PHP/Angular Script and React Native Mobile App