what is the mechanism of compensation of losses from non-payers that provided insurance mutual obligations?
We have an insurance fund to cover us in the event of borrower went bankrupt.
what will be used as collateral on your lending platform?
there have bein several other similar projects that have failed due to not having a way to cover this?
how will you approach this differently to others?
thank in advance
there have bein several other similar projects that have failed due to not having a way to cover this?
how will you approach this differently to others?
thank in advance
No, we are not using at collateral, but our borrowers are merchants who are connected to POS, and we are connected to the same POS so it is difficult for them not to pay and we deduct 3-5% of every sale they do until our loan is repaid. Together with a neural network powered scoring and the insurance fund to cover us in case of borrower bankruptcy WishFinance has the lowest risk possible in the lending business.