⚡️⚡️⚡️[ANN] [PRE-ICO] LendsBay | Credit ecosystem

[Olyalya]

I think this project is supported by a team of professionals and very experienced. From the point of view of the vision and strategy is a very effective, proven to attract the interest of users to the project. Spectacular.

[ibininja]

I have been looking at the roadmap this morning and it looks like Lendsbay will get a lot done in July. Firstly they will be releasing the beta app for Android/iOS. Then they will develop the legal component and establish the ratings and pricing a mechanism.

It’s a lot to get done, but if they do it all next month then they will be off to a flying start. I have seen a lot of other projects that are trying to do something similar with bringing credit risk to the Blockchain, but these guys look like the real deal, they are putting a lot of emphasis on the legal side of the business and on the underwriting.

It’s a very regulated business and I’m glad to see Lendsbay are taking this seriously with the legal work they are doing. Also the founder/COO Andrey Cheremkhin is a legal professional that has worked in the industry for over 10 years, he will be invaluable to the teams everyday operations.

It's a lot to get done in a short space of time but we don't now how much the team have already done in the background. I'm looking forward to July and seeing the beta

yeah, July is when we are all waiting for but I believe they have done so much we probably might not know time will eventually make everything clear

Looks like we will be looking at great things. I am especially waiting for the mobile app as I think it would really be of use with the closer circle. I mean it is easier lending to family and friends than strangers.

Yeah. It true it satisfying and safe to lend to friends and family than total strangers but I believe lendsbay will make lending to strange safe as well.

Surely it will; I also think given they provide stats and a dashboard for lending it is a great way to manage money. I mean we rarely track everything we lend. I did not think of its value but when i was going through the whitepaper I think that could be something special to have just like tracking spendings.

[gee777]

I have been looking at the roadmap this morning and it looks like Lendsbay will get a lot done in July. Firstly they will be releasing the beta app for Android/iOS. Then they will develop the legal component and establish the ratings and pricing a mechanism.

It’s a lot to get done, but if they do it all next month then they will be off to a flying start. I have seen a lot of other projects that are trying to do something similar with bringing credit risk to the Blockchain, but these guys look like the real deal, they are putting a lot of emphasis on the legal side of the business and on the underwriting.

It’s a very regulated business and I’m glad to see Lendsbay are taking this seriously with the legal work they are doing. Also the founder/COO Andrey Cheremkhin is a legal professional that has worked in the industry for over 10 years, he will be invaluable to the teams everyday operations.

It's a lot to get done in a short space of time but we don't now how much the team have already done in the background. I'm looking forward to July and seeing the beta

yeah, July is when we are all waiting for but I believe they have done so much we probably might not know time will eventually make everything clear

Looks like we will be looking at great things. I am especially waiting for the mobile app as I think it would really be of use with the closer circle. I mean it is easier lending to family and friends than strangers.

Yeah. It true it satisfying and safe to lend to friends and family than total strangers but I believe lendsbay will make lending to strange safe as well.

Surely it will; I also think given they provide stats and a dashboard for lending it is a great way to manage money. I mean we rarely track everything we lend. I did not think of its value but when i was going through the whitepaper I think that could be something special to have just like tracking spendings.

Yeah.. It's a good thing to track one's lending, at least you will know how much you have given out and what is remaining with you and how much you have to give out. I know how much i have lost just because i could not track what i had lend to others.

[Owillz]

I’m interested to see adoption for this take off it’s a unique concept I think the biggest challenge won’t even be from the project but from the negative view people have of crypto lending people stupidly associate anything with lending to be whatever those old bcc and other coins that weren’t actually lending coins

Meanwhile Lendsbay is trying to be real p2p lending which is such a good field that really should be able to grow and expand I’d imagine a lot of people  I’ll be interested from both the lending and lender side of things

Yeah, it's a good point.  I tried out some crypto lending platforms a few years back and they were rubbish, so many scammers and people defaulting on loans and simply creating new accounts.  Will be interesting to see Lendsbay combay this.

I am curious about something.. How does one track down someone who doesn't wants to pay back loan or interest. Does the system automatically combat this?

According to their whitepaper, they have tools in place to handle such, i believe a court order will be issued for the capture of such individual if he/ she refuses to pay, besides, the tools that helps analyze the risk of such individual will be put in place, like the saying goes, prevention is better than cure, so once you get to know that the risk level of the individual is high, you don't try to go further

But let's say you lend a friend $100 ... Surely it would cost more to open up a court case to try and get that money back? lol

Lol. Yea. That's right. But I don't think you will be the one to literally open up a court case the platform should put measure in place to save its users that stress. They jut have to anyway

[em777]

I have been looking at the roadmap this morning and it looks like Lendsbay will get a lot done in July. Firstly they will be releasing the beta app for Android/iOS. Then they will develop the legal component and establish the ratings and pricing a mechanism.

It’s a lot to get done, but if they do it all next month then they will be off to a flying start. I have seen a lot of other projects that are trying to do something similar with bringing credit risk to the Blockchain, but these guys look like the real deal, they are putting a lot of emphasis on the legal side of the business and on the underwriting.

It’s a very regulated business and I’m glad to see Lendsbay are taking this seriously with the legal work they are doing. Also the founder/COO Andrey Cheremkhin is a legal professional that has worked in the industry for over 10 years, he will be invaluable to the teams everyday operations.

It's a lot to get done in a short space of time but we don't now how much the team have already done in the background. I'm looking forward to July and seeing the beta

yeah, July is when we are all waiting for but I believe they have done so much we probably might not know time will eventually make everything clear

Looks like we will be looking at great things. I am especially waiting for the mobile app as I think it would really be of use with the closer circle. I mean it is easier lending to family and friends than strangers.

Yeah. It true it satisfying and safe to lend to friends and family than total strangers but I believe lendsbay will make lending to strange safe as well.

Surely it will; I also think given they provide stats and a dashboard for lending it is a great way to manage money. I mean we rarely track everything we lend. I did not think of its value but when i was going through the whitepaper I think that could be something special to have just like tracking spendings.

Yeah.. It's a good thing to track one's lending, at least you will know how much you have given out and what is remaining with you and how much you have to give out. I know how much i have lost just because i could not track what i had lend to others.

It true most of the time you will want to keep track of your lending but due to engagement you sometimes forget situations like this is where lendsbay come in. I use to think it better you lend and forget because you can't be sure whether they will pay but now lendsbay will change that.

[olamidey]

Lending can be your saving grace when you are in financial crises. But what happens when you are not able to secure  loan. This have been the problem of many families and small scale business. I wouldn't blame lenders because it is not easy to trust your money in someone else's hand. This project is going to create trust between lenders and borrowers.
We are just link other conventional lending platforns but two things makes us stands out. First borrowing would be more convenient and lending would be less risky.

[Ace44]

I have been looking at the roadmap this morning and it looks like Lendsbay will get a lot done in July. Firstly they will be releasing the beta app for Android/iOS. Then they will develop the legal component and establish the ratings and pricing a mechanism.

It’s a lot to get done, but if they do it all next month then they will be off to a flying start. I have seen a lot of other projects that are trying to do something similar with bringing credit risk to the Blockchain, but these guys look like the real deal, they are putting a lot of emphasis on the legal side of the business and on the underwriting.

It’s a very regulated business and I’m glad to see Lendsbay are taking this seriously with the legal work they are doing. Also the founder/COO Andrey Cheremkhin is a legal professional that has worked in the industry for over 10 years, he will be invaluable to the teams everyday operations.

It's a lot to get done in a short space of time but we don't now how much the team have already done in the background. I'm looking forward to July and seeing the beta

yeah, July is when we are all waiting for but I believe they have done so much we probably might not know time will eventually make everything clear

Looks like we will be looking at great things. I am especially waiting for the mobile app as I think it would really be of use with the closer circle. I mean it is easier lending to family and friends than strangers.

It's easier yes, but in my opinion,  it's easier getting (or taking) your money back from strangers than family and friends cause you won't get too emotional/sentimental with strangers as much as you would with friends.

Well, you do have a point but i guess if you don't want to go with the family and friends thing, you can switch to others, after all, its decentralized and a whole lot of users will be available and by accessing their risk level, it will streamline you to pick from those you feel comfortable with, the main point is that they have ways of getting at defaulters

Distributed lending isn’t really new it’s been done before though not via crypto so they have a framework to build on and expand from by looking at standard fiat distributed lending brokers. There will be defaulters there always is it’s just how to deal with them and track them that differs

Agreed, people are skeptical when it comes to anything that has to be done online and all that but i think with the experience of the team, they must have had that sorted out, experience matters a lot in this, so i believe before they even think of starting, they must have ensured that security is at the maximum and defaulters will be reduced at a very minimal level

[nxnqauff]

Sudden jump in investment raised in last one day. 32k to 60k now. Seems like project is getting traction now and start picking up pace. Fingers crossed.

[Zombie259]

Sudden jump in investment raised in last one day. 32k to 60k now. Seems like project is getting traction now and start picking up pace. Fingers crossed.

Yeah, fingers crossed. With the release of the beta version, they can easily reach the target of the Pre ICO. I hope that the project can accelerate their sellings.

[CryptoBeefy]

I’m interested to see adoption for this take off it’s a unique concept I think the biggest challenge won’t even be from the project but from the negative view people have of crypto lending people stupidly associate anything with lending to be whatever those old bcc and other coins that weren’t actually lending coins

Meanwhile Lendsbay is trying to be real p2p lending which is such a good field that really should be able to grow and expand I’d imagine a lot of people  I’ll be interested from both the lending and lender side of things

Yeah, it's a good point.  I tried out some crypto lending platforms a few years back and they were rubbish, so many scammers and people defaulting on loans and simply creating new accounts.  Will be interesting to see Lendsbay combay this.

I am curious about something.. How does one track down someone who doesn't wants to pay back loan or interest. Does the system automatically combat this?

According to their whitepaper, they have tools in place to handle such, i believe a court order will be issued for the capture of such individual if he/ she refuses to pay, besides, the tools that helps analyze the risk of such individual will be put in place, like the saying goes, prevention is better than cure, so once you get to know that the risk level of the individual is high, you don't try to go further

But let's say you lend a friend $100 ... Surely it would cost more to open up a court case to try and get that money back? lol

LOL from my understanding before a loan is granted a vetting process takes place to ascertain if the supposed individual is eligible for the loan requested.

Lmao, some people may do it for the principle to teach them a lesson, plus there's a tonne of instances in which the loosing party had to pay the legal fees for the winner as well

True .. I suppose if it's anything like Judge Judy, the losing party is often made to pay the court fees as well ... so in my example, it'd be worth the borrower to just pay it back lol

[RyCriptoC]

I’m interested to see adoption for this take off it’s a unique concept I think the biggest challenge won’t even be from the project but from the negative view people have of crypto lending people stupidly associate anything with lending to be whatever those old bcc and other coins that weren’t actually lending coins

Meanwhile Lendsbay is trying to be real p2p lending which is such a good field that really should be able to grow and expand I’d imagine a lot of people  I’ll be interested from both the lending and lender side of things

Yeah, it's a good point.  I tried out some crypto lending platforms a few years back and they were rubbish, so many scammers and people defaulting on loans and simply creating new accounts.  Will be interesting to see Lendsbay combay this.

I am curious about something.. How does one track down someone who doesn't wants to pay back loan or interest. Does the system automatically combat this?

According to their whitepaper, they have tools in place to handle such, i believe a court order will be issued for the capture of such individual if he/ she refuses to pay, besides, the tools that helps analyze the risk of such individual will be put in place, like the saying goes, prevention is better than cure, so once you get to know that the risk level of the individual is high, you don't try to go further

But let's say you lend a friend $100 ... Surely it would cost more to open up a court case to try and get that money back? lol

I agree, for small amount no one is going to file case against defaulters. I think there will be some minimum amount needed to file a case.

[ibininja]

I’m interested to see adoption for this take off it’s a unique concept I think the biggest challenge won’t even be from the project but from the negative view people have of crypto lending people stupidly associate anything with lending to be whatever those old bcc and other coins that weren’t actually lending coins

Meanwhile Lendsbay is trying to be real p2p lending which is such a good field that really should be able to grow and expand I’d imagine a lot of people  I’ll be interested from both the lending and lender side of things

Yeah, it's a good point.  I tried out some crypto lending platforms a few years back and they were rubbish, so many scammers and people defaulting on loans and simply creating new accounts.  Will be interesting to see Lendsbay combay this.

I am curious about something.. How does one track down someone who doesn't wants to pay back loan or interest. Does the system automatically combat this?

According to their whitepaper, they have tools in place to handle such, i believe a court order will be issued for the capture of such individual if he/ she refuses to pay, besides, the tools that helps analyze the risk of such individual will be put in place, like the saying goes, prevention is better than cure, so once you get to know that the risk level of the individual is high, you don't try to go further

But let's say you lend a friend $100 ... Surely it would cost more to open up a court case to try and get that money back? lol

I agree, for small amount no one is going to file case against defaulters. I think there will be some minimum amount needed to file a case.

That would be logical given it would not make sense operations and cost wise; Plus it would encourage higher volumes given you get a given protection for a given min.

[faulerwilli]

They showed already some screenshots of the app in their telegram channel. Looks very good. I can not link to the pictures, but you can see for yourself: https://t.me/lendsbaychat

[ganeshramk]

I have been looking at the roadmap this morning and it looks like Lendsbay will get a lot done in July. Firstly they will be releasing the beta app for Android/iOS. Then they will develop the legal component and establish the ratings and pricing a mechanism.

It’s a lot to get done, but if they do it all next month then they will be off to a flying start. I have seen a lot of other projects that are trying to do something similar with bringing credit risk to the Blockchain, but these guys look like the real deal, they are putting a lot of emphasis on the legal side of the business and on the underwriting.

It’s a very regulated business and I’m glad to see Lendsbay are taking this seriously with the legal work they are doing. Also the founder/COO Andrey Cheremkhin is a legal professional that has worked in the industry for over 10 years, he will be invaluable to the teams everyday operations.

It's a lot to get done in a short space of time but we don't now how much the team have already done in the background. I'm looking forward to July and seeing the beta

yeah, July is when we are all waiting for but I believe they have done so much we probably might not know time will eventually make everything clear

Looks like we will be looking at great things. I am especially waiting for the mobile app as I think it would really be of use with the closer circle. I mean it is easier lending to family and friends than strangers.

It's easier yes, but in my opinion,  it's easier getting (or taking) your money back from strangers than family and friends cause you won't get too emotional/sentimental with strangers as much as you would with friends.

What if your family and friends ain't using the Lendsbay platform as you, how do you lend to them? Moreover i think Lendsbay have a money back or money security plan for lending in their platform??

Its very good question. Its all about word of mouth of the platforms used. If lendsbay platform is user-friendly, obviously other party will also start using it without much hesitation.

[Nathan01]

Don’t think it’s a thing that they will issue a capture order if anything it will be sent to a collections agency for collection or the debt will be sold to a collections agency repayment of loans isn’t a criminal offense in most cases to my knowledge based on location

All this bottlenecks won't rise if they conduct good due diligence for each borrower signing up to the platform

[kodikz]

very helpful project. but how you control your lenders and the assurance that they are capable to lend

[iphy6013]

very helpful project. but how you control your lenders and the assurance that they are capable to lend

I think before one is deem fit to lend a vetting process is conducted, which will containing certain documents to prove ones net value and banking credibility will be considered as well.

[gee777]

very helpful project. but how you control your lenders and the assurance that they are capable to lend

I think before one is deem fit to lend a vetting process is conducted, which will containing certain documents to prove ones net value and banking credibility will be considered as well.

The vetting process is very important and necessary.. Lendsbay being able to identify authentic documents from fake should be their main focus point.

[chan001]

very helpful project. but how you control your lenders and the assurance that they are capable to lend

I think before one is deem fit to lend a vetting process is conducted, which will containing certain documents to prove ones net value and banking credibility will be considered as well.

The vetting process is very important and necessary.. Lendsbay being able to identify authentic documents from fake should be their main focus point.

I think in this process,  LendsBay need to verify both borrower and lender. Here lenders taking big risk than borrower, because it's lender who going to loose more (if borrower don't pay back).

[Zombie259]

very helpful project. but how you control your lenders and the assurance that they are capable to lend

I think before one is deem fit to lend a vetting process is conducted, which will containing certain documents to prove ones net value and banking credibility will be considered as well.

The vetting process is very important and necessary.. Lendsbay being able to identify authentic documents from fake should be their main focus point.

Indeed will the vetting process be one of the main points. The team have to ensure that the data is correct. Trust is fundamental in the lending business.