LendsBay, like any major enterprise, has its own beginning, goals, ideas and mission. It was inspired by everyday life, by our daily struggles and the simple desire shared by all to make life simpler and more comfortable.
⚔️ What principles is the system based on?
We are constantly borrowing and lending money, if not annually, then certainly monthly. If you try to remember every time you either borrowed or loaned money in your life, you can probably only remember the last 20 or 30 times, while the rest of the iceberg remains below the surface, in the depths of your memory.
Still, while the debt relationships themselves are more or less clear, there are still no social regulations or models of good behaviour for these relationships, which is why all sorts of problems and unpleasant situations arise. Everybody knows someone who loves to say: “I will never lend money to my friends.” In every group, there is someone who people warn against loaning money to.
All of this just increases the time needed to lend money and, even worse, the time before the money is paid back. Moreover, it is always frustrating to run into unexpected difficulties that were not part of the plan, such as when the person who borrowed from you simply ignores your phone calls. Worst of all, there is always the risk of losing your money or becoming a victim of fraud. Solutions, algorithms and applications already exist for simplifying habitual tasks in many other parts of our day-to-day lives, for everything from buying a used couch to looking for a romantic partner. Still, the way we conduct financial relationships continues to lag behind.
That is why we decided to develop LendsBay.
⏰ Why did the LendsBay system emerge now?
Like any landmark event, before the Lendsbay platform could be created, a plethora of conditions had to be met, including the emergence of alternatives to global financial markets. We are referring to the emergence of cryptocurrency and blockchain technology and the development of the cryptocurrency exchange, along with rapid technological progress that has empowered each of us with a device that can conduct financial transactions at any moment.
The successful implementation of various p2p trading platforms, applications and programs for smartphones paved the way for financial applications as well. However, much of these software developments were only designed for formal markets (banking applications). Informal markets still remain in the shadows, chaotic and unbridled.
📱 Why was the LendsBay system developed?
Lendsbay is an application on a p2p platform, which means it was developed so that users can interact directly with one another. One of its main goals is to organise and secure informal markets for the sake of user comfort, and also to simplify the transaction procedure. That is the basis of the application’s functionality, which includes:
– The easy creation of debt records/requests
– Simple and straight-forward records management
– Push notifications about current and upcoming events
– An objective user rating system for determining good and bad borrowers
– Producing formalised contracts based on the agreed-upon terms of a loan
– Preparing court documents in case a borrower refuses to repay a debt
But, of course, the platform is not only limited to a set of basic functions. From the beginning, the application has included extensive, global solutions, allowing users to interact with third-party markets and create their own financial ecosystems.