Borrowers come from all walks of life and geographical locations.

Join thousands of other people making money by lending privately. With our p2p lending system, it is very easy to find clients, evaluate loan requests and keep your money safe. Our system is free to use and you can start lending money with minimal capital – as little as $100. You just need to register for an account, and set up your lending profile. Once your profile is up, you can browse the loan listings section to find the requests that meet your goals. Borrowers are also likely to send you messages so you should check your inbox often.

Read this article for details on what should be on your lending profile

Some of the issues to consider when setting up your lending profile include:

  • How much you are willing to lend in a single loan?
  • How much capital you will commit to the lending business?
  • Where you want to lend your money – locally or internationally or which specific countries
  • Which payment methods you can use to transact? Transferwise can be quite handy
  • How much security you want before releasing money to clients?
  • How much interest you will charge for the money you lend?

Selecting Borrowers

The best thing about lending privately through Socin.org is that you don’t have to go out in search of customers. Instead, you just need to browse our latest loans list for requests that meet the specifications you have already set for your lending business. In most cases, borrowers will make your work easier by contacting you immediately they post loan requests.

loan request information
         Sample Request showing a Verified user, with $240 insurance, with no reviews from other lenders.

It should not be hard to make choices because every request is a treasure trove of information, which will be useful in your evaluation. For instance, whether the borrower has verified his or her identity, whether the loan request is insured by Socin.org and the borrower’s location are some of the obvious details. We also introduced the trust credit rating system. Anyone with over 500 TCR is a trustee borrower and 50% of all your insured loans should go to trustee borrowers.

International or Local Lending

Where do you want to invest your money? If you want borrowers to provide tangible collateral then lending to local borrowers will be the obvious option. Local lending is also ideal if you want borrowers to sign contracts that can be enforced by authorities in your area.

Our social insurance feature, also allows all lenders to provide money safely to people in other geographic locations. To take advantage of this, look for loans that show an insurance amount next to the amount being sought. If you fund such a loan, we will compensate you in case the borrower does not repay your loan fully.

How the insurance works

A borrower pays a certain amount to set an insurance cover for his or her account. We multiply the amount paid by 24 to arrive at the final insurance cover we will offer the account holder. Therefore, if a borrower wants to get coverage worth $2400, he or she will need to pay $100. In addition to this, we also charge a 4% sourcing fee for every loan taken through our system. By combining the insurance payments collected from borrowers and the sourcing fees we charge when loans are funded, we have created a social insurance pot from which we are able to refund lenders in case borrowers fail to repay the money they borrow. Borrowers are only able to buy insurance if there is enough money in the collective pot.

Security for Your Money

One thing that makes Socin.org a great place to start your peer lending business is security for your money. Borrowers and lenders transact their money directly, then report the transactions at Socin. This means that you retain full control of your capital and release it only to borrowers if you think they will be able to repay you under terms that you find convenient.

A word from a regular peer lender

For further information, you can reach us  via email: info@socin.org

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