What Is Lendee and How Does It Work?
According to Wikipedia, Lendee is a person to whom money is lent.
What is Lendee?
But, in the FinTech industry, Lendee is a US-based Peer-to-peer micro-lending platform that connects lenders with borrowers. It is a microlending solution that takes the hurdles of traditional financing away. Lendee is available as a mobile application for iOS and Android devices.
A completely free digital platform, Lendee leverages technology to minimize costs associated with old lending methods. What’s more, borrowers can create loan requests at their own chosen rate of interest, taking away their worries about heavy charges.
Moreover, Lendee doesn’t even run a hard credit check. This way, borrowers don’t have to worry about getting another dent in their credit scores. Lendee uses its own proprietary profile evaluation that has nothing to do with your personal credit score.
How Does Lendee Work?
Lendee is a simple-to-use microlending platform with a linear learning curve. Whether you are a borrower or an investor, your profile will be up and running in a matter of a few steps. Also, you can change your account from a borrower to an investor with a simple tap on your phone.
How Does Lendee Work for Borrowers?
Borrowers can create their profiles with a few taps on the screen. Its easy onboarding and guided navigation help first-time users create their profile, link a bank account, create a loan request, and see all the lenders who had made an offer. It also helps borrowers determine how they’d like to pay the loan back.
How Does Lendee Work for Investors?
The investors’ onboarding and profile creation journey is similar to that of the borrowers’. Lendee ensures the learning curve stays the same for both the involved parties. Guided navigation makes profile creation a breeze, allowing lenders to get started in the minimum steps possible.
Can I Use Lendee Outside the USA?
We may expand our operations to other nations in the near future. But for now, Lendee can only be used in the USA.