GN Compass
Website: https://www.gncompass.com
GN Compass, is a peer-to-peer lending platform for Cryptocurrency-Backed Loans ™. Investors invest funds into a pool at a certain interest rate with the invested amount being backed by Compass tokens(GNCT). The invested amount is then disbursed to Borrowers. Borrowers pay loans (principal plus interest) back to the Lenders. All transactions are verified and distributed on the Ethereum Blockchain.
How it works.
For Investors.
Investors simply sign up and create their profile and investment portfolio. The investment portfolio page will ask the Investor about their investment goals such as retirement planning, preferred repayment cycle (e.g. To have investment repayments deposited to their account on a certain day per month).This is where they will input the amount they are looking to invest and the interest rate they are looking to receive plus the length of time they are looking to invest for.
Once the profile is complete and the Investor is happy with their investment settings, they will then be required to add their banking information into our secure payment system. From there, the Investor will be assigned a secure digital wallet attached to their bank account where all the transfers and payments will be made. The Investor investments will then be sent to a loan pool to fund loans. When loans are being repaid the GNCT backing the loans will be adjusted accordingly.
For Borrowers.
Borrowers will sign up by creating a username, password and completing a profile page. They w ill also have the option to sign up using their Facebook account, which will enable GN Compass to connect and pull basic information from their Facebook profile.
Once the Borrower has successfully completed their profile and all required documents have been submitted and processed, a risk assessment will be done and the borrower will be given a risk rating. The loan amounts will range from $1,000.00 to a maximum of $ 5 0 ,0 0 0 .0 0 with an interest rate from 3.99% to 11.99%. If their risk rating is with in our parameters, they can proceed with their application. If their risk rating is beyond our parameters, they will be declined and required to reapply in three months.
Approved borrowers will fill out a loan application (aka smart contract), which will ask how much they want to borrow , loan length (e.g. six months, one year, three years etc.) and loan repayment cycle (e.g. to have automatic withdrawals from their account on a certain day per month). Loan requests will be sent to a pool o f other loan requests with the same credit rating where Investors’ funds will fund the loans.
Borrowers are required to pay balance protection insurance on loans. The insurance amount is a percentage o f the outstanding balance. The percentage is determined by the borrow er’s risk rating.
GN Compass Advantages.
For Investor.
- Investment protection: Loans are backed by GNCT.
- Comprehensive borrower vetting process.
- Loan Liquidity: Entire loan portfolios or loan portions can be sold easily.
- Receive a higher interest rate than many traditional investment instruments.
- Transparency: All transactions are verified and logged on the Ethereum blockchain and are searchable anytime, anywhere.
- Advanced investment analytic tools that track your investments to make sure your investment goals being met.
For Borrowers.
- A complete picture credit profile that doesn’t just look at credit scores and income.
- Ability to improve credit rating by making timely payments.
- Lower interest rates compared to payday loans and high interest loan companies.
- Flexible repayment terms (between three months and three years).
- Speed and ease of use: You can use your mobile device to apply for loans from the comfort of your couch and receive funds 10X faster than bank loans.
- Transparency: All transactions are verified and logged on the Ethereum blockchain and are searchable anytime, anywhere.
Website: https://www.gncompass.com
Whitepaper https://www.gncompass.com/wp-content/uploads/2018/01/GN-Compass-whitepaper.pdf
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