Topic: [ANN][ICO] FintruX Network - 💲 THE GLOBAL P2P LENDING ECOSYSTEM ✅ 💲 - page 136. (Read 19506 times)

Good to know it. Anybody knows where can I find it, in what page?

Hi Styca, that's a wonderful question. Please allow me to paint a clear picture, using your example. If 'Charlie' doesn't pay, the following will occur:

- ~1 day delinquent: email goes out
- ~3 day delinquent: email and text message go out
- ~7 day delinquent: email and text message and collection calls go out
- after ~1 month of no payment: over-collateralization kicks in
- after ~2 months of no payment Guarantor gets notified
- after ~3 months of no payment: Guarantor gets called upon to provide full balance payment... and if no guarantor then client will get paid from the cross-collateral pool and ultimate reserve pool for overage.

Self serve refinancing option is available to borrowers to avoid delinquencies. The number of times, amounts and terms are presented by the lenders upfront.

Lenders can rate their borrowers at the end of term from 1 to 5 stars with written review. It would be silly for the borrowers to destroy their reputation for future borrowing.

In the future, APIs can be used to connect to our systems so lenders in banks, small firms, etc. can use our well established ratings to determine eligibility their clients. Currently, if you want to borrow from a different bank within the same city, they have different fees/waiting periods because each bank has a different internal record of your credit. We are solving that.

They have a plan for these situations in which the borrower don't pay. You can see it at the whitepaper, sure.

I made the register yet, have I to do anything else?

For everyone who has asked:

The bonus changes on total tokens sold, not on the amount that you as an individual buy. So basically what matters is when you buy, the earlier the better. It's in the table that's been linked in this thread, and also on the token sale page of the website: https://www.fintrux.com/tokensale.aspx

The pre-sale starts at: 5:00PM UTC, 07 Dec, 2017 ... which is 1 day and 21 hours from the time I post this Again this is on the token sale page of the website: https://www.fintrux.com/tokensale.aspx
Pre-sale ends at: 5:00PM UTC, 21 Dec, 2017 ... i.e., after 14 days.

You can register for pre-sale on the token page of the website

will they be companies from all over the word?

How will the project guarantee that the lender receive their loan back?

They have a plan for these situations in which the borrower don't pay. You can see it at the whitepaper, sure.

The front page of the website and the opening post in this ANN thread do a very good job of explaining the nature of the project and what makes FintruX stand out from the competition.
One thing I would love to see though is some example cases to really give people an extra clear picture of how it all works, e.g. Alice registers as a lender, Bob takes out the loan and pays it all back, then Charlie takes out a loan but doesn't pay it back, etc., going on to show how the bad debt is covered, how credit worthiness is established and affected.