FintruX - Blockchain Unsecured Loans and Lending

FintruX Network is a pioneer in the blockchain-based unsecured lending. It helps users connect to reliable lenders, and obtain the necessary funds for their businesses through servicing agents which are creating and configuring smart contracts.

This credit enhancement allows borrowers to improve their credit score. Participating lenders are reassured that they will get their money back. Meanwhile, they are also over-collateralizing the loans and using third-party guarantors for further insurance.

FintruX sounds like a digital version of the perfect bank. And, it may well be one. However, that’s not all they can do. Their platform uses a system token which you can use for fees, tracking, authentication, and payments.

How does it work?

The main difference between FintruX and its competitors is the low risk. By using their platform, an investor can insure himself in case of an unpaid loan.

If you have ever participated in the lending market, you probably already know the risks. Often, investors cannot get their money back, and that leads to many unsolvable disputes. However, FintruX wants to change the market and help both parties collaborate efficiently.

The platform will use smart contracts to remove any ambiguity. That way, there will be no disputes or confusion, and both parties will be able to get what they need. In addition, they will also implement a matching service that will help the users find their perfect lenders or borrowers. Hence, the whole lending process will be a lot simpler.

FintruX keeps 10% of all loans as a collateral. However, even though this may sound bad, borrowers will have some advantages. They will be paying low-interest rates because the platform eliminates all risks. Meanwhile, lenders can get insured against unpaid loans.

How does the platform work?

Small businesses can easily get a loan through the FintruX Platform. For example, if you need $20,000, you can register on the platform and start your pre-approval process. The system will over-collateralize the amount, so you can request $22,000. Once you select your interest rate and payment schedule, you will then have to answer a few pre-qualification questions. Afterward, your loan is pre-approved, and you can start looking for a lender.

Once you find the investor of your choice, the platform will transfer the loan to your bank account. If you pay it back on time, you will keep the additional $2,000.

Why FintruX is Better?

1. It is vital to mention that FintruX partners with a number of agencies that are giving the lenders a variety of choices. These include highly rated identity, credit scoring, credit model, payments and KYC/AML agencies. By giving them a choice, they are also allowing the lenders to determine whether or not they should take the loan. Also, they are helping FintruX instantly match its lenders with the investors.
2. The main difference between other competitors and FintruX is the entry barrier. While service agencies will always charge you with licensing, customization and maintenance fees, FintruX tries to avoid that. Instead, they are trying to convince them to charge the lenders per transaction. In addition, they should also charge them in FTX tokens.
3. FintruX uses the Ethereum blockchain. It is highly available and decentralized, which makes it that much attractive. Furthermore, its hashing gives the participants an added dose of security. They are also using smart contracts because they rarely fail them. Node failures, power cuts and other common issues cannot influence the stability of these contracts. Moreover, by using them, they will never misplace or lose the customer contract because they are kept in a distributed ledger.
4. When using smart contracts, transparency becomes an obligation. Borrowers and lenders get access to a user-friendly interface that allows them to see every choice each party makes. They can examine the contracts in detail and follow their performances. Most companies use just one program to process these contracts, and that can lead to incredibly high gas fees. Meanwhile, FintruX platform deals with millions of small contracts which you can customize and simplify according to your needs. There are not using unnecessary, ambiguous statements that can sometimes lead to a colossal confusion. Thus, they are saving a lot of precious time to their users. In addition, members will also spend less money on contract processing.
5. With FintruX, users can enjoy a substantial risk reduction. In addition, they are given an opportunity to obtain unsecured loans at an affordable interest rate. This proves to be an ideal situation. Those that have been unserved can now receive funding for their small businesses. For example, startups are the ones who have regularly failed to obtain these loans. By using the FintruX platform, they can finally receive the money they need to further advance on the market.
6. FintruX offers a fantastic decentralized platform available to all participants. They are using Ethereum smart contracts to provide a higher level of transparency. Now, users can also rate the lenders and compare them to others. Furthermore, lenders can also write reviews about their borrowers, and they can evaluate the agencies. Hence, this can also be used to assess the credit risk.

Token Sale

Next FintruX token sale will begin on February 7th, and it will last until February 28th. The sale target is $25 million, and you can buy 1,500 FTX for 1 ETH.

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