Financial Inclusion By P2P Lending?

For those of you who are looking for information on fast loans and cash may have heard about the method of borrowing with P2P Lending. P2P Lending or peer to peer lending is a method of channeling alternative loans in addition to conventional methods such as bank loans or mortgaging assets in the mortgage agency. P2P Lending like SOFIS is one form of financial companies that use technology as its base or also called financial technology (Fintech).

SOFIS is a marketplace platform for business loan and personal loan that brings together borrowers and lenders with easy and fast processing, low and fixed interest rates, and can provide balanced returns between borrowers and sponsors who are willing to provide funding as investment diversification.

What is the difference between borrowing conventional lending and P2P Lending?

You may still be unsure of the individual lending system by way of P2P Lending, especially now that many other traditional financial institutions that provide claim to provide ease in the process of borrowing funds for both personal needs and for business development. Before deciding to apply for a loan to a traditional financial institution, it’s good to understand what differentiates between traditional financial institutions and the ever-expanding P2P Lending platform like SOFIS:

Source of funds

Cash loans to traditional financial institutions such as banks for example, funds obtained from customers’ savings funds are then played on loan to borrowers coupled with interest. So the bank has a responsibility to return the customer money played, so there is a risk of sanctions for borrowers who are late paying even the risk of losing the guaranteed assets. Funds disbursed through SOFIS come from lenders or investors who directly give their funds to the borrower. SOFIS does not require borrowers to provide guarantees and sanctions for very low payment delays.

Loan application submission

Applying for a bank loan requires you to submit your business plan forward, and a survey to the place of business, and also rely on the bank to determine whether you are eligible to take credit or not. Applying for loan investments through , you only need to follow the submission flow that we have determined with the process that is not long, all done online, then just waiting for sponsors interested to fund your efforts.

Interest and fees

The amount of interest set for the payment of your cash loan is determined by the bank adjusted for the credit tenor term.  Through peer to peer lending platform, interests are based on the risk factors of the borrowers. Borrowers with history of borrowing through SOFIS and has successfully paid the loan, will have a chance to get lower interest. Fees will also lower as the interest gets lowered.

Thus, it can be concluded that the method of channeling loans through P2P Lending as done by SOFIS is a form of government program support, especially in this case Bank Indonesia and OJK in increasing the involvement of the community to utilize the services of financial institutions including to apply for loans. The government’s financial clarification program is still experiencing difficulties due to the limited access to financial services in Indonesian society. With the advent of fintech companies like SOFIS, of course, can be a bridge between the owner of the fund with you who need funds by utilizing financial technology is increasingly entered in almost all levels of society, especially for the middle class.

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