SOFIN - Social Network Provides Access To Loan In Fiat Currency

Author : (kadutz25)

Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1097203

ETH Adress : 0xdEC674B90e22c53B19569b54AD23F8c50CB4cF9C

SOFIN is a social financial network project that provides access to peer to peer loans in fiat currency. This is mutually beneficial for both parties: they need financial support, others are ready to lend. The platform itself is not a creditor.
The effectiveness of SOFIN is based on transparency and verification of multi-level borrowers. This platform allows both parties to negotiate the terms themselves, regarding loans, interest rates, duration and penalties.

The transaction is entirely legal because they respect all the rules of the borrowing country of residence. Platform guarantees transaction support, sends notifications. If any payment is lost, due to the creditor's request, he sends the data to the debt collector and deposits the documents to court.
The verification of the borrower is done in four stages. This includes document checks, phone calls, estimated credit history of the borrower and job confirmation. Both models are already working in the current team project.

SOFIN based on this blockchain makes it possible to store verifiable information about all parties, transactions and their settings. Money conversion is also done on the platform. SOFIN plans to transmit tokens, which will be traded as a regular list on the exchange and within the platform itself. SOFIN Tokens are planned to be used as bonuses and cashback for good lenders and trusted lenders with a clear history. Wills will also be eligible to pay commissions and add loans.

Today, peer to peer loans are becoming more and more popular around the world. Platform p2 p has got many advantages compared to microcredit organizations and banks. The average rate is about 15-20% per year, and that's much less than that offered by microcredit organizations (up to 600%). With this, the return of lenders is much higher than that offered by bank deposits.

Peer-to-peer loans solve global problems There are more than 2 billion people worldwide who do not have access to financial resources. The total number of people living in countries where the interest rate is above 20%, about 3 billion. The P2P platform provides access to financial resources to virtually any social group in any country on a legal basis.

How does it work?

Here's how it works:

First, the Borrower makes the application, indicates the loan amount, the repayment term and the desired percentage.
2) Furthermore, the creditor may leave feedback on the application, indicating the terms and rates.
3) After this, the borrower chooses the right option.
The system requests a transaction history from the block account (all transactions on smart contracts and credit history are stored in the Blocker)
4) The borrower is rated "individual" (credit) based on the creditor who decides the terms of the loan!
5) Then the lender transferred the money (up to 20% of that amount can be done with the SOFIN tokens), automatically redeemed by the system.

ICO

The SOFIN token name is the same as the name of the platform. 90 000 000 is instantly issued, no more emissions will occur, and tokens will only be burned (1% of market rate loans). Of these, 81,000,000 tokens (90% of all tokens) will be sold in the preico / ICO phase.
9 000 000 remaining tokens:
4 500 000 tokens are given to the founders, escrow, advisors, key employees (without sales rights within the next 1 year);
4 500 000 goes to the company's account to operate the system at an early stage.
The goal of preICO is to collect $ 350 000. During the preICO phase, the initial SOFIN will be implemented and exchanged with the main token during the ICO 1-2 phase. They will continue to participate in the P2P system and bargain on the exchange.
In preICO it will be able to buy up to 10 700 000 tokens at different prices depending on the number of coins already sold: