Suretly is an application that works on a similar basis to Tinder, but is used to obtain surety from micro stakes for micro loans. Its originator is Eugene Labaces – co-founder of the company providing loans via the Internet “Take out an online loan”, which is currently the only partner of the application.
Demo version – before you start using the application
Before you start using the application, it is worth looking at, including the demo mode, which lasts 10 seconds. You can not withdraw money, but you can read the repayment statistics and all the elements that appear in the original application.
Registration in the application
The application was created for Android, and the plans for launching the iOS version are also planned. During registration, personal data and address are required, as well as information about the credit card on which funds are blocked in the case of a guarantee for a selected person. Funds are collected when the borrower’s insolvency situation arises.
Operating principles of Suretly
Suretly is an application that offers registered users the opportunity to grant sureties to borrowers who take out loans to microfinance institutions. Participation requires a small fee, and if the borrower is insolvent, the guarantor pays for its commitment. The guarantor has access to information about the borrower, the loan and the expected income.
No solvency – and what next?
When the borrower returns the debt, the blocking of the surety amount on the application’s user card is removed. However, if the borrower does not pay the debt, the guarantor may file a lawsuit and, as the author of the application reserves, he can count on legal assistance from the company.
Degree of risk and benefits for guarantors
The risk of lending is shifted from the company offering microfinance to the guarantor. Borrowers are divided into seven categories of AG, and the probability of return is estimated at 79% -96%. The guarantor may choose a guarantee amount of between PLN 6-30. The borrower must wait for the amount of surety that will cover the loan with interest to be collected. Receives the amount of the loan less the guaranteed remuneration for the guarantors. A guarantor on one transaction may gain up to PLN 7.50. Users, however, are not always aware of the degree of risk involved.