FintruX: The future of Lending

The technology behind FintruX is its a blockchain peer to peer lending ecocystem which seeks to change the way how financing and lending system currently works between the borrower and the lender.

FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of small businesses and startups.

What are the current problems in financing system that FintruX seeks to solve?

The Current Problems

Bank System and Traditional Lenders:

Borrow against your assets.

This means that they will lend you the same amount of money you have in your savings account, using your money as collateral.

This is good for the bank but for the borrower? It will be difficult with low savings and start up businesses to get much needed capital to grow their business.

It is also difficult to get an unsecured business loan through traditional lenders; especially if you are new in your business. It can take months to apply and few businesses rarely get approved. Banks prefer a businesses running for years because they can see its credit history before giving the loan or businesses with established solid financial position.

Also, less advisable financing options are often available, but these come with high interest rates and unrealistic repayment schedules.

Small business owners and start-up entrepreneurs are obtaining a loan to banks or credit agencies to get the necessary funds to turned their dream business into a reality but if they will not be able to pay the loan, worse they may get in bankruptcy or may end up in alley.

Make things happen with FintruX.

Fintrux aims to help the underserved and secure financing.

Their mission is to make trustless financing a no-brainer for both borrower and investor where getting an unsecured loan can be easy, fast, and affordable with ecosystem of rated agencies, decentralized technology and revolutionary credit enhancements by Fintrux.

FintruX Network makes it easy for small businesses to quickly secure affordable loans with no collateral, in any currency.

It is one of the first world blockchain based online marketplace and automated administration platform connecting borrowers, lenders, and specialized servicing agents, enabling them to configure and construct each borrower contract real -time.

Source: FintruX Whitepaper

Why choose FintruX?

It offers TRANSPARENT OPEN ECOSYSTEM where they are partnered with KYC/AML, credit scoring, credit model, and payments to provide lenders a wide variety of choices to adjudicate their loans.

Using Ethereum smart contracts, borrowers on platform can rate their lenders and have a reliable source of comparability between different lenders. The same goes to lenders who can now rate and write reviews on their borrowers and agencies and these can be used for the assessment of credit risk.

How Fintrux Platform and Blockchain will going to Revolutionize Lending Industry?

Putting a lending platform in the blockchain technology will make the transcations transparent and highly secure.Using blockchain technology can give people more control on their data.They will soon realized that they will have more power than before over our data.

With Fintrux platform, the borrower will be able to see lenders review and ratings. And that will give borrowers a comfort of level.

The idea of smart contract will give us more control over our data and transparency is the key to Decentralization.

How FintruX (FTX) Token works?

The FTX token is your ticket to FintruX platform. It is used to power the FintruX Network and works as a means to reward or get rewarded for participation in the marketplace.

Agencies, guarantors, and FintruX Network are all being paid in FTX Token while borrowers and lenders pay a transactional fee in FTX to use the platform generating demand for FTX.

The Team

The founder Nelson Lin has been an innovator all his life since he started his career in the financial-technology sector as a systems analyst at J.P. Morgan in 1986

The great team behind FintruX - FTX

Conclusion:

Using blockchain technology and Fintrux platform will make a leap in financing system by having it completely decentralized, transparent on open based ledger. It will be a brilliant project with a great team behind will surely bring the future of financial and lending industry. I highly encourage you to visit their website and their whitepaper to learn more of their project and their upcoming Initial Coin Offering that will schedule to launched this February 7, 2018.

Visit here:

FintruX website

Whitepaper

Click here to know more about FintruX ICO : Token Sale

Authored by:

Bitcointalk profile: @imdada

Disclaimer: I am not a financial advisor. It is not intended to be investment advice.

I do research and reference the sources that I use within my writing. This is my personal views and opinions and is for information purposes only.