Singapore-based Silver Bullion has actually revealed it is now helping with S$ 1 million per month in bullion secured peer to peer loans. Founded in 2009, Silver Bullion just started offering direct financing in August of 2015. The business was developed during the height of the monetary crisis and now claims a 630 lot capability vault in Singapore to save gold and silver. Providing P2P loans has become a new business vertical to leverage. Lenders and borrowers set their own rate of interest utilizing the online market making platform. Once investors and customers agreeaccept terms an agreement is developed. Each loan is said to be secured by 200 % reserved silver or gold. Loans might be completed within minutes. The P2P loan provider has now had more than S$ 5 million in loans paid out.
“Silver Bullion Pte Ltd is the FIRST company in the world to provide bullion secured P2P loans. We also have the largest P2P lending platform for safe loans in South East Asia. The growing need for our bullion protected P2P loans shows that borrowers and loan providers have self-confidence in our loan platform. In a market where we have yet to see lots of protected P2P loan offerings, a loan with gold or silver bullion as collateral represents outright safety for the lender,” specifies Vergel Villasoto, a Director of Silver Bullion.
Clients with silver or gold bars, which would otherwise be sitting idle in a safe, have the choice to be able to borrow on a part of the value of the bullion without the need for a credit check. These bars would be saved in Silver Bullion’s vault, The Safe House, completely guaranteed. Lenders’ funds are kept in a segregated Silver Bullion client bank account suggested exclusively for P2P funds. Presently, loan demands can be made in either Singapore dollars or U.S dollars.
Silver Bullion discusses that about 75 % of the overall loans paid out were produced by customers who got financing at the rate of interest that they desired. Loans with interest rates as high as 6 percent have actually been produced all 3 loan duration readily available – 6 months, 12 months and 24 months.