New Peer to Peer Lending Platform: Unbolted
With a big shake up of the payday loans market underway, as well as a budget that has left large parts of the country in tears, now could be a good time to look at alternatives forms of funding.
Unbolted is a relatively new and innovative peer-to-peer lending platform that aims to shake up the short-term loan market, making use of some interesting new concepts.
The first thing to be noticed is the low rate of interest, and an accompanying promise to match any lower rate of interest that you can find elsewhere in the country.
How does Unbolted get their rates so low? First off, Unbolted is a peer-to-peer lending system, so funding is provided direct by qualifying members of the public. Unlike traditional p2p lending platforms, you do not have to wait for potentially interested parties to bid on your loan.
Secondly, Unbolted makes use of the asset assurance scheme, whereby potential borrowers take pictures of their luxury assets, upload them to the system, and get a loan offer within sometime.
This could be anything from a classic car, a painting, to a hoard of gold coins. Items will be collected by courier, stored for safe-keeping, and returned on the successful completion of a loan – all without charge.
Click here to find out more about peer to peer lending at Unbolted.
The video below gives a great summary of Unbolted’s service. Run time: 1:21.
How much can I borrow?
Borrowers using Unbolted can apply for a loan of any amount starting at and above £500, with no upper limit as such.
How long can I take a loan out for?
The standard loan term with Unbolted is 6 months. After 6 months, if you wish you can apply for an extension to your loan if you meet the lending criteria and have repaid the the interest charges that have accrued.
Do you have to do a credit check before I can take out a loan?
There no are credit checks undertaken – however there are identity proof requirements whereby Unbolted will attempt to electronically verify your identity or request supporting documents.
What types of assets can be used?
Unbolted have a handy table that lists the different types of assets that can be accepted. This ranges from luxury watches, vintage cars to high value stamps and manuscripts.
We hope you found our article useful. For more information check out the Unbolted website, or leave a comment below and we will try and get an expert to answer.
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