Faircent: Making lending more conducive

Faircent is a peer-to-peer (P2P) lending platform that leverages technology to connect borrowers directly with investors. “Our mission is to provide a marketplace that connects individuals in need for credit with individuals and institutions willing to lend their funds. We use technology to speed up the process and cut costs. Thus, we provide an opportunity to the borrowers to get their requirements funded at viable rates and help lenders get the best possible return on their investment,” says Rajat Gandhi, founder and CEO, Faircent. The entire process on Faircent.com, starting from borrower registration to the disbursal of loans is carried out online.

The start-up employs data analytics, machine learning and Artificial Intelligence for credit profiling and assessment. The credit evaluation system is fully automated and verifies the identity of borrowers, assesses their creditworthiness and, based on the results, assigns them an interest rate and repayment tenure in accordance with their risk level and repayment ability. The whole process is completed within 2-3 days from submission of documents. Post listing, the loan request lenders can make offers to fund the same.