Profit-making is nowadays the ruling term with a lot of digital currencies and advancements in the cryptocurrency sphere. Getting personal loans without the involvement of a bank has become very easy.
P2P solutions facilitate direct financing without the help of third-party intermediaries. Entrepreneurs use White Label P2P Lending Platforms and create websites to earn profit. If a person goes to the bank for a loan, the bank will grant the loan by using the assets that other customers have deposited in the bank.
Peer-to-peer (P2P) lending software is a more budget-friendly alternative to traditional banks since you allocate your money for P2P lending website development, which is usually far less expensive than setting up a physical bank.
In this blog, we will explain how to create a peer-to-peer lending platform. So let us get started!
High-End Features of the P2P platform
P2P comes with high-end features that grab global interest. The advantages provided by the Peer-to-Peer (P2P) platform are presented below.
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Promotion of Fast Loan Generation
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Loans at Lower Interest Rates
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Fixed Monthly Payments
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Strict Credit for Granting Loans
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Flexible Use of Funds
Why Creating a Peer-to-Peer Lending Platform a Good Business Idea?
P2P with its enticing features has a solid reason to turn your business towards a P2P lending platform.
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Smart Contracts support the whole process of P2P lending software for managing complete transaction flow with no loss.
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It follows models, such as KYC and AML, for user security.
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The security protocols of P2P are secured, which ensures authentication and prevents risks.
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The transparent mechanism of P2P is completely monitoring transaction processes.
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Cutting the role of intermediary can give users the benefit of fewer transaction fees.
Steps to Create P2P White Label P2P Lending Platform
The White Label P2P Lending Platform is the future for many upcoming investors and startups to rise in business growth on a blockchain platform. Its efficiency and secure online funds transfer has created a significant global impact.
● Choosing the Form of Registration
It will define the type of your future company. Either it will be an LLC or a corporation? The amount of tax will be based on your choice of company registration. Furthermore, it will also affect the distribution of profits and losses, as well as the rules of behavior with customers of your organization when getting bankrupt.
● Register Your Business Name
This step involves the registration of the name of your business in the country where it will be operational. Check out the availability of the name on the trademark’s official website. Moreover, consider the rules for registration of the company in specific states, which can differ.
● Decide the Domain
It focuses on registering your site. Make its name unique, recognizable, and iconic. You need to buy the domain of the website. Both the domain name and the company name should be something that stands out instantly. Also, check if a domain is open or not on a variety of sites that are easily accessible on the web.
● Gather a Developers Team
An excellent team is clearly one of the most important factors in a successful business idea. The team designs and delivers the product on time with the best results. Therefore, you should hire the right specialists for each stage of project creation, from marketers to software developers.
● Gather a Developers Team
An excellent team is clearly one of the most important factors in a successful business idea. The team designs and delivers the product on time with the best results. Therefore, you should hire the right specialists for each stage of project creation, from marketers to software developers.
● Raising Capital from Investors
Capital is a crucial part of every project. If you do not have your own budget to make a White Label P2P Lending Platform, you can collect capital from investors. Specifically, you can run an ICO by selling your platform tokens at the lowest cost, attracting venture capital from the business angle. For example, we can find them on specialized websites or take a bank loan supported by a pledge.
● Develop Your Lending Platform
The development includes two approaches. You can develop a portal from scratch or use the white label solution by customizing it for your business needs. It is usually much easier to develop an innovative solution through custom development than adapting an existing template.
The choice of a technology stack – whether it be tools for custom development or a ready-made platform that only needs to be configured will depend on factors such as time to market, the need for further scaling and early budget savings, etc.
● CONDUCT END-TO-END TESTING
Initially, your developers’ team will test every phase of the platform. But this is not enough; before your business functions properly, representatives of your target audience need to approve it. You can create a focus group for your project to give you a comprehensive overview. Get the main feedback about safety, availability, intuitiveness, and performance.
● PROVIDE TECH SUPPORT
It is not sure that testing will remove all the upcoming errors in the platform. Still, there are chances of errors. Thus, plan the coordination with the team accordingly before it starts. Usually, the team will provide the same IT specialists’ services who took part in the platform’s development.
● Launch the Customer Support Center
Despite the above steps, testing, and troubleshooting, the platform may still have faults and defects. Therefore, the launching of the platform with customer support handles the highest traffic during the initial period.
Final Talk
For upcoming investors and startups, P2P solutions are the future of business growth on a blockchain platform. Although, Peer-to-peer lending platforms are time-consuming to build and require in-depth analysis of the market and existing competitive solutions, as well as the cooperation of highly qualified developers who can prevent these problems.
For your successful P2P lending platform, you can approach Hashlogics and get featured P2P white-label lending software at an affordable price. We are well-known as a P2P Lending Software Development company. So contact us now to discuss further details.
