RainFin is an online website that allows ordinary South Africans to lend money from other South Africans. It’s described as a peer-to-peer lending platform. Put into simpler terms, RainFin offers loans without using a bank.
Peer-to-Peer lending is a new smart way to lend money. It is like banking between friends and relatives, with the difference that you can bank with thousands of people.
The finance and capital does not come from RainFin, it comes from other users who have extra money that they would like to invest.
As a borrower there a number of benefits to using RainFin. Firstly, if you are not able to get money from the banks, maybe you can get it from individual investors. Secondly, because you are not dealing with a traditional bank, you don’t have to accept their high interest rates, you may be able to secure a much lower interest rate on your short term loan.
RainFin offers loans without using a bank
How It Works
You complete a loan application online, stating how much they need, how much interest you are willing to pay and how soon you can repay the loan. So basically, you set the terms of the loan you need.
RainFin then finds investors who are willing to offer you the loan based the the terms that you have stated.
RainFin also ensures the smooth process by giving some helpful tips and establishing and monitoring some rules and regulations
In order to use RainFin, consumers must be older than 18 and resident in SA. Borrowers can apply for loans of between R1 000 and R75 000 using the RainFin marketplace.
For More Information, visit: https://www.rainfin.com