Lendo is a UK registered fintech startup that is disrupting the personal loan market, and car loans are one of that market’s biggest sectors — worth £31.6 billion in 2016, according to the Bank of England and increasing annually at a rate of between 12–20 percent. This figure doesn’t include other forms of car financing, which brings the sector value closer to £58bn.
Lendo disrupts the car loans market
Banks provide less than half of car financing in the UK. According to a report in the Financial Times, “non-banks account for £34bn of the UK’s overall £58bn car finance market, with banks providing the rest.” And the banks and conventional lenders are facing a real challenge from platforms like Lendo. A 2016 report on unsecured loans by Mintel, one of the leading market information providers in the UK, stated: “Peer-to-peer lending platforms are making waves in the market, with consumer awareness and consideration growing for these products. This will disrupt high street lenders’ plans for growth going forward, who will need to highlight the benefits of face-to-face advice in order to remain relevant.”
Lendo members get speedy car loans
If you own cryptocurrency, Lendo can help you buy a car by providing you with a loan through one of its network of FCA-registered loan companies, some of which specialise in car financing. All you have to do is deposit crypto as collateral for the loan, and they give you the fiat money to buy the car. This means you don’t have to sell your crypto and while it is stored in Lendo’s secure Crypto Vault, and it can still potentially rise in value.
Lendo offers car loans to whole world
What is more, Lendo opens up the whole world to UK loan companies. With conventional lending, a loan company can’t make loans outside the legal jurisdiction it operates in, because it is impossible to control defaults on the loan. Lendo’s blockchain technology changes all that.
Loans made using the Lendo platform are secured with optional smart contracts that ensure access to the crypto collateral kept in escrow. This means an end to headaches over borrowers who default on repayments. Furthermore a lender can provide loans outside the UK market because the collateral is digital and not in any particular jurisdiction or geographic location.
Lendo members can get loans against ELT tokens
If you’re a member of the Lendo community and own Lendo’s ELT tokens, you will be able to pay your loan fees with your ELT and you can get a car loan against your ELT, using it as collateral; it’s not just about owning bitcoin or ethereum.
Discover all the ways in which Lendo can help your personal finances at Lendo.