Categories: Bitcoin Entertainment

Pure-Central Facilitates Peer-to-Peer Crypto Lending

Click here to view original web page at cointelegraph.com

Flike

Tweet

G+3

Pin

Cryptocurrency enables you to “be your own bank,” and banks are more than just a place to put your money—they're also a place from which to borrow. Pure-Central launched in late 2014 and aims to connect lenders with borrowers for loans in multiple cryptocurrencies.

James Donavan, developer at Pure-Central, said:

"The key to Pure-Central's success is in the fact that we offer digital currency services for Bitcoin, Litecoin, Dogecoin, Namecoin, TheWLD, Peercoin, Darkcoin, and AuroraCoin—no one offers the variety that we do. ... We are confident that [the] cryptocurrency market is ready for what we have to offer.”

Identity Requirements

Pure-Central requires borrowers to submit a passport or state-issued ID, proof of income, and proof of residence. Investors (lenders), however, need not submit any such documentation.

Current loans on the site calculate interest by the week (between 10% and 15%). Loans are currently offered in Litecoin, Namecoin, and Peercoin.

Lenders choose the minimum credit score a credit applicant must possess to apply for their loan. Credit scores are assessed as letters (A, B, C, etc.), and presumably borrowers build their credit scores on the site by successfully paying back loans.

There are no fees for investors, but borrowers pay Pure-Central 0.75% per loan.

Pure-Central logo

In Cases of Default

Should a borrower fail to repay a peer loan, Pure-Central reports that:

“The borrower get a 5 days without fee to make the payment needed. 

If after 5 days the payment is still overdue, a one time fee of 5% will be added to the payment.

If after seven days the payment is still overdue interest rate are added to the payment amount, calculated per day.”

If the borrower outright defaults, Pure-Central claims that they'll sell the loan to a debt collection agency in the region where the borrower resides. Presumably they reimburse the lender with the proceeds of the loan sale.

The Beginnings of Peer-to-Peer Finance?

For some time, members of the crypto community have expressed their excitement that borrowing and lending could become available on the peer-to-peer (P2P) level.

If the decentralization of all the things continues, there may one day be P2P lending that involves no third party (like Pure-Central) whatsoever.

Would you consider taking out or investing in a crypto loan? Share your thoughts below.

Did you enjoy this article? You may also be interested in reading these ones:

Do more than buy & sell bitcoins. Boost your returns using up to 8x leverage and profit in rising or falling markets. Start investing from as little as $US10. Flexible to close out your position any time

Tweet

G+3PinCryptocurrency enables you to “be your own bank,” and banks are more than just a place to put your money—they’re also a place from which to borrow. Pure-Central launched in late 2014 and aims to connect lenders with borrowers for loans in multiple cryptocurrencies.James Donavan, developer at Pure-Central, said: "The key to Pure-Central’s success is in the fact that we offer digital currency services for Bitcoin, Litecoin, Dogecoin, Namecoin, TheWLD, Peercoin, Darkcoin, and AuroraCoin—no […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: one

Recent Posts

Tom Lee: Another Big Leap for BTC Is Coming

Well, it looks like Tom Lee is back in the news, and when you really think about it, why shouldn’t… Read More

5 hours ago

Graeme Moore Publishes Bitcoin Book for Kids

A new book has emerged to teach children about bitcoin. Known as “B Is for Bitcoin,” the book shows children… Read More

5 hours ago

Key Technical Indicator Signals Bitcoin is Gearing Up for a Big Move

After inching higher yesterday, Bitcoin faced a somewhat strong rejection at just above $10,400, which has brought the cryptocurrency down… Read More

5 hours ago

Day Trading is a Great way to get Rekt, Study Finds

Making money in the financial or cryptocurrency world isn’t as easy as one might think. The volatility of Bitcoin and… Read More

5 hours ago

Bitcoin Is ‘The Most Extraordinary Bubble of Our Generation’ Says Trader

The next bitcoin bull market is only getting started, analyst claims. | Source: Shutterstock Bitcoin is up by almost 180%… Read More

5 hours ago

The Story Behind ‘B is for Bitcoin,’ an ABC Book for Kids

While writing B is for Bitcoin , an ABC children’s book about cryptocurrency, author Graeme Moore had an epiphany—children don’t… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More