Nowadays, people are looking for money with ease or easy money i.e. money that they can get anywhere, anytime and in any form, when in need. The transition from cash to plastic money (credit card, debit card) marked the earlier phase of the cashless transaction, which relieved people from the burden of carrying cash everywhere. The plastic money thus emphasized the concept of handy, easy money. Now from plastic money, we are moving towards an era of e-currency. The concept of bitcoins is established and is now implemented in many countries. Similarly, the lender and borrower concept is transforming into peer to peer (P2P) lending.
Getting money/loans without having any external agency (such as debit card, cheque book etc.).
Apart from that, P2P lending is also emerging as a reliable means of loan exchanges. The risk of losing data and malicious editing is greatly reduced, for all the transactions are made online. Also, the chances of cheating either by borrower or lender are greatly reduced. It is because a third party manages the record of the transaction the lender and borrower have agreed upon.
No membership cost / commission.
Detailed information about past loans.
Tracking of interest (if applicable) on the lent amount.
The above-mentioned features make it an ideal platform for cashless P2P moneylending.
Exilend also facilitates the exchange of loans between multiple parties. For eg: Say, a person borrows from 2 lenders. In this case, a pool of money is created, which shows how much loan each of 2 persons has contributed.
Exilend only keeps track of loans between two parties. The actual payment can be made by any of the existing payment methods (PayPal, cash, cheque, net banking, bitcoins etc).