Francois Carrillo, that is behind the popular domaining.com domain news aggregator, launched today his new project Lend.Me. At Lend.me you can use domain names as collateral to secure short term loans.
Francois Carrillo said, “Four years ago I had a “great” idea, today I am pleased to announce it has come to live: Lend.me. Basically everyone should be able to request a loan putting domains or web sites as collateral, and have lenders compete for their loan.”
Here is how Lend.me describes how ti works:
- Fill out a loan request. If our advisors approve it they will send you a $35 invoice. Once the invoice is paid the loan request will be made available to our members within 48 Hours.
- If our members find that your loan request is of interest, then they will contact you with their best offer (amount, interest rate and term).
- You are in control, you decide, if you accept an offer then the loan process starts, otherwise your request remains active for one month.
Loan process is 100% secure
Collateral digital assets are put under escrow until the loan agreement is completed. The borrower continues to use it, and will get his asset back as soon the loan is fully paid. The lender has the guarantee to get asset’s ownership, if the borrower fails an installment payment.
What kind of loans can you request?
For the moment we only authorize 6 months to 3 years loans ($3,000 minimum).
Interest should be paid quartely and at term the remaining amount should be paid back.
The borrower can accelerate payment and save money by paying in full the loan when he wants after 3 months.
So lenders just have to suggest what is the amount of cash they can lend, their interest and term.
It’s the only difference between all lending proposals, so it’s easy for borrowers to make a decision.
How much does it cost?
First remember you must be a registered member and be signed in to watch, respond and request loans.
– Request a loan: $35 / application.
– Watch loan requests: It’s FREE!
– Watch private loan requests: Requires to be a Domaining.com Premium Member ($90/year)
– Respond to loan offers: Requires to be a Domaining.com Premium Member ($90/year)
What is the interest rate of the loans you provide?
Each lender will propose his own rate, they will compete to get your business.
Now for information, 12% is the avergage annual interest rate those providing loans secured by digital collaterals have been charging these past years.
What is the loan process?
Once a borrower has decided to accept the loan offer from a lender, both parties will sign a lending agreement that we will provide for convenience.
From there an escrow transaction between the borrower and lender needs to be created to secure the loan process.
Because the borrower will pay escrow fees, it’s the one who should select the escrow company.
Below are the escrow services we recommend. Check each site for their escrow fees:
This is how the loan process will be secured by an escrow company:
The transaction is secure because collateral digital assets are put under escrow ownership while the transation is not completed:
Francois Carrillo is a sponsor at OnlineDomain.com.