Peer to Peer Lending and Personal Loans
Peer to peer lending abbreviated P2P lending or personal loans is a very common practice in almost every society. There are many online lending sites that offer borrowers loan seekers with bad credit or no credit at all. The peer to peer lending sites run loan seeker’s credit report before loaning the money to the person seeking the loan.
The same is not true if the person who is seeking a personal loan is a friend, coworker, family member, or school mate. What I mean by that is, what if the person who wants to borrow money from you is your friend, family member, coworker or fellow student? Can you run his or her credit report before loaning him or her? The answer is more likely to be no. There’s no way to know if the person has a bad credit.
If the answer is no, is there a simple way to know if he or she owes money from other people? Again, it is difficult to get that information. Most of the time you will take their word that they will pay you back. So, the question is, is there a way to check if a friend, family member, coworker or fellow student owes money to someone else before loaning him or her? The answer is yes, Yomm Android app.
Peer to Peer Lending – Credit Check App
Yomm is a free credit check app available on Google Play. As a personal loan management app, Yomm lets user keep track of all their personal loans from friends, family, coworker and fellow students. With this app, you can add as many personal loans and keep track each time you make a payment. Also, if you have any debts, you can add all your debts too. “What’s great about Yomm?”, you may ask. One great feature about this app is, it has a search tool that lets users search the names of those who have defaulted on their personal loans. It is a credit check app, in a way.
Here is a scenario that’s not far from real life. Lets say you have a friend or coworker who wants to borrow money from you. This friend or coworker has borrowed money from your other friend or coworker before and did not pay back. The question is, how would you know that your friend who wants to borrow money from you has never paid back his or her previous personal loan? You cannot check or run his or her credit report, right?
The credit check app Yomm is your solution. With the app, you can publish limited information of any person who defaulted on the money you have loaned them. This information will be available to any user if they do search the name. That information will be very crucial in making your decision to anyone who wants to borrow money from you. I hope you will like the app. Do not hesitate to add any comments or suggestion on how to improve the app. If you like the app please rate 5. Thank you!