The peer-to-peer sector is the internet era’s manifestation of what has been credit unions’ purpose for decades – bringing together lenders and borrowers, balancing the needs of both in a clear and transparent manner.
The much-used term ‘alternative finance’ embodies the very principle of the credit unions’ ability to help individuals borrow money safely and repay back in a structured and methodical manner.
It’s something that has struck a chord with the Archbishop of Canterbury and recently a site was launched to highlight initiatives that support credit unions.
Regulation in the UK has all but seen off the payday lending industry, so people are looking for responsible ways to save and borrow and meet the needs of those that might otherwise have ended up in the clutches of payday lenders.
As pioneers in the peer-to-peer lending sector, rebuildingsociety.com and its sister company White Label Crowdfunding have developed a platform that is optimised for credit unions, to facilitate their transactions online as an alternative to the traditional transaction routes, such as a branch network. This enables our clients to leverage the efficiencies of a purely online operation and depend on the expertise of those that already operate in the peer-to-peer market.
What’s included in a Credit Union Platform?
We have developed a platform for a customer which has very many attributes which are the perfect fit for credit unions:
- Lending to individuals
- Savings for individuals
- Closed “universe” of members
- Full reporting for transparency
- Efficient back office
- Website which has been designed to be “white labelled” in compliance with Financial Promotion standards.
BELOW: Images from one of our client platforms that can be customised for Credit Unions
We believe the ultra-modern online mechanism of peer-to-peer platforms is the perfect embodiment of the principles and values which have underpinned credit unions over the last century. We’re committed to working with our clients in partnership to deliver their commercial aims and we’re building a roster of happy clients to prove it.
