SHIFT.cash is a specialized platform for providing loans which are secured by cars. It is joined by car dealers, credit brokers, microfinance organizations, consumer credit cooperatives and other partner organizations from different regions. Having connected to the system, users can provide loans to their customers in unlimited amounts and at a lower interest rate: the platform helps to reduce processing costs and thereby offer loan conditions typically 20-60% better than the market average, depending on the region. Funds for loans are formed by contributors who receive their commission from each loan.
With SHIFT.cash, parties benefit in different ways: borrowers to get the right amount secured by the pledge of their vehicles from anywhere in the world via a mobile offer; contributors – to make with real collateral in the form of movable property. An ICO for the project launched on the 5th of February.
All processes are strictly regulated and managed by the system based on Ethereum Smart-Contracts and blockchain technology. For each loan and collateral, a separate block is created in the blockchain. In addition, the system is integrated with the registers of pledges, which allows automatically encumbrance of the vehicle.
Currently, there is a mobile application SHIFT.cash, which estimates the cost of a car, determines the degree of its liquidity and calculates the maximum loan amount. The loan amount in SHIFT.cash does not exceed 35% of the market value of the car. Also, software has been developed to manage all business processes, which is synchronized with the application and the blockchain. Each partner connected to the system can monitor financial indicators and manage the lead generation.
The market for quick loans secured by car titles is estimated at billions of dollars and is growing rapidly around the world, as is the number of car owners. At the same time, there are a number of problems: high interest rates on loans, despite the subject of collateral, the underdevelopment and fragmentation of the market, the absence of major global players.
Thomas Novak, CEO of the project, stated: “We have long cherished the idea of how to make the process of investing in foreign companies as convenient and safe as possible. Blockchain solves this problem.”