Volans decentralized loans based on Blockchain technology


The issue that deserves special attention is one of the main components of the Volans platform. This is a loan based on Blockchain technology.

So far, loans by banks or credit agencies often work based on the credit history of the borrower and the credit rating (credit rating of the borrower). The traditional credit history contains a complete history of natural persons adherence to loan and credit obligations. The history is collected from various sources, such as banks, lending institutions, government agencies. Banking statistics determine the influence of some of the borrower's social factors on integrity. These factors are job availability, educational level, age of borrower, credit rating, ownership rights, presence of children and others. Credit scores are formed based on these factors.

However, the widespread use of traditional credit systems by institutions that provide loans creates a number of inconveniences to customers.

First, to get credit, the borrower needs a personal presence in a bank or credit institution.

Second, evaluation takes time. The procedure for collecting information about clients is huge and the goal of gaining greater respect and loyalty from banks is rather unpleasant.

Another problem is the ambiguity in conducting assessments by banks based on the scoring system. In other words, it may be that the scoring system of a particular bank is "rejected," guided by data and indicators while others agree to work with you. In addition, it is important to understand that the ultimate decision on credit extradition based on a scoring system is taken by a credit expert who can be a personal opponent to the client.

Team Volans aims to bring about changes to the existing credit system by fully decentralizing the process of ranking a user's credit rating and completely eliminating the human factor, which will reduce the number of aspects that influence the decision to give credit to a minimum. This means that to get the loan user will only interact with the system through the application of Volans on the device. Because of this, getting a loan will be as safe and comfortable for the borrower as possible.

In addition, using a decentralized approach ensures that no financial institution can deny user credit history as it is stored on an open base Blockchain where no records can be deleted or tampered with.

Currently the client must stay in this country for a long time, confirm the existence of business or real estate in the country to receive credit from foreign banks. To get credit from Volans you do not need to be associated with a particular country. You can get a loan wherever you are.

In addition, by using automated systems based on Blockchain technology, users can explore the following advantages:

* get credit within minutes;
* receive minimum interest rates by reducing operating expenses and the risk that credits will not be paid;
* get credit in cryptocurrency

What is the process of receiving credit in Volans system?

If you decide to get credit from Volans, you need to provide some basic information about yourself. Users must fill out a form with 9 parameters that include the user's personal data and submit documents that approve the information provided. The whole process takes only 20-30 minutes. All information is securely and anonymously stored in Blockchain.

Each customer completing the form receives an estimate. According to the estimated credit limit and the loan interest rate is calculated. If you receive a personal credit limit ranging from 0.01 BTC to 10 BTC at an individual interest rate, you can choose both credit and crypto value. After a few minutes, the requested funds will be sent to the balance in your personal account Volans. Then you can use this fund for your own use through Volans application. In addition, Volans issued Credit Card Volans to pay for goods or services with easy credit funds at any store.

System Volans calculates the credit rating for the plaintiff as follows:

Age: Give 0.01 credits for each year above 20, with a maximum of 0.30 for 50 years or more;
Gender: Credit 0.40 if the applicant is female;
Stability of the Residence: Credits of 0.042 for each year in the current residence, with a maximum of 0.42 for 10 years or more;
Occupation: A credit of 0.55 for one of two high-risk jobs, none of the two at-risk jobs, which is a credit of 0.16 for all others;
Industry: Credits of 0.21 for those who work in the utility industry, government services, and banking or brokerage businesses;
Work Stability: Credits 0.059 for each year on the current job, with a maximum of 0.59 for 10 years or more;
Three Items of Assets: Credits 0.45 for bank accounts, 0.35 for real estate and 0.19 for life insurance;
Account Activity and Blocker Activity: from 0.00 to 0.79 for activity on the Volans Platform including past transactions and credits, from 0.00 to 0.49 for recent activity on Blockchain.

A score of 0 is a minimum acceptable to any applicant, and a score of 4.74 is the maximum.

If Volans raise enough funds during ICO, the team will apply the loan in the Volans system no later than the third quarter of 2018. After this, Volans plans to release the first virtual and plastic cards.

Further information:

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