Localkopo: P2P Lending, Crowdf

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About this app

Localkopo is a P2P lending app that makes financial interactions as social as other day to day activities.

All lending activities are conducted by peers, which means:

• Localkopo does not require lenders to deposit their funds
• A lender interacts directly with borrowers without the need for middleman-ship
• Lenders and borrowers can invite agents to facilitate their trade
• Agents can perform a variety of tasks on behalf of the borrower or lender depending on the circumstances
Chat live with any of the users: borrowers, lenders and agents

Any user of the app can start a crowdfunding campaign under their own terms and conditions.

Key takeaways for lenders:
• As a lender, you have full control over how you lend your money and to whom
• Registration is free, and you can post as many different lending deals as possible
• You can request that the borrower deposits a security item before you grant the loan
• A security item can be deposited to an agent or to the lender depending on the agreement with the borrower
• You can lend money in different up to 168 world currencies, either to people in your locality or all over the world
• You can use agents to facilitate fund transfers and currency exchange

Key takeaways for agents:
• As an agent, your main function is to facilitate trade between lenders and borrowers
• Agents can perform various parts of the trade including processing of security item, transportation, verification, fund transfers and currency exchange
• You decide how much you get paid for your service

Lenders and borrowers pay a monthly fee of 0.2% to 1.5% of their trade volume. Refer to https://localkopo.com/pricing for more information

Key takeaways for borrowers:
• Minimum repayment period of 61 days and a maximum repayment period of 10 years. However, the lender can determine the maximum repayment period
• Loan amount is determined by the borrower
• Maximum APR of 35%
• Loan cost is directly determined by the lender, and Localkopo does not charge any fees on the loan. For example, if you borrow 100 at a return rate of 5% per month and pay back after 2 months, then you will repay the lender 110.

Localkopo is free to download and use. Borrowers use the app 100% free with no ads or hidden fees. For full details on how this service works, visit https://localkopo.com
Updated on
Apr 10, 2022

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